Forty years ago this week, on 31st Jan 1969, the Beatles gave their final live performance on the roof of the Apple building at 3 Savile Row, London (1). For those walking by in the streets below, taking a break from the office, on a shopping trip, or sightseeing, this must have been the ultimate free music download.
Musicians, like many others involved in the creative industries, often feel that they are driven by artistic desire, playing for love, rather than being motivated to be enterprising. It was interesting then to read an article in last Friday’s Times (2) which illustrates the innovative way in which some musicians are tackling the commercialization of their music product.
To finance their music, a new band would have traditionally approached the AR departments of the large music companies. But nowadays, faced by falling record sales and the credit crunch, music labels are not signing the number of acts that they once did. Sellaband is a Web 2.0 website which introduces a new business model for commercializing music. Bands post their music on the site and fans are given the option to invest in them. When sufficient investors have come forward to support the music of a particular artist, the company behind the site will produce and promote the record. The band and the investing public also receive a share in any profits generated. However, not everyone is convinced that this new business model will succeed.
In a second example mentioned in the Times' article, duo Honey Ryder recognized that aspiring musicians need more than just good music, they also need a business plan. Honey Ryder took theirs to the annual music industry conference in Cannes last week looking for 100 investors to buy shares in their business.
So was Shakespeare correct when he wrote “If music be the food of love, play on” ? (3) May be, but as the examples above illustrate, today's musicians also need to use their creative skills to explore new ways of financing their artistic endeavors.
Footnotes:
(1) It was at this performance, after playing the song Get Back, that John Lennon famously uttered the comment: "I'd like to say 'thank you' on behalf of the group and ourselves and I hope we passed the audition!"
(2) Sherwin A (2009) Forget autographs, what about shares in a favourite pop star? The Times, 23rd January 2009
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