The industry is diversifying to meet with the continuous changes on a local and global level. The traditional model of performances to support sale of albums was reversed by the internet. For some artists social media and the monetisation of the fan-base (on average 5% of fans buy) has become a sustainable platform. These are some of the online resources that have provided for a “Do-it-yourself” music industry.
“For the first time in history the artist doesn’t have to go through a label to get recordings to a consumer. The composer doesn’t have to go through a publisher to get compositions exposed. And the artist doesn’t even need a manager anymore. Everything can be done with the internet, including self-management and financing through crowd funding. The artist can set up their own label, or sign to a label from a position of strength. They are coming with knowledge, experience, achievement and income. And with success under their belt, they have bargaining power.” Nick Matsukis
With increased independence in the industry, major record labels have had to shift their businesses to “360 degree” representation in order to survive. This includes management, recording and publishing, allowing the label to administer the profits on artist copyrights and touring as well as album sales.
"Embracing and creating change is a core value. The challenge is to maintain structure and stability internally while growing the business.” Sevi Spanoudi
By taking control and ownership of your rights, an independent practitioner can maximise the control and the returns on their product. The successful independent practitioner builds a professional business with three of administration - the record label, the publisher and management.