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Rivers Corbett
11-17-2008, 09:45 PM
Music industry is in trouble, especially the musicians, with declining CD sales caused by internet and digital music. Free music-sharing technology and piracy fueled the musical crisis. The crisis is so large, some artists are joining the flow. Radiohead dispensed their record company contract and went home-based recording and internet marketing. Trent Reznor or Nine Inch Nails, too. Madonna also left her recording company and made joint ventures with event and tour organizers.

The musical revolution largely marginalized small and new musicians because they do not have the same strong fan base that Radiohead, Reznor and Madonna have. Though social networks (MySpace) and music-sharing technology (Limewire) offer them a global marketing opportunity, but they rarely earn from them unless they go in e-business.

Musicians rarely are business-oriented. They simply create and play music. That is why record companies thrived—they manage musicians and their music to earn. Thus, joint venture in music industry is large.

Selling music online is promising, but big companies already ruled the new industry like iTunes. Having music sold with iTunes would largely cost musicians. A music bar or restaurant, on the other hand, can be a good music business especially for new and small musicians because it is less capital-extensive.

Joint ventures can best minimize the capital and business management requirements for small and new musician-entrepreneurs.

With a joint venture partner, you can start a new face of music business. You can start by finding the best location for the music bar. Look for areas that are within or along business areas, those that have heavy traffic. Street strips where music bars thrive can be helpful, but niching in no-music bar zones can be more promising.

Invest on good sound system and equipment. As joint venture partner-musician, you can have your capital share in this equipment alone while your partner-business manager can largely invest on food and restaurant. Specialty food should be in the menu. Specialty food will not be a priority if the joint venture focuses on good music.

Your investment will be in the form of preparing and maintaining the sound equipment, inviting other musicians to play and local fan base to watch and eat in your music bar.


Here's to your Success!

Rivers

"Award Winning Entrepreneur, and Joint Venture Specialist, Rivers Corbett offers an opportunity to a limited number of entrepreneurs who are looking to steer clear of the typical ''Get Rich Quick'' hype. Click on http://myinternetbiz.ca for more information.