Since the origin of the film, television and music industries, there have been dramatic changes. However, the changes that occurred from the inception of these industries through the 20th century, pale in comparison to events that have taken place since the year 2000.
Case in point:
At the end of the 20th century, downloads began to dwarf record sales. In the 21st century, streaming is beginning to overtake downloads of both music and movies!
This is only one example (a critical one mind you) as to what entrepreneurs who are looking to grow their companies in the industry need to be mindful of (and to face reality about). The good news is that there are segments of the population that may want to enjoy what creative entrepreneurs are producing today, in ways that they did in the past.
Think about it:
DJs have brought back the popularity of vinyl, but still balance that with computerized “mixing and scratching”. Filmmakers in the faith film and Christian market still benefit from distribution deals that include DVD sales as substantial revenue for hit films that touch the hearts and souls of churches and communities that are looking for family friendly entertainment with a life message that resonates with their faith.
Sounds a lot like back to the future, doesn’t it?
Once again, this doesn’t change the fact that entertainment business owners need to be mindful of current trends, and place themselves in a position to predict future trends. Face the facts. Even with a potentially lucrative market, it’s wise not to ignore the mass market trends mentioned above, along with others, e.g.:
- Declining music and film downloads and Increase streaming of music and film (as mentioned above).
- Impact of technology
Technology drives every industry of the face of the earth. Entertainment is no exception. In the United States, we are adept at watching and listening to what we want when we want, in a moment’s notice. We owe this to technology. That being the case, it’s difficult for entertainment production companies to capture market share and build an audience when everyone is vying for the attention of ears and eyeballs of everyone else’s customers!
What is one to do?
Here are some tips for surviving and growing your entertainment business in the 21st Century.
- Actively engage with your customer base. Mine the data of your current customers and clients. Avoid spending so much time on new client acquisition, that you ignore the needs of your existing clients.
- Attend local, state, regional and national industry conferences. While there, get to know the players (or at least gain an understanding of the industry).
- Face reality. Don’t be like that founder that tells potential investors, “I’m going to be the next Mark Zuckerberg!”. Likewise, don’t spend years trying to be the next Beyoncé or the next Steven Spielberg. “Be Who You Are”…”Be You!!!!” Your authenticity will take you further than copying someone else will!
- Find a mentor. Someone who has traveled the road before you can help — even if many of their accomplishments occurred during the 20th century.
- Hire professionals to help manage your career. Don’t be penny wise and pound foolish, when it comes to growing your presence in the marketplace.
- Build a team that can take your company to the next level. Cover all of the bases.
- Subscribe to industry publications, e.g., Variety, the Hollywood Reporter, and Billboard as well as business publications, e.g., The Wall Street Journal, Forbes, etc. A lot of your competition may not be keeping up with the outlook contained in these publications, but your most fierce competitors certainly are! By doing this, you will be riding the wave of the changes that are taking place, and in some cases will catch these trends before they happen.
As you can see, this is “Back to the Future” again. All of the advice for dealing with the new and emerging entertainment industry is consistent with the same advice from decades ago.
- Do your best.
- Don’t resist change. Roll with it! Embrace the change, and join the innovators!
It’s important to avoid being only a spectator. Find team members and a supportive community that can help you to navigate all of the detailed practices in your chosen field in music and filmed entertainment.
Remember that so many of the changes are designed to make life better and convenient for all of us. Just because it’s harder to grow your company, doesn’t mean it’s impossible. It’s different. Give it your all, and your potential to succeed will increase.
-Victor Brown
Share Your Comments & Feedback: