Industries and economies on a global level are negatively affected by the coronavirus pandemic. The outbreak has definitely taken a toll on the music industry, too. Even though the world is constantly exploring the virus and working on vaccines, the music industry has already experienced a big downhill.
The Music Industry during the Coronavirus
At the behest of governments’ measures to prevent the spread, big stars like Lady Gaga, Sam Smith, Alicia Keys, and The 1975 have indefinitely postponed the release of their albums that were scheduled to come in this period. The economic fallout caused by COVID-19 has brought a brutal run to the music industry. In Italy where the quarantine measures were most extreme, the trade income from music has been reported to fall 60% behind compared to last year.
There have already been some devastating festival cancellations such as Coachella and Glastonbury, not to mention the cancelled concerts and tours by individual, big stars. Behind the curtains are the infrastructure of session players, fresh and aspiring musicians, booking agents, sound engineers, DJs, event staff, tour managers, and of course – labels and record companies. As soon as the outbreak resulted in quarantine and led to the cancellation of tours, concerts, festivals, and even new albums, millions of people in the music industry have taken many steps backwards.
Even the strongest labels on the market have experienced economic chaos because of the coronavirus. Peter Simmons, an AssignmentGeek expert and lyrics writer has explained: ‘’Labels obtain most of their income from records that are being streamed and sold, so people have the idea that they didn’t suffer much due to the coronavirus outbreak. The reality is completely different. A lot of the revenues for labels come from merchandise, live-ticketing, public performances, TV shows, and other things that are now brought to a halt.’’
On top of this, Mark Smith, another of the academic writers online who writes and edits lyrics has said that: ‘’We’ve already missed out on a lot. If labels don’t have the ability to stream and sell the new albums they worked hard on and promised to the audience, even their most prospective revenue during these dark times is reduced by millions, if not billions on a global level.’’
So, what can be done? How can labels cope with this situation?
How to Adjust during the Coronavirus Outbreak
Here you’ll find seven useful tips for adjusting to the situation and getting the best out of it. With the right approach and measures, labels can remain on their feet until the crisis passes and things get back to normal.
1. Identify the Risks
The entire music industry is facing similar risks. Before we can take any measures to remove the obstacles and reduce the financial losses, we have to identify those risks and find a solution. Of course, the economic crises of label companies will be individual in many ways, so there isn’t a solution that fits all. However, there are protocols in place that can mitigate reputational, economic, and commercial damage to the music industry as a whole.
In these rough times, labels have to take care of their customers, employees, stakeholders, artists, contracts, and many other things that are affected by the economic crisis. The best place to start is by identifying the risk factors.
To do this, you should answer the following questions:
- What areas of the business are more susceptible to the pressure due to the outbreak and the crisis?
- What will cause potential damage to the music industry?
- What are the best ways to reassure and assist stakeholders, staff, and customers until the crisis passes?
2. Know Your Situation
Knowing the situation on the market is crucial, but this won’t help you unless you learn what the situation is within your label. It all comes down to this. The credibility of a label is tested in such times. It’s influenced by how they respond to crisis situations. To do this, you need to answer the same questions, but specifically to your label:
- What areas have suffered the most at this point?
- What are the current things that cause damage to your label company?
- Are there any particular methods and tools you can use to retain your employees, stakeholders, and customers, and reassure them of your brand’s quality until the crisis passes?
In this part, you need to think of everything. Labels right now have big issues with their ancillary income, also referred or described as artist services and expanded rights. This includes artist websites, fan clubs, sponsorships, touring, ticketing, concert promotion, brand management, artist management, and merchandizing. Some of these may still survive with the help of streaming or online promotion, but most are completely eliminated as a result of the pandemic. If there are no concerts, your obvious issues are concert promotion, ticketing, and touring.
3. Create a Plan for Crisis Management
Once you establish what the crisis means for your label and everyone concerned, you can work toward creating a crisis management plan. There are four elements to such a plan: take action fast, determine all the facts, tell your label’s story, and fix the issues.
Naturally, this is easier said than done, but you have to start somewhere. Your company needs to have a protocol in situations such as this one. Assuming that you probably don’t seeing how no one could have anticipated this situation, you should create such plan and appoint people to it as soon as possible.
4. Appoint a Crisis Management Team
At times of crisis, your label needs to stand tall and show its strength. It needs clear voice, honest approach, and good strategies. To make this possible, your next step is to appoint a crisis management team. Gather the most experienced people in the company, invest in experts, and create a small, yet efficient team that would manage things during this crisis.
This team should be separate from everything and handle the crisis and only that. The team will manage the internal responses to the crisis, send messages and instruct employees, and refer to media enquiries and liaise with the media. If there’s a statement that needs to go to the media, it has to go through this team first.
5. Respond to Media Enquiries
According to paper writing service review and college essay writers research, it’s easy to get carried away during these rough times. By focusing on the crisis and what you’re missing out on, you might forget about the most important thing – the customers. People will expect accurate, timely information and statements about your label’s plans and actions. This is not the time to stop communicating. To show that you have control and keep your business afloat, make sure to respond to all media enquiries.
6. Put Your Focus on Streaming
Right now, the most prospective action for labels is streaming. By focusing on the things you can no longer do, such as concerts and tours, you’ll be losing valuable time and money. Instead, focus your efforts on the thing that works now. In this rough time, streaming is one of the very few things that people get to enjoy. It soothes them and helps them, and it’s a label’s safest way to boost the income.
Take for example, students. You might not be able to give them the new Lady Gaga album right now, but you can stream some of her greatest hits for them to relax with while an Australian assignment help helps them overcome their educational barriers.
7. Use All the Support You Can Get
Lastly, you need to use the support that’s offered to you. There are many companies who have pledged their help and support to the music industry and everyone involved in it.
- Amazon Music is currently supporting industry professionals through their Lifting Lives COVID-19 Response Fund.
- Bandcamp is an online platform for music that’s waived all revenue share for merchandise and sales online. The money they collect will be sent to labels and artists.
- Apple Music secured a $50 million as advance fund aimed toward distributors and independent labels during the crisis.
- Visit Downtown to get access to many resources and materials to assist you in this period.
- Live Nation created their Crew Nation fundthat contributes $10 million to support concert crews that are impacted by the pandemic.
- Mixcloud waved all revenue shares for the SELECT platform, a service that lets music fans support the creators for a monthly fee. The income goes to channel creators after the songwriters and artists are paid.
- Symphonic Distribution has a special page published on the website that helps supplement the current income of record labels and artists that have been affected by the coronavirus pandemic.
During this hard time, we need to work hard to remain strong until we’re all back on our feet. There’s an upside to the situation, a minor window of opportunity for those who can tackle the situation and handle it gracefully. The time to start is right away. Follow these seven steps to keep your label alive until the crisis passes and everything returns to normal.
Scott Mathews is one of the professional paper writers at a renowned essay service for students and people who need writing assistance. He’s been writing essay papers for eleven years now. Before he took the role of a remote writer for his current company, he has worked 5 years in one of the top rated UK assignment help services.