COVID-19 warns the music biz to think about tomorrow today
The music industry spends billions every year investing in finding and developing artists yet we spend only a fraction of that time finding and developing the necessary tools, platforms and marketplaces to maximize the value of our music. Why? Because investing in our future doesn’t pay today.
We have to make a ruthless commitment to return on investment . We currently spend billions on marketing with minimal expectations or knowledge of our returns. We do so to such a detriment that we often lack an understanding for how our own artists are breaking and, therefore, we don’t have a formula to do it again. We simply have zero understanding of our CPF . Some might argue that there are too many variables to determine that number.
By being the landlord of our own houses, we can maximize our relationships with brands for both their benefit and ours. Think about that. There is money to unlock when you can leverage your name and likeness or synch deal beyond the standard endorsement or license fee. But you can’t do that when you don’t own your own audiences. The time has come to start thinking about our marketing dollars as an investment versus a spend.
Speaking of music rights, our friends in the video game sector have built a more than $150 billion industry filled with rabid music fans waiting anxiously for an innovative offering from music companies and their favorite artists. In-game concerts are just a taste of what can be created.
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