Getting Your Business Model In Place For A Sustainable Music Career
With evolving Business in the Music Industry, it's time to take Business seriously
Music is art, music is an expression, music is simple and a freedom of thought. However, when you want to do what you love and make it enough to sustain yourself, you need to make money. Money turns everything into commerce and thus business. Many people would think, this digresses from art. The fact of the matter actually is that it is almost impossible to survive comfortably in the music industry without a well thought out business model in place. Be it for an artist or a startup. If you chose to take it up, that's what one of your first steps should be.
What is a Business Model?
How Do I Plan My Music Business? | ---> Business Model Canvas (BMC)
Together these elements provide a pretty coherent view of a business’ key drivers–
While we know this isn’t the most enjoyable activity. 5 hours of your life in a locked room is all it takes and continued thought which will develop your plan further on a day-to-day basis. This not only helps you streamline your work and thought process but also gives you the clarity that will make you more confident about what you are most passionate about. A career in music.
Stay tuned for the next article to know and understand some of the Music Industry’s most popular business models. Until then, here’s some Business Model Canvas's to help you start designing your own BMC.
Customer Segments: Who are the customers? What do they think? See? Feel? Do?
Value Propositions: What’s compelling about the proposition? Why do customers buy, use?
Channels: How are these propositions promoted, sold and delivered? Why? Is it working?
Customer Relationships: How do you interact with the customer through their ‘journey’?
Revenue Streams: How does the business earn revenue from the value propositions?
Key Activities: What uniquely strategic things does the business do to deliver its proposition?
Key Resources: What unique strategic assets must the business have to compete?
Key Partnerships: What can the company not do so it can focus on its Key Activities?
Cost Structure: What are the business’ major cost drivers? How are they linked to revenue?
If you ask me, there’s no better time than today to start your music business in India. We are growing, and growing fast! Everything is fresh, new and relevant! All we need are smart entrepreneurs to enter this space. Fortunately, the country’s start-up ecosystem is in our favor and at a time when even the biggest (oldest) music companies are in turmoil, take this as your big opportunity to enter the untapped market! Its high time Indian Music Industry established itself independently! – Aparajita Misra, Executive Editor, Loudest.in
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