Posted on August 10, 2013
Maybe this experience will help some other artist looking to start their own businesses or interested in the process.
Recently REB Records had a meeting with an awesome person who works as an institutional investor for one of the large banks (BoA, Chase…) Someone who is very good at analyzing companies and their assets, business plans, personnel, history, reports etc. She was nice enough to meet with us, and it’s not like we’re uneducated, or lack a business plan that has been modified many times over the last two years, or experience working for and managing companies, but she has the clarity to see us as just “another business.”
Her main question was “What is your primary source of revenue?” That’s it. What ever that is, it is your business, no matter what else you are doing, your business is selling _______ to happy consumers. And here we were back to the discussion – “well, what if the product you’re selling is not something people buy?” And REB has embraced that people want and expect free access to music. So what is it that music fans will buy?
What would you buy? t-shirts, food, memorabilia, special edition stuff, live shows, private access to see the process, tolerate ads …
At some point there has to be an exchange, and this exchange allows artists to continue making art. Art is expensive to create, whether measured in money or time, great art takes a lot of it. We haven’t come to a concrete change in how this effects us, and we’re continuing to move forward on the Theft to the Gallows album, but it has given us pause to think.