Is artist management a feasible business in the Finnish music market?
Tikkala, Mika (2010)
Tikkala, Mika
Metropolia Ammattikorkeakoulu
2010
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Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2010091312988
https://urn.fi/URN:NBN:fi:amk-2010091312988
Tiivistelmä
Fridays is a one man show with many performers and operating in the music business is a harsh world. It has managed fairly well to this date but no proper market research has been made. Fridays needs a feasibility study to form an overall picture of the market, and the strengths and weaknesses of the company. Currently Fridays is the only fully functioning artist management company but operating in the Finnish market is difficult due to the market’s small size.
There is no theory about the ways of managing an artist, how one should specifically act in a certain situation, there are only tasks listed. The element making everything possible are the fans eventually, with out them there are no other music industry elements. There is no education for management and that results in that anyone can become a manager in a split second, and that has brought a lot of cons to the business. In Finland there is only a handful of artists and the circles are so little that no competition is faced among them.
Online promotion, endorsement deals and mobile business will be tomorrows trends and should be considered as a major opportunity to develop Fridays’ as a company but above all its artists. Online societies and different platforms like Youtube, Facebook, Ustream are booming already but Finland has not caught up to them yet. Endorsement deals are made in the major markets since the international starts are able to add value to the brands and normal people can relate to them easily. In Finland, mobile businesses are relocating their strategies more towards selling the music which is a great opportunity for Fridays. Finland is a high technology country which is evolving rapidly as well, and should be taken seriously since Fridays tries to be the forerunner in the music business on top of taking management business to another level.
Although Fridays financials are not to be looked from the professional management point of view quite yet. Only a part of its talents are creating income for the company but not enough to cover all the monthly living expenses. Luckily there has been another job as well that generated the entrepreneur a living. This matter will be examined further and as a recommendation of the report a solution is found to its struggle.
There is no theory about the ways of managing an artist, how one should specifically act in a certain situation, there are only tasks listed. The element making everything possible are the fans eventually, with out them there are no other music industry elements. There is no education for management and that results in that anyone can become a manager in a split second, and that has brought a lot of cons to the business. In Finland there is only a handful of artists and the circles are so little that no competition is faced among them.
Online promotion, endorsement deals and mobile business will be tomorrows trends and should be considered as a major opportunity to develop Fridays’ as a company but above all its artists. Online societies and different platforms like Youtube, Facebook, Ustream are booming already but Finland has not caught up to them yet. Endorsement deals are made in the major markets since the international starts are able to add value to the brands and normal people can relate to them easily. In Finland, mobile businesses are relocating their strategies more towards selling the music which is a great opportunity for Fridays. Finland is a high technology country which is evolving rapidly as well, and should be taken seriously since Fridays tries to be the forerunner in the music business on top of taking management business to another level.
Although Fridays financials are not to be looked from the professional management point of view quite yet. Only a part of its talents are creating income for the company but not enough to cover all the monthly living expenses. Luckily there has been another job as well that generated the entrepreneur a living. This matter will be examined further and as a recommendation of the report a solution is found to its struggle.