Monday, 10 June 2013

LO4

4 Know the importance of royalties in the sound and music industry.
Royalties: PRS For Music; Performing Right Society (PRS); Mechanical Copyright Protection Society (MCPS); Phonographic Performance Limited (PPL); digital rights management (DRM); synchronisation fees; distribution of royalties to writers and publishers; piracy; illegal downloading

PRS FOR MUSIC


PRS for music was first known as The Performing Right Society and it is a UK copyright collection society which basically means it takes royalties (money) for an artist/bands work for when people cover their songs etc. PRS was found in 1997, which brought together two societies. These were the Mechanical-Copyright Protection Society (MCPS) and Performing Right Society (PRS), the music part of it was finally put together in 2007.

If you're planning on using some one else's music in something that you do then it is vital to have a licence. PRS for Music and MCPS are who represent the owners, these companies will get artists the clearances that they need. The money will come from the fees of the cost of the licences, and also from any public performances of where the music is used; whether it be live, radio, online or on the TV. The money is brought from the recording of the members music, that could be CD's or DVD's for example. The money that they gain will then go to the writer, music publishers and the composer.


What does PRS actually do?

The PRS company has around 95,000 members and the money that they gain is how some composers, music publishers and song writers earn their living. The PRS are the UK's leading collecting society and they are a big part of a global network of societies. They pay original performers and the writers of music money (royalties) for what they deserve for the work that they have created. A reward is given to these people, almost the full amount is given to them bar a really small percentage which the company must take in order for them to cover operating costs and keep the company running. 
This company also offers great support to individuals and organisations which help the development of new music and upcoming aspiring artists (bands/solo).

What if you don't have a licence?

It's a good idea to already have a licence before performances begin. Something good about applying for a licence through PRS at the early stages is that you can receive a 33% reduction. There is actually representatives that visit public places like pubs and venues, this is to check that there aren't people infringing copyright. If you are unable to show a licence for use of music in public then it is their right to fine you and could result in civil action against you for copyright infringement.
Once you have a piece of music which is documented and dated whether it be on a tape, a recording, YouTube etc then it is instantly copyrighted.

Positives of PRS

  • People who have spent their time to create music are gaining money for this and getting rewarded for their good work which is a positive thing because it can encourage people to make music more often and do what they enjoy because they are actually getting something out of it.
  • It can make people that are creating music actually feel as though they are getting somewhere when they are playing their music as they are earning money from it, by performing at venues and people also covering their songs.
Negatives of PRS 
  • Some people may not even be aware there is this system resulting them to getting fined when they genuinely didn't know anything about it this leads down to lack of advertising of the PRS.
  • Although they are earning money for their songs it is really only a small fee so these artists may not be earning enough.
  • It can be quite a long process receiving the money that you are owed.
Overall...
I  think having this system is an extremely good idea and something that people could perhaps take more seriously. To a certain extent people like to have royalties earned for their work so it's important we go through this process to support the artists of the music that we enjoy listening and physically playing ourselves. Although it can be a difficult process to go through. Some people aren't even aware that this is something that happens to in order for it to become more well known and for more people to get their licence it should be published and advertised more often to educate people of the consequences of Copyright and using some one else's music.
However, I do think that it's a great idea but there are far too many people that don't use it, more people don't use it than people do use it so it isn't something that is consistent, therefore it wouldn't really make a massive difference if it wasn't use at all. I can think of more negatives that positives so I personally don't think it's a problem if people cover songs without going through the PRS as I personally wouldn't be bothered if someone was to perform my song at a gig and I didn't receive anything from it, i'd be more honored that they'd took their time to learn my music and that would be enough for me.

Here is what a PRS form looks like:


Mechanical Copyright Protection Society (MCPS)

The MCPS is joined together with PRS, as said before the music part of it was brought in 2007. The actual MCPS company itself was set up in 1991, it was to licence mechanical reproduction of music. For example, the the copying of music and also the synchronisation of music which had visual images. MCPS have recently changed their royalty processing system and it is now much more modern and efficient. The more modern way has proven to be much cheaper too. MCPS is filled with not just publishers but songwriters too.
You are able to join the MCPS if your music has been:
  • Used online 
  • Recorded into a radio or TV programme
  • Commercially released by a record company which isn't one that you own 
  • Recorded in an audio visual or multimedia production
If you are a songwriter it's important to remember that the music can't have been entered into a deal with a music publisher, this is because the publisher will probably already be collecting mechanical royalties for this piece of music already.  
Once you are ready to join MCPS you must have the bullet pointed items below in order for you to complete the application form:
  • Evidence- this means you'll need documentation which confirms the mechanical usage of your music 
  • ID- so you'll need photocopies of documents which confirm your identity 
  • A printer
  • Bank account details- so the MCPS know when to put your royalties 
How are MCPS payments made?
The way that royalties are normally paid is by Bankers Automated Clearing System (BACS), which goes to a United Kingdom bank account or a building society account. If you are outside the UK then it goes through TAPS which stands for Transcontinental Automated Payment Service. This way is the most fastest way of transferring the funds that people are owed. If it is done any other way it tends to take a very long time and be delayed.
If you are a member of MCPS then you will get a payment every month, resulting from the licensing of their music. 


