Watch, ‘The music industry and the digital revolution,’ by The Economist and answer the following questions.
The music industry is changing fast and traditional models of music ownership & production are changing fast too.
Questions:
The record company
Universal music group, Sony music entertainment, Warner Music group - 100% of it
Universal
Looking for new talent to promote
The artists didn’t have a choice because the music company would own their songs, they would invest in them and not care for the artists career anymore, favouritsm towards the bigger artists. The artists didn’t have a choice because they were now signed to the contract.
They released their own album regardless of money, they let the fans pay whatever they want for it
Tells them what they’re earning, helps them earn more and quicker, and help them handle billions of transactions so they get the most money out of it, biggest reward possible. Monitors every digital download of their own songs, advanced software allows them to see more income on songs through kobalt.
It is offering services to help artists record and distribute their music, similar to a record company. Lets the artist retain the rights to the music unlike a record company, yet the artist has to pay to use the services.
They have proven track record
They have services in management and accountancing to help the amount of money they generate, for Sony, back catalogue creates the flow of cash which enables them to invest in new young artists.
Using social media to promote themselves
They can spread the message and share posts to reach a larger audience
It is different to traditional deals because he built his fan base himself, he doesn’t need a deal he made his own money from touring and BMG promote him for fame rather than money.