Did you know that even if you do not have an appealing voice to sing and make money that you can still make money from the industry? If you are an entrepreneur and you love music, one of the easiest ways of making money from the music industry is to start your own music label; and the truth is that it is not difficult to start your own music label from the scratch in any part of the world. As mentioned earlier, one of the very things that you would be required to bring to the table is to first and foremost have the knack for music.
This gives indie labels complete indie label business plan template in selecting, developing and promoting artists based on what a niche customer group wants to hear, rather than developing music for the masses.
Marketing plans for indie labels are closer to the ground than major labels, relying on face-to-face contact at live music events to spread the word about new artists in a grassroots way.
Target Marketing Indie labels' target markets are nearly the opposite of major labels. Indie labels target smaller groups of consumers who prefer music that breaks the rules of tradition. In terms of demographics, indie labels' target market runs the gamut from pre-teens to older individuals, but the highest age concentration is likely to be between 20 and 30 years of age.
|1) Vision Statement||Strategic Analysis with current research! The Record label, Inc.|
|How to start a record label||Or you need a sample independent record label business plan template? If YES, then i advice you read on.|
|Competitive Analysis||REC will capitalize on the growing entertainment market across the world through the production and promotion of high quality entertainment. REC will own and control the masters master copiescopyrights and licenses of its product, which will enable REC to create immediate revenue streams while growing its music catalog into a multi-million dollar asset.|
In psychographic terms, indie fans generally like to differentiate themselves from others in the way they dress, the music they listen to and the entertainment they prefer.
In terms of behavioristics, indie fans can run the gamut from low-income savvy shoppers to high-income music collectors. The key in defining a target market for an indie label is to speak directly with people who are drawn to the types of bands you wish to represent, taking the time to get a feel for what they like and how they present themselves.
Competitive Analysis Indie record labels in the late 20th century operated in a no-rules frontier zone of the music industry, enjoying the freedom to try new things outside of the traditional major-label model. However, indie labels in the 21st century have become so popular as to no longer truly be "independent" in the original sense.
New indie labels enter an established and growing industry where a range of competitors can be considered major labels in their own right. New indie labels must now take stock of the established indie labels they will be coming up against vying for the attention of fans.
Include more than just local indie competitors in your competitive analysis. Compile a list of labels with national and online distribution, as well, as you lay out the strengths and weaknesses of your competition.
Product Mix Indie labels differentiate themselves by the mix of artists they sign and promote, making this a crucial section of an indie label marketing plan. Before you get your label off the ground, bring one to five groups together under a basic representation contract to establish a base "sound" for your label.
Be careful in the future to sign bands with similar sounds, never straying too far from your original groups' styles. This will allow music fans to be able to identify your label immediately when they hear a new band, and can generate long-term customer loyalty in fans who prefer the distinct sound of your groups.
Concert Promotion Concert promotion is one of two major revenue drivers for any record label -- the second being music sales. Live concerts are also the main marketing driver for indie labels, providing the in-person experiences that can turn casual indie fans into loyal brand champions.
Continually organize tours for your groups focused around recent album releases. Favor less conventional outlets for your shows -- outlets more likely to attract your target customers.
Book your artists at camping festivals and art expositions, for example, rather than arenas and concert clubs. References 2 ALM Group: As a small-business owner, Ingram regularly confronts modern issues in management, marketing, finance and business law.
He has earned a Bachelor of Arts in management from Walsh University.John Doe owns % of the Record Label, Inc. Exit Strategy. If the business is very successful, Mr. Doe may seek to sell the business to a third party for a significant earnings multiple.
Most likely, the Company will hire a qualified business broker to sell the business on behalf of the Record Label. Product Mix. Indie labels differentiate themselves by the mix of artists they sign and promote, making this a crucial section of an indie label marketing plan.
A Sample Record Label Business Plan Template – MARKET ANALYSIS. Market Trends; Entrepreneurs who are venturing into the music industry are coming in with creativity and good business skills. The fact that revenue is nose – diving in the industry does not in a way stop some record label from declaring profits year in year out.
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Thank you for purchasing the Record Label Business Plan Template. This Template is designed in professional business plan format and includes components such as a MISSION STATEMENT, EXECUTIVE SUMMARY, COMPANY DESCRIPTION, INDUSTRY ANALYSIS, MARKETING & PROMOTION, THE FINANCIAL PLAN and much more.
Independent labels have been described by knowledgeable music industry professionals as "the lifeblood of the business." In fact, in independents accounted for .