Join Steve Rennie for an in-depth discussion in this video Recession and decline, part of An Insider's Guide to Today's Music Biz 03: Treating Your Career as a Business.
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- The final phase of the business career cycle…is the decline phase.…In this phase of the cycle, a business has stopped growing.…There's still a business there,…but sales are no longer growing…and your product's relevance is waning in the marketplace.…In this scenario, the business's best days are behind it,…their competitors are creating better products…and eating away at their business.…Think BlackBerry whose devices were used…by millions of people in the workplace.…Today, iPhones and Android phones are the devices of choice.…
Today, BlackBerry's relevance and the very existence…of the company is in question.…In the context of your music career,…the decline phase will look something like this:…the band you started is still writing songs…but they're no longer getting played on radio stations.…Your slots have been taken by newer acts who are entering…their growth phase.…Your live business, while still respectable,…is clearly diminishing.…Every tour you're playing smaller venues,…venues that you sold out in the past are now less than full.…
He talks about hobby versus career and the key elements of success in the business world, from distribution and marketing to management and finance. He gives you some thoughts about how you apply those things to your music career. Since successful businesses don't happen overnight—they develop over time in identifiable stages—Steve also covers the stages of development in the business life cycle and how that applies to your music career. Last but not least, he offers tips on drafting a band agreement that will keep the relationships professional and strong.