Trends in the Music Business with Ritch Esra from The Busine

In this podcast, Laura interviews Ritch Esra from The Music Business Registry. We discussed how the model has shifted from a copy model to an access model (from cd’s to streaming for example). Ritch addressed how musicians and artists really need to figure out what their aims are in terms of music. We also discussed how the industry is changing so quickly and it is really important for artists to understand what is happening in the industry in order to be successful. It is currently difficult to make money from recorded music. For most recording artists, less than 6 % of their income is coming from recorded music. What constitutes a successful artist is you must be a live performer. The good news is there are no more gatekeepers, the bad news is there are no more gates so the ability to get people’s attention is paramount. Think of your life, how many times in a day is someone trying to get your attention? The worst enemy is obscurity. With these changes, there is so much more choice which is great but it can be even harder to be seen. For example, the first Sundance film festival, they had 62 submissions, last year they had 2,800. This year there are 412 scripted TV shows this year. It can be hard to be seen in that environment. It used Even if people are gifted, they will not be successful unless they have drive as well. We discussed how the model has changed from making money from selling recorded music to selling merchandise or live shows. According to Forbes, Katy Perry made $135 million last year and only 8 % came from music sales. One thing Prince did in 2006, he gave $3.5 million in cover mount cd’s in the newspaper (cd’s given away for free on the cover) with that very aim when he had 21 nights of shows in London. That said this kind of large-scale success is rare. Ritch mentioned that 18 percent of people watch TV networks, and that nothing in the 82 dominates. Last year, Live Nation did a study looking at why 35% of their tickets weren’t selling and it was because people didn’t know their favorite bands were playing. That said, now it is possible for more people to make a living as an artist than in the past. The importance of educating yourself on the industry is paramount so that you can guide your work and focus in a smart way. Ritch recommended professional development including attending conferences, workshops, and events and listening to podcasts etc. In fact, Laura and Ritch connected through the ASCAP – I Create Music Conference. Educate yourself on trends and resources. Ritch also recommended Music Business Television as a resource http://mubutv.com/. Twitter recently launched music industry insider series on Mondays. If you want to learn about the Music Business Registry and different service offerings, you can go to www.musicregistry.com. You can connect with Laura and learn more about her at www.laurapowers.net and follow the podcast on Facebook by searching Behind the Music.