Even in a down economy the likes of which the nation has experienced over the course of the last five years, there is always room for music industries. “Music and entertainment are typically segments of the economy that are fairly durable during tough economic times”, says Joe Ferriolo Director of Wise Business Plans. “People want an escape from the struggles of the household and the difficulties of finding and maintaining employment. This is why the music industries and entertainment industries are relatively unscathed,” says Ferriolo.
How Does the Music Industries Work?
The music industries have over the course of the last decade seen some difficult times but this has nothing to do with the waning of consumer interest. Consumer interest is at an all-time high with artists realizing immense levels of popularity. “Record labels have on some levels struggled to revamp their business models to fit this new digital world that we live in. This has been the primary struggle of the labels as they work to remain viable and functional”, says Mr. Ferriolo. “It has been a struggle for some with many passing by the wayside but with the new formats that are being introduced, new labels are coming on the scene giving artists a great deal more freedom and creativity”, says Mr. Ferriolo.
Research conducted via IBISworld.com shows that the Recording Industry is projected to have a 2.0% growth rate from 2015 to 2020. This is extremely healthy when you consider all of the seismic shifts that the music industry has undergone over the course of the last decade. It speaks to the resilience of the industry and bodes extremely well for entrepreneurs and existing labels that are looking to capitalize on the next frontier of business opportunities. Wise Business Plans has developed several record label projects for clients throughout the nation and helped them chart a path towards success. All Wise Business Plans developed for record labels include the following items:
- Research and Analysis: “Research is a key for this industry, especially with so many changes currently going on and with more on the horizon”, says Mr. Ferriolo. With that being said Wise Business Plans uses the latest in real-time information that gives their clients an accurate snapshot of the industry and how to best leverage their skill sets to drive long-term success.
- Organizational Structure: “There is a huge misconception by most when it comes to the recording industry. Most people think that all you have to have to start a label is a roster of great voices. While this helps there are so many other layers that need to be addressed in order to ensure the longevity of the business”, says Mr. Ferriolo. The professionals at Wise Business Plans are capable of advising on organizational structure based on the size and needs of the label.
- Marketing: Marketing is the lifeline of any record label. “In order to gain traction in the market, a strong marketing model must be developed. Our professionals are capable of developing this component of the plan in a manner that is clear and actionable”, says Mr. Ferriolo.
The Recording Industry remains strong and resilient as consumers continue to demand their favorite form of entertainment. When the time comes to make your entry into this market, let the professionals at Wise Business Plans handle all of your business plan needs.
About Wise Business Plans
Wise Business Plans is a professional business plan writing company that caters to writing business plans for the music and entertainment industry. The firm is committed to increasing the fundability and success of businesses through strategic planning. To learn more, visit https://wisebusinessplans.com or call 1-800-496-1056 to schedule a consultation.