Independent Entertainment in a Major Way

Technology advances have changed the way many consume entertainment media today. These changes have made it easier for independent talent to play the field in a major way. Independent entertainment now has a host of sites including their own (www.yourdomain.com) to launch their products, build a fan base and maintain steady communication with them.

MySpace introduced many independent music projects to the world. A band could setup a profile page, upload pictures and release new singles or albums for free or purchase whenever they would like. YouTube gave independent artists a chance to upload videos from in the studio, the road and music videos to promote the new album. These are just two sites that gave power to independent artist.

Independent film projects can also be mass-produced, marketed and distributed around the globe. YouTube and Vimeo are sites that allow producers to promote short films, pilot TV shows and other informational videos. If the producers want to take their projects a step further they can then enter them into film festivals where they can win awards, money and possibly be discovered and receive funding to go major.

Today the independent entertainment industry has become one that can play with the majors in a major way. Technology has given independent talent many of the same abilities as the majors allowing them to produce professional products and reach new markets at fraction of the cost. The key to using this technology is understanding it and knowing when and how to use it. Educating oneself will go along way as an independent producer and allow your career to go much further. Networking with others around the world will help one build their brand and succeed.

Experts Views on the Value of Business Plans

After performing some extensive research and beginning to develop the foundation of my business plan I can see Steven A. Gedeon, PHD (MIT), MBA PEng point on the importance of the process by which you think through. Countless hours have been invested into my research and thought process. The economy (music industry) is changing everyday and my business plan must be able to adapt in order to survive. For example technology doesn’t have to be a musician’s enemy if they’re willing to grab hold of it and creatively deploy their products.

Angelo Meneguzzi said the benefits of a business plan include “a heads-up to changes in the environments, better forecasting, opportunities to analyze situations before they become problematic,” (Bplans.com, 2011). The process of writing a business plan has allowed me the opportunity to see errors in things that I had assumed I knew. Imagine starting a business based off assumptions, this could and would be a disaster waiting to happen. Understanding the market and where it’s going, who’s consuming the product and how they’re consuming it is all key elements to any business plan in order for them to grow.

In any business plan there are several key sections but in my opinion of my plan the market analysis has been a key section. The market is changing at a much more rapid rate than I had previously thought. Know that I understand the market I can better identify my target market as well as my strengths and weakness with the untended market. With the proper research and understanding of what was researched I can now set myself on a path to overcome the hurdles that would not have otherwise been seen.

Resources:

http://www.ryerson.ca/tedrogersschool/bm/faculty_staff/bios/gedeon.html

http://www.bplans.com/ask-bplans/572/why-have-a-business-plan

http://bpexpertviews.blogspot.com/2012/08/andrea-cockerton-angelo-meneguzzi.html

Dr. Steven A. Gedeon & Angelo Meneguzzi talk business plans

Steven A. Gedeon, PHD (MIT), MBA PEng is the professor in Entrepreneurship & Strategy at TED Rodgers School of Management. He has founded or led over a dozen private, public, venture capital and non-profit organizations. He has won over 20 awards including the 1^st place of the 3E Learning Award. In an interview he talks about his career and his current position teaching business plans. He said if you want to raise financing you want to develop a business plan. He mentioned keeping it short no more than 25 pages as more people wont read any more than that. He said writing the business plan itself is not as important as the process you by which you think through is a successful business. The key is to be able to sell your idea in two sentences. If you can’t you may be confused on your idea. Hear more of this interview at Start Me Up Video 

Angelo Meneguzzi has more than 10 years experience in business. Mr Menguzzi has developed many business plans while assisting other organizations. He talks about the importance of having a business plan and how having one gives a heads-up to changes in the market, better forecast and opportunities to analyze situation before they may become problems. Mr. Menguzzi adds this bit of advice: “those who fail to plan, plan to fail”. 

Both business plan experts have great points on planning and preparing so you can pitch your idea and/or plan for what changes may be ahead. I agree with Dr. Gedeon that if you can’t explain your product or plan in two sentences you may be confused as to what you have to offer. In developing a good business plan you have a chance to get a heads up before its too late as Mr Meneguzzi said.

Experts Views on the Value of Business Plans

The Digital Explosion on the Entertainment Industry

Attorney James L. Walker Jr.

The entertainment industry hasn’t fully recovered from the introduction of the peer-to-peer downloading sites of the 1990’s, but they have been able to make some adjustment to stay a float. Entertainment Attorney JamesWalker talks about how the digital explosion has affected the labels, artist and the attorneys who represent them as well.

“Many labels have resorted to "360 deals," a concept where high-stature artists like Jay-Z or Madonna sign a deal that allows a record label to participate in various income streams, including merchandising, tours, concerts, etc.”

What these 360 deals mean for entertainment lawyers are less contracts to negotiate and deals to participate in. In the past they would see new recording contract weekly and spend weeks working on deals for future CD album releases. With the invention of 360 deals it’s clear to see how many things have been cut out and how less money is being made across the entire entertainment industry.

“Where is the music industry going with the demise of these record labels in the traditional sense?”

James Walker says, “We first must accept the new reality.” Technology has made it easier for artist to produce products and get them to the consumers. From recording music and videos to marketing and selling the products sites like Reverbnation.com, Tunecore.com, iTunes.com and Amazon.com  among many others gives artist platforms to eliminate the once needed funding of the major labels.

His article goes on to discuss embracing the digital change like Radiohead did in 2007 when their major contract ended, they released a full album online allowing fans to pay what they wish for it. Royalty disputes have also become apart of the new digital entertainment industry and many cases have found their way in front of judges like the FBT Productions v.Aftermath Records, 09-55817, 9th U.S. Circuit Court of Appeals, which talks about the royalty dispute the had over iTune downloads.

Article: Law.com

Photo: Eurweb.com