Are You Feeling The Economic Downturn?
Next week on Hypebot, I'll be exploring how the ailing economy is effecting the music business, artists and many of you. What are the challenges and opportunities?
As we prepare for the series, I want to hear from you. Leave you stories, suggestions and links in the comment section below.
Share on:
test
Bad news on this topic is plentiful abundant.
Please reconsider changing this topic to a more positive note… ie: “In what ways are you thriving despite current market conditions?” Or something to that effect.
By showcasing opportunities of hope, you can be a part of the solution rather than part of the problem. 😉
Things actually haven’t slowed down in our law practice. We touch a lot of different areas in music, from producers to songwriters, recording artists, concert promoters, publishers and indie labels, and genres from Christian to rock, pop, etc. Other than the preexisting slide that’s been happening for a number of years, things have actually felt like they’ve rebounded a bit (or at least the downward trend slowed).
Advances are steady for artists and producers, songwriter performance and mechanical royalties have been pretty good (really good for some), touring and merch seem to be good. Perhaps the only exception is that I’ve seen fewer baby artists and development deals . . . though that could also be attributed to anomalies in my practice.
FWIW, other areas of our firm have taken a noticeable hit – general business transactions, litigation and, of course, real estate, are all down compared to our entertainment division. I won’t say that entertainment is recession proof but I can say that, from a micro perspective, it’s doing a lot better than the rest of the economy.
If only the makers of Auto-tune could go under! (how thankful we’d all be)
I second JP on this, nice one.
I agree here, the downturn is affecting us all but there are opportunities to be had.
A decline in ticket sales is obviously a problem, but if people are staying in more then what can be made out of that?
At times like this people need hope and inspiration and an opportunity to escape from their situation albeit for just a moment.
As artists we can provide that escape and tap into a larger audience who are now staying at home. Then maybe when things pick up and people start going out more you’ll have more ticket sales than you would have otherwise 😀