When does MCPS make its distributions?
MCPS makes payments to their members every month. Below is a table that indicates how much money will go into an account once they have reached the minimum level for royalty distribution.


 Type Of Member Minimum Balance Level
 UK and Irish resident member £30
 Other member £60

Positives of MCPS
  • A rate card is published for production music, this enables members to bugdet correctly
  • Processing a licence is quick and only takes around 3 days
  • Once a licence has been issued by MCPS, all the rights that are normally required will be cleared
  • An online licence application is available which is simple and straight forward to use
  • The process of royalties is much more effiecent 
Negatives of MCPS


There are quite a lot of forms to be filled out for the MCPS. Here's what some of them look like:



Overall...
I personally think that MCPS is a good company. From comparing the negatives and positives the outcome is that there is more advantages. I struggled to find any negatives about MCPS. 



Phonographic Performance Limited (PPL)



PPL is a UK-based music licensing company and performance right organisation, it was found by Decca and EMI in 1934. 

There is a difference between PPL and PRS so you need a licence from the both of them to enable you to play recorded music in public legally. Both of these companies do collect the royalties to hand to the music industry both companies contain different rights holders and have different terms and conditions.
PPL collects and distributes money for the record companies and also the performers where as PRS for Music collects and distributes the money for the music composers and who is in charge of writing the lyrics, also on behalf of authors the songwriters and publishers. 

When do I need a PPL licence?

You will need to get hold of a PPL licence when recorded music, things like the radio and TV, is played in public. 'Playing in public' is also sometimes known as 'public performance'. The UK courts have said that this actually means playing of music outside the home setting. So if you are playing music at a workplace, a public venue etc then this is classed as 'playing in public' therefore a PPL licence is needed. However if you are to play music in your home or when there is in audience of your friends and/or family, for example, a private family party in your own environment and house then a PPL licence isn't something that is required. 
Even if you have purchased a CD or download this still only gives you the rights to play it and use it in domestic purposes, for example, playing it in your house for your own enjoyment. But say you play these purchases out in the public then you will need a PPL licence. 

If PPL did not exist...
Without PPL, to get permission to play someone's music it would require them to contact personally the record companies to gain their permission before they were to play their recorded music lawfully. This would cause a lot of hassle and would be physically impossible to do this.
By owning a licence it enables both copyright owners substantial efficiencies and also to those that are playing the music in public.
It is unfair to businesses who hold a PPL licence and to the thousands of performers and record companies if other people and businesses don't own a licence.

If an organisation requires a PPL licence but doesn't own one then...

  • They will be infringing copyright
  • May face legal proceedings, which wouldn't be a debt claim, they would lead to be in respect of copyright infringement liability
  • The court are allowed to make the businesses pay the fees that they have failed to pay
  • Until the fees are paid then the courts are also allowed to refrain the businesses to play recorded music in public until this has been done
It is important that people performing other businesses and artists music that these people own a PPL licence.

Positives of PPL
  • Joining PPL is free
  • Royalties are calculated at track level and at individual performer level, it is based on the information about what music is played by licensees
  • PPL is the first music licensing company which is to be given Qualified Intermediary status by the US tax authorities. This means that the royalties which are collected by PPL from the US do not need to be subject to US withholding tax of 30%
  • PPL is a not-for-profit organisation
  • PPL collect royalties for the use of recordings and performances in over 30 countries in the world
  • You can manage your own personal details, access the repertoire base and you can also view your payments online. This puts you in control.
  • They don't own any profits and is all evenly handed out to the right people
Negatives of PPL
By doing my research I couldn't really find any negatives.

Digital rights management (DRM)



What is Digital rights management?

This is a company which is in charge of what you are able to do with the digital media and devices that you own. If you come across a situation where it refrains you from sharing a song, read an eBook or any other device, or things like playing a single-game player when you're not connected to the internet, this means that DRM are stopping this. 

