Trent Reznor's Money Making Formula

The key point of this article is that Trent Reznor has discovered a money making formula for the music business which follows as:

Connect with Fans (CwF) + Reason To Buy (RtB) = The Business Model ($$$)

Since Reznor has succeeded with the help of this formula in so many different ways this proves its capability and in our case - a desire to use it for our own products.

Next year when developing our promotional package for our band/artists new album our group will be sure to use the formula as well as consider the risks at hand when using the formula. Such as if a 'true reason to buy' is received rather than a 'real reason to buy' as fans have no obligation to buy the artist's material. On top of this we will encourage the artist to be as involved as possible in the selling and promotion of their material as a way of ensuring their connection with the fans.

Piracy and Technology Article

The key point of the article is that piracy comes with the new age of technology, which then disrupts the money flow of the music industry causing the development of safe, manufactured, 'plastic pop'.

With this knowledge of piracy and its effect on the music industry today this will improve the chance of success for our prospective product. Since it is said in the article that piracy 'forces the business to take more drastic action' and 'that compromises the bands and the listeners out there' this gives us the knowledge that we should always keep in mind and firstly target the primary audience and consumers as a way of ensuring the delivery of the revenue needed for the artist and business to survive. Or alternatively, it would be wise to pursue a project which incorporates attractive artists, producing 'palatable music' for a wide audience. As Noel Gallagher explained 'that's why tours are becoming so long' as a way to retain revenue and minimise losses due to piracy.

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