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How Record Companies are Making Money in the Digital Era, and Other Cool things I learned at Def Jam’s 2019 Pre-Grammy Party…

MogulGrind was invited to Def Jam’s Pre-Grammy party this weekend. Lots of good music, food and cool people, but educational as well.  
Two gems I gleaned from the night:

1. I was curious as to how people were making money in the record industry these days. Some of the answers included, corporate sponsorships (artist partnering with brands to promote their products on albums, in social and traditional media), streaming, labels promoting their catalogs via curated playlists on various streaming services. A person I spoke with was with a company that specialized in creating global streaming strategies for major labels. She said 4 years ago they couldn’t get anyone to listen to them, it was a struggle but now business has exploded. Lastly, but certainly not least touring/shows is where a lot of money is being made.

2. Product placement can be very powerful. The party was filled with artist, #tastemakers and #influencers, etc. The atmosphere made the products that were given to guest throughout the night seem a little more cooler than norm. Case and point, as I’m drinking Core Natural water. I’m like this water has a 7.4 ph balance?! Say whaaa! (I’m assuming that’s a good thing.) And the bottle looks cool, I might have to cop it next time. Ha. You have somewhat of a connection with the product. You’ll give it a second look when you encounter it in the market.

After doing a little digging I learned that recording artist Juicy J was an early investor in Core Water and the company was recently sold for $525 million. Nice!

It’s Not in the Dreaming, It’s in the Doing – 6 Steps To Make your Idea Real

Anyone can come up with a great idea but the challenge is in bringing that idea to market. How many times have you had a killer concept only to have that idea for a product or business fizzle out because you didn’t know what to do next? Well have no fear MogulGrind is here! Here are 5 steps to help you come closer to realizing your dream.

  1. Create a prototype – So you don’t know how to create a website, mobile app, or have a clue of where to source products for your store? Below are a list of sites that can get you started. You can develop a prototype for less money than you think. Some of the sites below allow you to post your budget and have vendors bid on your project (you’ll be able to see what you can get for the price that you set. Pretty cool).
  • Rent-a-Coder – Need an App or Website built? Here you can post your project and have developers bid on it.
  • Fiverr – Graphic design, Virtual Personal Assistant, etc.  This is a large market for all types of business services.  Jobs start at $5.
  • Alibaba – Marketplace to source goods and manufacture products from vendors from across the globe.
  • Shopify – Easy to use templates to create your online store. The MogulGrind shop is powered by shopify check it out. (Pardon the shameless plug.)

2. Now that you have a product, you can conduct a soft launch.  Run the concept/prototype by a 100 or so people gather their feedback and refine the product or service based on the market’s response.

3. Create your business entity (LLC, S-Corp, Corp, etc)

  • LegalZoom – Facilitates the creation and registration of your business with Uncle Sam.

4. Seek investors or partners/co-founders if necessary

  • AngelList – Startups can submit their pitch to a community of investors (who knows you might get lucky!).
  • GoFundMe –  Website that facilitates the raising of capital for ventures
  • Fundable – Another valuable fund raising platform

5. Launch – Let the world know about your product.

  • Social Media – Pick the appropriate channel and see if you can gain interest in your product through your posts.
  • Facebook/Instagram Ads – Allows you to set your own budget.
  • Adwords online advertising – Also gives you the ability to set your own budget.

6. Analyze the results, refine your product and marketing.

  • Google Analytics – This enables you to analyze traffic to your website. You can use this information to better tailor your message and engage with your audience.

These are just a few tactics and tools that you can employ to move your product from the idea phase to the launch phase. Hope you found this helpful. What are some of the products, tools, services you’ve used to bring your ideas to the market?

 

Great infographic via Anna Vital

How To Start a Start up

Cheers to greater success!

Martel.