DRM actually gives media and technology companies strong control over every aspect of what people are allowed to do with their media, what devices they use, what apps are downloaded and used, how long they are used for. This prevents the massive digital book burnings that take place everyday, and it has a large scale surveillance over people's media viewing habits. DRM gives eBook sellers the rights to physically delete all copies of a book, this keeps track of what books readers are fond of and they can sometimes even see what notes they take in their books.


History of DRM

DRM isn't something that's new, a lot of old floppy disks were also copy-protected. The way that this was done was that the manufacturers wrote them using special drives, this was something that a typical consumer drive couldn't copy. Some needed a piece of hardware to be connected to an I/O port on the computer for the software to not even run.

Positives of DRM 

  • Prevents people from burning music, books etc 
  • Keeps people's work safe 
Negatives of DRM 
  • Can be a long process
  • It isn't advertised very much so some people many not be aware of it
I really struggled to find negatives of DRM as I believe it's a great company and benefits a big deal of people.
Some examples of Digital rights management: 
  • A movie studio includes software on it's DVD's, this will then put a limit on the amount of copies that a user is able to make, it is blocked at 2
  • The forwarding of a sensitive e-mail is able to be blocked 
  • The copying and printing of material based on constraints set by the copyright holder of the content is restricted and has limited access
  • A music label which released titles on a type of CD, this includes bits of information which confuses ripping software which makes it impossible to do this
Synchronisation fees
These are royalties which are paid when a piece of music is used for another work. This could be a piece of music which has been made by a band, but then gets used for background music for a film or an advert which is shown on TV. These fees are one of the many cash flow streams which are generated by music companies, it is something that is more than likely to grow, especially if you're comparing it to the retail sales of music. A bit like mechanical royalties, these fees are normally collected by people that act for all major music publishers. 

Distribution of royalties to writers and publishers
The most important reason of distribution is to make sure that it is fair to everyone involved. It is quite difficult to ensure that it is all evenly spread out and consideration needs to be aimed at where the money itself actually comes from. There are different elements throughout the order of distribution. These are the following: 
  • Money- The money needed to do distributions comes from the licence fees which is collected from the licensing of all the people or organisations that use music. For example, from the radio, television, venues that have live performances, hotels, pubs, clubs, restaurants, or any other place that play music in public.
  • Usage Returns-These will be submitted by licensees. For example, broadcasters provide the monthly returns of music that is played.
  • Repertoire- SAMRO is a database which keeps works. This database stores information which falls under three main groups of right holders:
  1. The members who will notify their works once they have been written
  2. Publishers who are enter their selves into agreements with people they have worked with (composers) to publish their musical work and as well as this, enter their shares in the music which has been made
  3. Foreign societies that provide information which is about foreign music that has been reproduced and also been performed in a public area/venue
Once a distribution is finished...
After a distribution has happened and finished, all the royalties are given to a member's royalty account and the money that has been paid will be paid over. It is paid over by using an Electronic Funds Transfer (EFT). This is a great process as it also flags music that has no notification. Until SAMRO have been notified by the composer of their interest or share in the works, they will then continue to remain undocumented.
In order to calculate and work out a correct amount of royalties it is important that they know who the owners are of the music and also what the share is.



http://motherboard.vice.com/read/what-the-first-legit-study-of-illegal-bittorrent-downloading-means-for-stealing
Piracy
Piracy is a word which is used to describe the blatant and deliberate infringement of copyright. The person who creates something, for example, a piece of music, it should be down to them what is allowed to happen to it, whether it is allowed to be viewed by the public, recreated/reproduced. Although this seems like a fair point, some people and businesses still choose to go against this and do the wrong thing, which is copying it, which is known as Piracy/copyright. Looking at the music industry side of things, the word piracy refers to unauthorised copying of music etc. This falls under 4 categories. These are: 


Physical music piracy
Physical music piracy is when the making or distribution of copies of sound recordings on physical carriers without the permission and consent of the rights owner. 'Piracy' is a term which is used when it is referring to activities that are of a commercial nature, this for example could be activities which are to cause commercial harm. The item which has been copied may or may not be different from the original.
Counterfeits
This is a different type of physical piracy. Counterfeits is when a recording is produced without the permission that is needed. The recordings which are known as counterfeits are packaged to resemble the original or being very similar as close as possible. The original work which is being copied will be reproduced, changing all logo's and trademarks which makes the consumer believe that you are being a legitimate product, when it is infact not.

