Managing any music business is an endeavor that involves many different facets, skillsets, and a great deal of organization. Luckily, technology has become available to music industry pros, which allows for better organization, monetization, and a better overall trajectory.
As more music industry professionals, labels, and publishing companies make the digital transition, the organization of assets, catalogs, and royalty splitting is critical. Here at Reprtoir, we are big on helping music industry pros get organized, take control of their careers and catalogs, and grow.
To that end, we present you with these 5 great tips for managing your music business as you plunge further into this ever-evolving industry in the new year! Let’s jump in.
The Right Tools Make Music Business Manageable
Whether you are selling records, playing shows, tracking royalties, or pitching for sync deals one thing remains the same: You need the right tools to do business effectively. Often, if you are out to do one of these tasks, you are out to do all of them.
With so many different pieces of data and information to track and specific nuances to each, a software suite like Reprtoir - specifically designed for the music business, is an invaluable tool.
It doesn’t matter how big or small your music business is:
The bigger the team gets, the more important organization becomes. Keeping all of the relevant information sorted and accessible from one place makes it possible to stay efficient as your music business expands. Your team can stay on the same page and work towards the same goals as a unit, rather than going off in all directions to no avail, just by using the right software.
It’s a huge advantage.
Keep Up with Music Industry Trends
With the constant evolution of data and copyright laws, streaming service updates, amendments, NFTs, and who knows what else - you need to stay in the know. The nature of the music business is that it is constantly evolving, changing - pushing the norm.
A great way to keep in touch with the constant flux is to read our blog. It’s one thing to have the best tools available - but if you aren’t familiar with the latest and greatest ways to use them, then you can still fall behind. We keep our blog updated at least twice a week to add the power of knowledge to our potent suite of tools for our clients.
Source New Means of Monetization
The world of music business isn’t the only world that is constantly being rethought and changing. As alternative means of monetization such as cryptocurrency and NFTs become more accepted and used by the mainstream, you need to know and take action. Besides, music has always had many ways to monetize that require organization.
With performance royalties to sync deals, merchandise sales, and mechanical royalties, it’s a lot to keep track of. Always be on the lookout for more ways that you can monetize your music. Having the right tools to assist you with this is always advisable!
Optimize Your Music Business Operations
Managing the daily operations of a music business is no small feat. It requires clear communication, congruity, and collaboration between team members. Add in the recent yet inevitable necessity of working remotely, and you’ve got quite the challenge on your hands.
Making sure your team is equipped with the right tools to collaborate and communicate no matter how many miles apart they may be is key. That’s why Reprtoir offers a high-functioning tool that allows your team to know what is going on with any given project at any given time.
Allowing your team to make proactive decisions based on good information is going to save time and keep opportunities from slipping through the cracks. Small groups of people can accomplish great things when equipped with the right information!
If there is one characteristic key to making it in the music industry, it is the ability to adapt. That means that no matter how great your current people or tools are now - without the ability to incorporate and embody new ideas and strategies, your success will be subject to a glass ceiling.
The people behind Reprtoir know this, and that’s why they make it such a priority to listen to feedback from their customers.
Adding some communication to the relationship between you and your tools means your tools can adapt as quickly as your needs do. Reprtoir is always all ears, so speak up in the feedback section or through the chatbox!
Reprtoir is always open to hearing the needs of their users and improving the service in any way possible. It’s good to try new things - and to that end, we suggest trying a free demo of Reprtoir’s music business management software suite.
It’s perfect for music pros of all kinds. Whether you are a record label or music publishing company owner - try it out for free and see what streamlined music business looks like today.