With Slacking CD Sales, Music Industry Looks for Other Revenue Streams
It seems that these days, big record companies are looking for ways to increase sales of CDs and downloads. In fact, growth in the music download industry is slower than anticipated. The marketing of music has to be more creative, more innovative in order to capture new customers or better yet, retain customers.
This week another musical icon's family signed on with Warner Music Group to promote the music and image of this musical legend. According to the Wall Street Journal, Frank Sinatra's three children and Warner Music have entered into a joint marketing venture in which Warner Music will exploit the singer's music, name and likeness, thus expanding the role of this traditional music company. Warner Music believes that there are a number of opportunities that could be just around the corner with this deal, which could include resorts and Broadway-type revues. Warner Music will seek business partners that have the same values as Sinatra in order to broker promotions, shows, CD sales and other entertainment opportunities associated with the legendary performer. With this deal, Frank Sinatra Enterprises will maintain control of albums, films and television shows that were released through Reprise, Sinatra's original label. The article in WSJ sites that this deal is similar to the one that the Elvis Presley estate and CKX, Inc. entered into in 2004. The difference with the Sinatra deal, is that it is a joint venture and in the Elvis deal, 85 percent of the rights to Elvis' were purchased by CKX.
Will these types of joint ventures be the savior of the music industry? That remains to be seen, but they may increase revenues for the record and entertainment companies involved in them. All in Marketing as this concept is referred to, will ensure that musical legends such as Frank Sinatra will remain in the lime-light and if properly marketed could mean millions for the partners involved. One thing for sure, the traditional way of artist discovery, management, performance, marketing and sales have for now become obsolete.
To read the full article: Warner and Sinatra Heirs Set Up Marketing Venture
This week another musical icon's family signed on with Warner Music Group to promote the music and image of this musical legend. According to the Wall Street Journal, Frank Sinatra's three children and Warner Music have entered into a joint marketing venture in which Warner Music will exploit the singer's music, name and likeness, thus expanding the role of this traditional music company. Warner Music believes that there are a number of opportunities that could be just around the corner with this deal, which could include resorts and Broadway-type revues. Warner Music will seek business partners that have the same values as Sinatra in order to broker promotions, shows, CD sales and other entertainment opportunities associated with the legendary performer. With this deal, Frank Sinatra Enterprises will maintain control of albums, films and television shows that were released through Reprise, Sinatra's original label. The article in WSJ sites that this deal is similar to the one that the Elvis Presley estate and CKX, Inc. entered into in 2004. The difference with the Sinatra deal, is that it is a joint venture and in the Elvis deal, 85 percent of the rights to Elvis' were purchased by CKX.
Will these types of joint ventures be the savior of the music industry? That remains to be seen, but they may increase revenues for the record and entertainment companies involved in them. All in Marketing as this concept is referred to, will ensure that musical legends such as Frank Sinatra will remain in the lime-light and if properly marketed could mean millions for the partners involved. One thing for sure, the traditional way of artist discovery, management, performance, marketing and sales have for now become obsolete.
To read the full article: Warner and Sinatra Heirs Set Up Marketing Venture
Comments