Research area: The record label and new business models
Record labels have been the nexus between artist and audience, product and market in the music industry for over a century and until relatively recently were the only viable option for a recording artist to monetise their creativity. In the past 2 decades, the combination of digital audio technology and the proliferation of the Internet has disrupted the accepted music industry business models of the past. Now the industry is in a state of flux, transitioning to a new economic and cultural “ecosystem”. In the past independent record labels have appeared and prospered in times of disruption in the music industry, for example, the appearance of Radio in the 1920s and Rock’n’Roll in the 1950s. The same thing is happening now with a proliferation of new businesses and business models appearing in the last decade or so with the role and nature of the record label being constantly redefined and refined, with some artists are choosing to go without a label at all. The questions addressed in this research are:
- What is the future of the independent record label?
- What are the most effective strategies for record labels in this post digital music industry ecosystem?