Even in a troubled industry, there are niches that can create opportunity.
The music industry has been going through pretty rough times for the past few years. Dynamic changes in technology, fundamental restructuring of the value chain, and a chronic recession are all beating down the leading companies that once dominated every aspect of what music we heard and how we heard it.
As the music industry dinosaurs fumble and stumble their way around in a rapidly changing environment, we are seeing entrepreneurs find new niches that can create exiting opportunity.
Many of our students and alumni here at Belmont are among these entrepreneurs. I have highlighted a few of them over the past few months, including the founders of the music app business Aloompa and songwriter Ben Cooper.
Recently I have had the pleasure of working with a few more music entrepreneurs.
A group of our alum have formed a band called Tin Cup Gypsy, which recently was touring with Sarah Evans. They just released their first full CD, Calico (a wonderfully varied collection of their work):
Another example of performers finding their way in the industry is a band made up of current Belmont students called Kopecky Family Band. Gabe Simon is a member of this band and is a student in my business planning class this spring. This band is gaining attention nationally for their music, but the key to their success is their understanding of the changing business model required to be a successful band. While creating great music, they are also paying attention to creating value to their followers through a variety of products. Their savvy marketing has helped land gigs such as appearance on NPR World Cafe.
A final example today is Jake Jorgovan, co-founder of a video company called Rabbit Hole Creative, who is balancing success in their business while trying to complete the final eighteen credits he needs this spring to graduate. Jake, an entrepreneur minor, has taken full advantage of entrepreneurial learning opportunities both inside and outside of the classroom. He was winner last spring of the Belmont Business Plan competition.
Over the past couple of months their business has gotten the kind of breaks that is fueling some exciting growth. Recently they have been providing the video content for the musical acts on Saturday Night Live.
The music industry is alive and well. You just have to find your niche and apply sound entrepreneurial business principles.