It takes time to test the waters when investing in a fast-paced and ever-changing field as the music industry. Trends may get the hype you need now, but only temporarily. Therefore, carefully studying the ins and outs of the music business is crucial if you want to maintain the spotlight. Here are ten music companies who know a thing or two about staying relevant by pushing the industry forward through innovations.
BIG HIT ENTERTAINMENT
Utilizing tech, data, and marketing strategies are what Big Hit Entertainment views as an efficient approach to get a broader reach of the audience and give the audience what they want. The Seoul-based management and production company is the driving force behind BTS’s international phenomenon, among other artists under their wing. Big Hit made social media apps dedicated to creating communities among fans and put out band-related merchandise for easy access to further engage their artists’ fans.
Bravado, Universal Music Group’s merchandise division, is fully aware of the power of merch to gain artists profit and, at the same time, engage fans even more. The company has mastered the strategy of creating merch as physical souvenirs for fans from shirt to skateboards, setting up artist-themed pop-ups to promote singles and album sales.
Incorporating licensed music in short video contents have been the latest trend social platforms like Instagram and TikTok hopped into. Songclip API aims to provide users with an avenue for music discovery by allowing them to add a clip of a song to their message, making conversations even more interesting and fun.
BMG is known for their artist-first approach to record deals, which involves retaining only a quarter of the overall revenue and leaving the rest to the artist’s hands. This allows them to maintain a good relationship with their artists. BMG scaled up its global presence in 2019 by partnering with Mexican label DEL and launching its 15th international office in Hong Kong.
88rising has become a household name for ushering in a new wave of Asia-imported hip-hop. This part media, part label company and part creative agency has helped Chinese, South Korean, Indonesian, and Japanese artists like Joji, Rich Brian, Keith Ape, and Niki join the mainstream hip-hop community and expand their audience reach.
GOLD RUSH VINYL
In the digital age, Gold Rush Vinyl gained a way to improve production of vinyl records to ease demands of eager old-school enthusiasts. This company delivers artists’ works into the palms of fans three times faster than the business standard. The best part is Gold Rush Vinyl is an eco-friendly brand dedicated to reducing plastic waste and using less energy in their productions.
Dolby Atmos Music drives big-shot music companies like Universal Music Group and Warner Music Group to partner with them because of their impeccable recording and production of music, operating in the two-channel stereo format for decades. With their innovation, Dolby plunges listeners into a 360-degree sonic environment in which sounds seem to move through space, all around the listener.
Tamar Kaprelian believes every artist with a dream deserves a shot to be discovered and given a platform which is why Nvak Foundation was launched as a nonprofit company supporting young artists struggling to break into the music industry. Nvak, which means “to play music” in Armenian, utilizes various programs such as mentorship, music and songwriting instruction, and business education to support rising artists in areas that are usually overlooked in the industry. Now the company prides itself in being the very first music industry nonprofit to partner with a major label Warner Music and expanding its operations in Armenia, Malawi, and Israel.
Gener8tor assists young, emerging artists in the music business by granting them $20,000 to help build their careers, taking no equity, royalties, or revenue share. The startup accelerator aims to advice artists on how to monetize and grow their rising careers.
Pandora saw an opportunity to further expand their reach through entertainment spaces like podcasts. Podcasts on Pandora uses the company’s Genome Project technology to curate thousands of shows with more than 500,000 episodes, identifying key characteristics and then pairing shows with listeners most likely to enjoy that content, based on their own listening and preferences.