Last week, we discussed a few news from the music industry, relying on the fact that content we can access online is diversifying itself and its broadcast channels. This time, I thought a focus on these new ways to monetize and take advantage of online opportunities could be a good follow up. Since new solutions and analysis come up almost every week, I’ve rounded up a few of them.
#1. Don’t wait on your music strategies
Let’s start with some wise words on how to apprehend launching your music projects right now. The idea is very simple: don’t wait until things calm down and start now. Since everyone is currently online (mainly), building audiences, reaching out to create first livestreams or even launching and working on new versions of your projects could end up being easier than usual. Existing online is the main goal here.
But mainly, the “post-pandemic” period could be a huge mess regarding releases, concerts, new events and all potential projects to relaunch our industry. So right now would be a good time to get started on building your music brand or project and find your community online!
#2. Efforts on new music marketing strategies
MIDiA Research published an analysis on song management, in the light of higher financial investments on tracks. Simply put: the fact that many investments are being made through companies like Hipgnosis (to quote the most talked about one) or several major deals over rights catalogs of famous artists brings out the question: how is it supposed to work afterwards?
Sure as of today, music catalogs are among the most interesting investments opportunities. Once investments are made, how can we expect more success stories? This implies many more investments from the companies in marketing, strategy and catalog development. This analysis of the current trend shows how much of a long term investment it might turn out to be.
#3. Capitalizing on music rights
Following up the matter of catalogs buyouts, the fact remains that it concerns well established artists, and if prices are at an all time low rate right now, it might take some time for investors to cash in.
Another reserve on this; the fact that these operations, if they were to be set up well enough, could be impacting the cultural landscape and bring a new difficulty to scrape up for emerging artists. But, it seems that Hipgnosis is looking to get into the songwriting game, creating a “songwriters’ guild” since many of the hit songs are usually written by teams today. I can only recommend the overview realized by Pitchfork, right here.
#4. New devices for music strategies
Speaking of new players getting invested in music operations, Universal Music Group announced their new Augmented Reality app: VIDIYO, with Lego (a deal was signed in April 2020).
This app is primarily directed towards children, reaching an interesting audience for the major, and will allow users to create music videos online. This is a good example of a new way to capitalize on back catalog, since UMG announced mainstream tracks and Classics, easily recognizable, on the app.
#5. Music licensing for companies
Warner Music Group has been named as a partner of a brand new app developed by Feed Media Group: Adaptr. This solution has been designed to help companies get a hold on licensed music to stream and integrate on their apps. The main goal here is to make licensing easier for non-music actors and avoid unlicensed music (and therefore non-paid artists) going around.
It is also a way for WMG, and other labels and publishers, to reach other audiences, and enhance discoverability on their catalogs. In other words, it can easily be integrated into a professional music strategy! And remember, Reprtoir launched its Royalty Accounting Solution to help any record label and/or music publisher to deal with music rights and accounting in a fully optimized workspace!