Will Tough Economic Times See The “Entrepreneurs” Run From The Industry?

Bernake Fail.jpgThis week we have been focusing a lot on the economy and what it could mean for our industry. With the prospect of music being less of a get-rich-quick-scheme everyday, we will start to see a landscape of less “entrepreneurs” and “investors” indulging in hobby projects. It takes a real passion to keep pursuing a dream without the likely possibility of great financial gain. The prospect of one day getting rich off of your hobby is one of the few things that fuels the American dream we hold dear. In our youth, we are taught the Richard Cory fable of the man who has all this money but has a miserable day to day life and it later brings him to suicide and/or madness. So what is to become of those of us who pursue a career in the music business out of the love of it yet can no longer make the living we desire from music?

It is no secret many non-musicians pursue the music industry and are funding it in a way to get a little more hip or cool. Around any major city you can’t throw a stone without hitting a studio, record label, or music start-up funded by someone looking to get rich fast on the glamorous dollars that are in the music industry. With the growing ills of labels no longer turning out big bucks, and the constant closure of recording studios, are these vanity projects dead? Are we finally on the times that have been prophesied where only those with a true passion will be involved in the rat race to be successful in the music industry?

Investors and entrepreneurs aren’t the only people who come to the music industry looking to find riches. We have all known a person who thinks joining a band is a quick way to dollars, not recognizing the extraordinary odds against them. Nevermind the growing prospect that most moderatley sucessful bands/musicians could begin to be even less financially stable.

 As a record producer, on a weekly basis I field questions from people who see the fun of my job and my success looking to do the same. What they do not see is the struggle that every studio is going through to compete with each DIGI 003 sold. The blind spot is that many studios are barely able to compete with home recording and those looking to get into the business stand little chance of getting noticed in a crowded pond.

With a saturation of countless projects on every
corner have you seen business thin out? Are we getting close to the
point where few studios will be able stay booked? Have applications at record labels started to wane? 

Jesse Cannon is the editor of Musformation. He produces records at his studio Cannon Found Soundation. Follow him on Twitter at @JesseCannonMusF. For more info please visit his website.

  • hansonrecording

    Yes, the business is thinning out. Yes, the core of the industry will once again become passion and not a quick dollar. And Yes, home studios are gaining ground. That is not a bad thing. Commercial large studios cost more and give the same quality as a professional home studio. So why shouldnt they compete (and likely lose the battle). This will help the industry in the long run become more successful in that the profit ratio to amount spent will be larger. Less money will be spent getting high sonic quality in a home studio and the album will sell the same (considering piracy doesn’t get too bad). Thus- more money in general.