Trent Reznor and the Formula for Future Music Business Models

The main point that is made in this article is that Mike Masnick thinks that the way to be successful in the music industry is to use the formula. The formula is simple but some people don't seem to understand if fully and therefore do not succeed.

CONNECT WITH FANS (CwF) + REASON TO BUY (RtB) = THE BUSINESS MODEL ($$$)

This equation helps artists to build up a fan base and fans are what artists need to enable them to be able to make a profit. The best thing about using the equation is that your sharing your music with a community and aswell as that you're getting paid for it. Mike goes on to say that people always come back and think of excuses for why plan A, B and C didn't work. 'They all want a simple model that everyone can follow, but the point here is that while the model itself is simple executing on any business model is difficult'. It's all about having a 'simple model' in a variety of different ways which Reznor has done time and time again.

The reason for having a simple model which fans can follow means that they are more likely to want to buy from the artist. The artist lashes out at the fans for hurting them by not buying there music yet it's their fault for not giving their fans a proper reason to buy their products.

Big artists have come from the bottom like the rest of them but some have money from the start which either is backing them or that they have made in previous years then they are more likely to be successful due to the fact that they will normally have a smart record label which they are signed with. They will also have a agent or manager who do the business side of things. This helps as then the artists themselves dont have to get involved. By having all of this can also make the artists less succesful with fans as they wont be interacting as much with them. Fans want the artist to interact with them and this makes them want to buy from the artist. Technolgy nowadays helps connect with fans such as twitter and facebook. This means that fans can see what the artists are up to and makes them feel more approachable instead of basically made up.

'The artists need to stop worrying about what was lost and recognize all there is to be gained'.