Bootlegs
This is when music which is recordings of live or broadcast performances is duplicated and then sold, sometimes at a premium price. Premium price meaning that it is sold at a higher price than products which are similar, this is a very clever strategy. This is done without permission from the artist, composer or the record company.


Internet piracy
This term is much more of a general term. It is used when any creative content which is from the internet violates copyright, whether that is via websites or P2P websites etc. 'Internet piracy's is used to refer to a variety of music which is unauthorised. Some internet pirates do gain income from their acts, and many people engage in such acts or other, non-commercial reasons, they all do cause commercial unrepairable damage.




Illegal downloading
This is something that happens every day. People illegally download music, software, films and other things all the time. It is incredibly hard to make it stop but there is things that can be put in place in order to help prevent it from happening as much as it does, but is something that happens so regularly it will never stop completely. Illegally downloading something is such an extreme act it can lead to a punishment as strong as being put in prison. Downloading music, films, and TV programmes illegally is one of the most known illegally downloading actions, and almost a third of the UK who are guilty of this have been reported and found.The term 'illegal download' is used when a person or a business downloads some body else's work, usually using illegal websites without their permission, and without paying for it. For example, YouTube converter is a website which is made to allow you to just copy and paste a YouTube link and it automatically will convert it into an MP3 file making it possible for you to them put it into your iTunes, or whatever music software you use and then have full use of it, this is illegal. 
The reason illegally downloading something is so common today is due to it being free, easy and convenient.






LO3

3 Be able to create a business plan for a product or service
Product or service: live entertainment eg band, dance night; recording eg location recording business, studio; services eg manager, producer; products eg merchandising, music magazine
Identifying target market: eg market research, strengths and weaknesses, market trends
Development: planning; cost implications; timescales
Legal aspects: legal status; sources of advice
Financial aspects: profit and loss budgets/accounts; sources of finance
Business proposal: models; setting targets and goals



 Task 3: The Business Plan

·         Produce your own example of a comprehensive business plan for a product or service with original market research.
·         Refer to the Template for writing a music business plan document on Learnzone.


Record label/studio for young aspiring artists 

Hayley Muggleton's Record Label




Introduction
During this business plan I am going to talk about what the business is and what my goals are. I'm going to set realistic goals which I hope to achieve during a set time. I want to talk about my project by also weighing up pros and cons and looking at what kinds of threats and obstacles I could possibly reach and how I will work around to reach my goal to the best that I can. I will talk about how I'll promote my business, who my business is aimed at and how I'll make people aware of it. 
Should I need help with the financial side to things, for example, taking out a loan to get me started, having a business plan will make it look better on my part and I would more likely be accepted for a loan from the bank.

My product:
I would like to start a record label for young aspiring artists who can't afford the funding to get themselves out there and need support along their way of their music career. I would like to find artists from all around the UK, especially around the Oxfordshire areas as talent is scattered all over here and give them what they need to encourage them and give them a kick start into the music industry. 
I will need to:
  • Find an environment which is suitable to work in, this will need to be, a recording studio
  • People to support and help me to deliver this, so people like, scouts (to help me find talent), music producers, promoters-they will help promote the young artists that have been noticed
I have been inspired to do this by researching into a project that Gabrielle Aplin has took on which is also a recording label for young determined and motivated artists who need help into reaching their goals and targets. 
Gabrielle Aplins record label is called Never Fade and she is currently working with an artist called Hannah Grace. Gabrielle Aplin helps her choosing what songs to record so she can help her also promote her music. Gives her studio time as this is something that's important as an artist, and also invites her to support her with her tours. 

http://www.gigwise.com/news/79781/gabrielle-aplin-sets-up-her-own-record-label

Research
Before I did anything I have done some market research to give me a bit of a clearer view of what it is that I'm wanting to do and look into how to go about setting up your own record label. 
I found a website which showed you steps to creating a record label and I found it very helpful. One thing that I found extremely useful was it told me to focus on the genre of music I am after so this will help people know what I am about. There's no point a mental band coming to me for help if I am more of an acoustic artist. http://www.wikihow.com/Start-a-Record-Label

I found that I need to add up the price of most things that I am going to need, and if I can't put a price on something that it's always good to estimate so I get a rough total of what I'll need, this will also look good when/if I need to apply for a loan, being able to show the bank what the money will specifically be going towards will be good and will look reliable. 

I need to operate legally so I have found that I need to go through this process in order to protect my self. 

http://smallbusiness.chron.com/need-start-record-label-4752.html

http://smallbusiness.chron.com/requirements-start-record-label-company-4754.html

INDIE RECORD LABELS 
I researched into indie record labels to give myself a stronger idea of what it could perhaps be about.
Biggest indie record labels:

  • Rough trade
  • Creation
  • Warp 
  • Domino
  • Mute 
  • 4AD 
  • Burning shed
Pros of indie record labels: 
  • Artists will always get the right to their music
  • They sign you because they're actually interested in your music and want to help you
  • Closer relationships - this is something I am after, I think having a close relationship with who you are working with makes it all so much better and you can get more work done and a higher stronger level
  • Pro-Artist contracts
Cons of indie record labels:
  • Lack of funds- this is one of the things which could potentially hold me back but I am willing to do everything within my power to make it work
  • Disorganisation- due to it being fairly informal, especially as I will be starting out it could become fairly disorganised 
  • Size- meaning having less power and affect to the music industry 
  • Lack of facilities 
  • Hard to get noticed as a label
From my research I've realised it's a full time job and I definitely need to employ people to help me, so I need a business partner. I am going to get a relative to help me with this to start off with and then as my business grows I'd eventually be employing others to help run the business. 

Costs
  • Phone 
  • Internet
  • Travel 
  • Legal and accounting obligations 
  • Communications
  • Membership fees 
  • Making the music 
  • Studio fees
  • Sundries

VINYL, CD OR DD?

As my company starts out I will be using digital download, this is because it is a cheaper process and funding is tight. I would then want to encourage vinyl and CD.

The business:
I will create a website which talks about and lets people know what I am about and what my business is about. On my website I will promote my music also. On the website I will explain what it is that my business can do for young artists and all the help that we can offer them. 
One thing that I really wanted to have was contact details so that these young artists can also send in their music, whether that be from SoundCloud, Youtube videos, and me and my team will try our hardest to get through them all to search for some real talent. 

Before I do any of that, my plan is to work with friends or people that have been recommended to me and work with them to start off with. Doing this I believe will help my business grow and it will be a good way of testing out and moving the business along. I will only work with 2 or 3 people to start off with to see how things go and then once I have been able to help them a lot I will add these onto my website and the success stories will hopefully make others want to get involved. 

What style of music will I specialize in?
  • Indie/indie rock
  • Singer/songwriter 
  • Acoustic 
  • Alternative
  • Maybe folk in the but isn't one of my main focus' at the moment 
  • I am feeling very open minded about what kinds of music, and if I feel that I could help promote and give advice as well as educating and exposing their music to the right audiences then I feel that I will be willing to take on a challenge and also go for something that isn't perhaps something I would normally go for; I want this to be a journey, experience and challenge for me and I also want to gain skills and to be educated 
The reason I have chosen to look into more detail and focus on these genres of music is because these are the styles of music which I am interested in therefore it makes sense for me to focus on these as I would have more knowledge on them and would be able to give these young artists as much help as I possibly can as I have experience in them. 
I also don't feel as these genres are as respected as other genres so I'd also like these genres to be more known and listened to. 
Artists like Mumford and son, Gabrielle Aplin and Daughter are all fairly known artists but I believe they're not as respected as they should be so I'm looking to find unique artists with aspects of artists like these and turn them into successful known musicians. 
It's a good idea to make people know that I am focusing on certain types of music, and I found this out by looking into it and researching it.


Will I find the next Lucy Rose?


Goals:
  • Find raw talent and unique artists
  • Encourage them to gig as much as possible, and help find venues for them to show case their work
  • try my hardest to get in contact and work with other music labels and hopefully they can also help my young artists with gigs, and allowing them to support artists which are signed to their labels 
  • Record music and release EPs/singles 
  • Always teach them and allow them them to have their own input, for example, when recording, some labels can be very bossy and not allow the artist have their input 
  • If they are recording in the studio I want these artists be taught about the process they are going through when recording and let them get hands on experience and get practical with music making 
  • Most importantly promote their music and let others experience either talent 

Studio time:
This is one of the main things that I want to offer. I am hoping to rent out a local studio and then hopefully when I have enough fundings I want to buy it and expand my business as time goes on. 
I want to encourage these young artists to use the studio as often as possible to record their music, and I want to be their when they're doing this to support them as much as I possibly can. 

