Trent Reznor and the Formula for Future Music Business Models - Issues Raised

Trent Reznor and the Formula for Future Music Business Models - Issues Raised

This article outlines the basic "formula" for making money in the music business in the current digital era. This formula is:

Connect With Fans (CwF) + Reason To Buy (RtB) = The Business Model

This formula helps to create successful strategies, which can be used in a large variety of ways, for example building up a stronger fan base, creating wonderful new works of art, distributing them out to the community and getting paid for it. The article claims that "They all want a simple model that everyone can follow, but the point here is that while the model itself is simple, executing on any business model is difficult." Something that I will make use of when producing my own products next year is that the most important part of the formula is applying it in a range of creative ways. A perfect example of this is Trent Reznor.

Trent Reznor

Another point that the article brings up is the importance of the 'Reason to Buy' element as too many artists put their music out to be bought with a price tag but no real incentive to buy. The fault then, when not as many fans buy as thought, lies with the artist. This connects with the next point that the musician does need to be involved in the release of their products because you cannot connect with the fans otherwise. If a musician doesn't want to put the effort in to connect with their fans then they will not have many. That said, there are now a wide range of new technologies and methods of communicating today which enable artists to connect with their fans easily and gives many better ways of giving fans a real reason to buy. 

With this in mind it appears to be that to make a successful artist and product we must follow the formula as signed and unsigned artists have. To connect with fans my artists should give

out free flyers to their show on the street, allowing fans to talk to them and make a real connection. They should also make meet and greet times where fans can come and meet the artist and spend time with them as popular band Linkin Park have been known to do. They hold times when their fans can come and hang out with them and ask them questions and chat to them about their music if they belong to the special Linkin Park member group "Linkin Park Underground Twelve"

A tour date from the Linkin Park website allowing fans to sign up for the chance to go to the Meet & Greet.

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A photo with the band from a Meet & Greet in England. 

They should also allow fans to have the opportunity to feel as though they are a part of the band and are important to the band. They could do this by asking fans to help them create a music video for one of their songs by filming themselves singing the song. A mash up of the entries could then be created along with clips of the real band, allowing the fans to feel involved. They could also offer to collaborate  with their fans by getting their fans to send in a recording of themselves playing instruments and could win the chance to record with the band to go on their new album. 

The notice on the Linkin Park website informing fans of their current competitions. 

To offer reasons to buy to the fans when my artist releases a song/album some limited edition merchandise should be released at the same time only available for a short period of time. 1000 signed copies of the song/album should be an option for the first people to buy them. There should also be an incentive for the fans to buy my artists products, for example they should be allowed a variety of options of the artists website.

Option 1: The original CD released

Option 2: The limited edition version of the CD including bonus tracks and an acoustic version of a track, also available in Vinyl. 

Option 3: The previous option with a limited edition T-shirt

Option 4: The previous option with a limited edition signed poster from the artist

Option 5: The previous option with a limited edition personal message from the artist

The prices would increase as the option increases. The offer of limited edition merchandise should give the fans a reason to buy.