MUI 221 Lecture 1 note
MUI 221 Lecture 1 note MUI 221
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This 2 page Class Notes was uploaded by Kirsten Matthewman on Saturday January 23, 2016. The Class Notes belongs to MUI 221 at James Madison University taught by David Cottrell in Fall 2015. Since its upload, it has received 55 views. For similar materials see SURVEY OF MUSIC INDUSTRY in Music at James Madison University.
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Date Created: 01/23/16
MUI 221: Survey of Music Industry Lecture 1: Ecology of the Entertainment Business Nature of the business: • Music is part of every culture and celebration • It has two parts: songwriting/emotional side + business side • Global Recorded Music Revenues 2013: Sony 30%, UMG 20 %, WMG 18%, Other 23% Major Companies: Warner Music group, UMG, Sony Indie companies: Account for a large amount of music, but each company accounts for a small slither Entertainment Conglomerates: • Sony deals with film components and music components, provides overall entertainment. • Universal Music Group owns NBC, Comcast. • Disney owns parks, produces films (star wars), owns ABC. Global media revenues: • US Recorded Music: $7 billion • Global music: $46 billion • Recorded music: $16 billion • Film: $88 billion • Gaming: $93 billion • Advertising: $535 billion • Total: $2 trillion • Music labels used to make all the money instead of the bands/artists, now bands tour to make money and labels are making less due to illegal downloading of music. Regional Music Industry: • Really big • South by South West (SXSW) festival biggest get together in the country, it is a week of film and music, indie sector Language of Business: • Simple, the bottom line of the industry • Things in the US are structured around business • Citizens in Europe and Australia have a more trusting relationship with their government, there is a basic trust in the government. America is not so trusting of government structures. • America has a ‘cando’ attitude, 1 • ’t know enough about finance A lot of artists go bankrupt, they don Business Principles: 1. Make it easy for people to associate and do business with you: people want to talk to you, be approachable, reliable. Never lie. 2. Do every job and gig as though it were for the kingpins of the music industry: always do your best, you don’t know who you're doing a job for might be doing it for the next big thing. 3. Keep track of money. Keep debts to a minimum. You've got to have enough money to keep your business going. 4. Cultivate a good reputation: very important, you are your reputation, don’t take things personally (e.g. business decisions) 5. Ask for advice and feedback. Feedback is how you learn what you can do better. 2
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