What the business has to offer: 
  • Gigs 
  • Promotion 
  • Encouragement 
  • Support 
  • Studio time 
  • Help with releasing music
Creating my team (staff)
  • I want someone who does the same job as me so if I can't be there then this person can step in for me and also work alongside me when I am available- I want me and this other person to take up most of the job roles, things like promotion etc, for the time being as money is tight so to start off with it will be fine for us to take on these roles. 
  • Music engineer/studio worker- I personally don't have enough knowledge, confidence and experience in working in a studio so I will need to hire someone to do this, I will need a full time worker once I am owning a studio and have more young artists that I am working with
  • When my business grows I will then look into hiring a well experienced promoter
How will I get team? 
I will do this by putting out an advert for jobs and then have casual interviews with people who apply and perhaps auditions if they are musicians themselves.

My market: young people etc
The reason I want to aim this business project for younger people is because I feel as though it can be very difficult for young aspiring artists to get themselves known and get their selves into the music industry. I think that they are often knocked and sometimes this can completely destroy someone's confidence and they will think that they will never make it. I understand that the music industry is a very tough place to be and you can't be so sensitive if you're turned away but I want to give these young artists that confidence and help to achieve what they deserve. 
I think that working with young people, who are more around my age will not only help them but it will also teach me and I will pick up new things along the way, it's a good way of supporting each other. 
Age from 16-25- I believe this age range are the more determined and motivated. 

Advertising
  • Create a Facebook/Twitter page- this will educate people about my idea and business and I can then add my website link onto this page and it will get people more aware of my plans 
  • Put posters up around my college and my local town and surrounding towns- this is a good way to advertise as it's hard to ignore a massive poster right in front of you as you're walking down the street
  • Put flyers up in shops
  • Hold a few small gigs with the first few people that I am going to be working with to showcase the music and this could also inspire others to want to get involved 
Advertising is incredibly important when starting out a business, I need to get people talking about my business.

Planning:
  • Find 2-3 artists 
  • Set up gigs for them to showcase their music 
  • Record songs
  • Release EP
Costs:
I have researched into how much it will cost to...In order for me to get the money for what I need it is almost certain that I'll need to borrow money, and try and get the cheapest deals. If I want to borrow money off people then the people that I'm borrowing money off will want to know what the money is going towards. I've created a list of things that I'll need money for:
  1. Hire and/or rent a studio £500-1000 a month
  2. Employ a studio worker £300-600 a month, although will try and get someone to work for at a cheaper rate/for free to give them experience 
  3. Employ a promoter and any other workers needed - depending on their job role 
  4. Work phone - £40 a month 
  5. Any other hire charges- trying to go for only about £100-£200 per month
  6. Electricity - £60 per month 
  7. Food and drink although this is something I would try and avoid if they're able to bring their own lunches in

Studio 
From my research I have found that roughly to hire studio for all day can cost up to £500 but this does include the studio engineer also, this also usually covers allowing us to use the instruments that they have available. Hiring a studio is what my plans are to do to start off with and when funding is coming in more regular then I shall be able to eventually buy my own studio. 

Studio worker 
I have been researching how much studio workers normally get paid and then this will give me a rough estimate if I compare the prices I find to high record labels to small record labels. 

Promoter

Where?: 
Around the Oxfordshire area is where I am going to be starting this business, and hoping that it will grow around the UK.

Strengths and weaknesses within the business

Strengths

  • Helps younger people with their dreams and goals 
  • Gets talent promoted and noticed
  • I am extremely determined and the team that I will hire will also be very motivated 
  • Helps those that perhaps struggle with finance so this will give them that funding they need to do things like record their music
Weaknesses
  • Can be a very risky thing to do 
  • Expensive, money is very tight so the funding will be hard to have constantly coming in
  • Hard to find team that are willing to work for little or no money at all to start with, so to work around this I can try and employ friends and relatives
  • Can be more complicated than it looks, due to looking at my research I am not put off but I have realised it is going to be a harder task than I initially thought

Where I get my fundings from...
I'm hoping to try and get some funding from the government as I believe this would really help and I think if I have a strong reliable plan then this request could get accepted but before I do this I'd like to get the business up and running. 

A good way to get good facilities is by making deals. I'm going to try my hardest to get hold of studios for free or by needing little money at all. I am also getting relatives to work for and with me as the are happy to do this without getting paid for the time being and also it is a good opportunity for them.

The money that my artists will be making, especially if their careers are successful then my business will be taking a small percentage from their income, just 12%. 
I will not be making them pay for anything, like studios, instruments if they need them, travel etc so I believe that recieving just 12% from their income, from appearances or sales of their music that they make then it's only fair and it will enable them to keep going within my business.