Welcome to the newest edition of The Beat of Business, a digest dedicated to music business.
Today’s music world is not just about producing great tracks, but also about the art of spotting opportunities, inventing new methods, and understanding market trends. Entrepreneurs, whether they are successful musicians themselves or savvy business individuals behind the scenes, play a crucial role in driving the music industry forward. In this week’s edition, we’re going to explore a range of stories that highlight practical strategies and real-life experiences from those who have successfully navigated the entrepreneurial path in music.
By: James Hanley, www.iq-mag.net
Leading promoters discuss the impact of the boom in stadium tours and outdoor concerts on festivals. A record five tours grossed over $100m in the first half of 2023, with A-list artists increasingly choosing their own headline shows over festivals. This trend has led to a decline in festival attendance and rising ticket prices. However, promoters believe that festivals still offer a unique experience and can coexist with stadium shows. The rise of stadium shows has flooded the market in Australia, affecting festivals and diverting people’s spending on entertainment. Read more
By: Ashley King, www.digitalmusicnews.com
Meta has introduced AudioCraft, a new tool that uses AI to generate high-quality audio from text prompts. The program features three AI tools called MusicGen, AudioGen, and EnCodec, which allow for the creation of prompts using Meta-owned music and public sound effects. The AudioCraft family of AI models can produce high-quality audio with long-term consistency, addressing a common issue with current music AI generation models. Meta aims to provide musicians and sound designers with tools for inspiration and quick composition iteration. The release includes pre-trained AudioGen models and the sharing of AudioCraft model weights and code. Read more
By: A2IM, a2im.org
A2IM has launched the Artist Pro program, a new tier in their Artist program aimed at empowering independent recording artists. The program provides artists with access to the A2IM Benefits Store, which includes health insurance programs and a range of other insurance options. With an annual membership fee of $99.00, artists gain entry to an exclusive network of resources, support, and opportunities. A2IM is also offering discounted access to additional services such as BuzzMyVideos and MXD. The program represents A2IM’s commitment to supporting independent musicians and bridging the gap in securing reliable health coverage. Read more
By: Bobby Owsinski, music3point0.com
Songwriters are now using AI-generated soundalikes to tailor their song pitches to artists. This allows artists, producers, and managers to better imagine how they would sound on a song. While some may question the ethics of this practice, there hasn’t been much pushback so far since the AI-generated soundalikes are not released commercially. This idea is not entirely new, as songwriters have previously hired vocalists who sound like a particular artist. However, using AI is more cost-effective, with a variety of AI options available. This concept is gaining acceptance, with even publishers considering using AI-generated soundalikes for song pitches. Read more
By: Ari Herstand, aristake.com
In this podcast episode, Ari Herstand interviews Alex Jae Mitchell, the CEO of Boomy Corporation, an AI-powered music creation and distribution platform. Mitchell discusses the future of music creation and the impact of AI on the music industry. He also talks about the considerations in designing an AI music program, the distribution and commoditization of AI music, and the legal future of AI music. This insightful conversation provides a glimpse into the potential of AI in music and its implications for artists and the industry. Read more
By: Randi Zimmerman, blog.symphonic.com
Discover TIDAL Artist Home, the new platform that gives artists full control over their profiles. Learn how to update information, assign team members, and customize your profile on TIDAL. Sign up and start managing your profile today! Read more
By: Ariel Hyatt, www.cyberprmusic.com
In this episode of the podcast, Kristin Juel discusses the rising popularity of AI music-making tools and the importance of artists proactively testing and understanding what’s available. She emphasizes that human creativity remains essential and that humans ultimately control the conversation. The episode explores the possibility of AI influencing hit song creation, the importance of self-expression, and the challenges and blessings of innovation in the music industry. Tools and apps mentioned include Boomy, Grimes AI Voice Tool, Magenta Studio, Abelton’s AI Tool Blog Post, Never Before Heard Sounds, Midjourney, and Landr. Read more
By: Jada Harris, www.musicindustryhowto.com
Discover the 15 best City Girls songs and dive into their lyrics, production, and impact on popular culture. From empowering tracks like “Act Up” and “Scared” to dance anthems like “Twerk” featuring Cardi B, City Girls have made a mark in the hip-hop scene. Explore their collaborations with artists like Usher and Lil Baby, and get a taste of their braggadocious tracks like “Jobs” and “Bills Paid” featuring DJ Khaled and Latto. Don’t miss out on the peppy beats and catchy choruses that make City Girls’ music so addictive. Read more
As we conclude this week’s edition of The Beat of Business, we hope the stories and insights shared have shed light on the diverse, challenging, and rewarding journey of music entrepreneurship. Stay tuned for our next issue, where we will continue to explore the ever-evolving world of music through the lens of entrepreneurship.