The Music Industry has a vast array of business opportunities. When one take a closer look at the music industry, it’s as one of the most diverse industries when it comes to opportunities. The various departments or segments in the music industry literally translates into various business ventures. All the different segments or components can basically be turned into stand alone businesses if carefully invested in and properly managed.
If you are new to the music industry, you will be quick to misinterpret the title of this piece but if you have being in the music industry doing one thing or the other then its easy to understand. The big question, commonly asked when I hurled in this statement that sounds like a riddle, is that, “What is the difference between Music Industry and Music Business”? Sounds complicated right? But its not at all. Alas! there’s a straight forward and honest answer to the question. Wait for it!
What is the Difference Between Music Industry and Music Business?
Let me first of all say, “good question”. Now before we proceed, let’s find the difference between business and industry.
While trying to make sense of it all during my further research, I found out that a business is the act or activities of a person, group of persons or organisations that involves outsourcing, buying and selling of products or services for monetary gains. Or exchanging of goods and services with one another in a transaction that stands to benefit both parties.
On the other hand, an industry can simply be translated to mean the process of manufacture or production of goods and services. Industry is a combination of the people, persons, organisation or companies that carries out such production of goods or offering services.
So, in a nutshell, an industry produces the goods why the process of buying and selling those goods or services can be termed as the business. Hence, the business of music can fully be acknowledge as a formidable structure and pillar of the music industry.
Can Musicians be Productive in Music Business?
This is another great question that has being bugging the music industry or music business per se. For me, artists can be self reliant depending on their general mindset.
If artists decide to take the bull by the horn, and stray away from the act of dependency upon some entity called record labels as has always being the case for very many years now, then they can be able to see themselves as business people just like every other business men and women out there.
Otherwise, the attitude where the artist, always feels that somebody or some companies owes them a thing called recording deal, might need to be adjusted. Once this is done, Artists can be able to act like their songs, written, is their raw materials which they should produce into music which in-turn is now their manufactured goods that are marketable products. In this scenario, when manufacturers manufactures their products, they device a means of selling it at any marketplace or space. So this is what musicians or artists need to do as well. In doing so, there will be ups and downs just like any business in any industry. Once musicians are beginning to see themselves in this light, only then, there can be an industry with a thriving business. I guess ya’ll know what I mean by this analogy? Otherwise let’s have a debate on this.
Can Artists Be Self Sustainable in the Music Industry?
Personally, I really wanna see a music industry, where music business thrives and controlled by the people at the helm of it all, the musicians themselves. My dream is to see a music industry where the manufacturers, that is, the musicians owns their products, which is often referred to as master copies. Like every business, some of the feet seems unattainable but in reality, they are very much attainable. Quite clearly, as long as musicians or recording artists do not sign any 360 contracts with any entity, yes they can focus on both the business and their craft and become “best of both world”.
This call for self sustainability has become imperative as we often see musicians, scouting everywhere for record deals from some firms called record labels. Firms are commercial entities whose main purpose of establishments is to make profit. So when musicians, cut these 360 deals with record companies and begin to complain of rip-offs after some years of signing such deals, is a ridiculous act. So the best option was never to sign anything that you would regret now or later. Hence an independent music industry with independent music business entrepreneurs, will make all the different and in-fact create an attractive music business world.