Music & Audio
The music industry has undergone intense decentralization over the past three decades. The wide availability of digital recording software has led to a surge in the number of artists worldwide. Online distribution platforms have rendered physical media all but obsolete. The record label sector has experienced something of a “big bang” explosion, now with almost every major artist seemingly having their own imprint. As managers of risk, we believe that this change has minimized significant risks associated with concentrated industries, but has nevertheless yielded more of the risks associated with counterparties doing business. Practically speaking, this means that smaller businesses are going to need to be able to manage personnel, site operations, contract negotiations and contractual obligations, event management and more; and all at a high level, and all as of their formation. For larger businesses, it isn’t simply business as usual. Changes to the structure of the music industry means that legacy businesses need to evolve their business models or perish. And, in addition to finding new sources of value in a market where distribution has so drastically changed, larger businesses will need to find ways to efficiently and effectively do business with an exponentially increasing number of counterparties.
Titan Grey is able to assist music businesses both large and small manage the challenges which lie ahead. For smaller businesses, this generally means working on a cost-sensitive budget, targeting specific paint points and deploying training to critical personnel as needed. Establishing procedures for contract negotiations and developing basic company policies are two key starting points. For larger businesses, our engagements begin with a fulsome review of practices and procedures before re-engineering the same to maximize efficiency and output. We also assist on risk-focused due diligence efforts in acquisition activity and post-acquisition risk management streamlining.