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A Paradigm Shift
Towards Entrepreneurship for Barbados’ Music Industry
Jessica Jones To build Barbados’ music industry, Phil Phillips advocates a paradigm shift towards entrepreneurship, which he sees as a prerequisite for the necessary investment. He encourages artists not to wait to be discovered, rather to be entrepreneurs, working with venture capitalist or funding agencies willing to assist in building a brand. Agencies such as InvestBarbados, which are there to help transform and develop the artist’s talent, are important. The missing link, however, is entrepreneurs: to present business plans to such agencies for funding and support. The rationale is compelling. With foreign label signings, pro?ts are directed outside of the local industry. Further, shrinking label budgets are not only putting more pressure on artists to be immediately successful, but also making it increasingly dif?cult for artists to ?nd sponsors willing to work with the reduced budgets on offer. Now, more than ever, it is necessary to build a culture of entrepreneurship, rather than think that we can shape talent for someone else to sign. The Association of Music Entrepreneurs (AME) in Barbados, for which he is Music Consultant, was developed with this paradigm shift in mind; to encourage music entrepreneurs to build the export capacity of the music sector. AME is also represented at the Caribbean Music Industry Networking Organization (CaMINO), ensuring that knowledge gained can be shared with counterparts across the region Beyond Carnival The abundance of carnivals and festivals in the region have inadvertently comprised and diluted our global focus. Packaging local music as seasonal music generally shortens the shelf-life. Locally, around Crop Over, there is a tremendous amount of new music available for consumption, which means that an artist can spend a long time in the studio. However, touring is when the majority of revenue is made, and new audiences and markets cultivated. A plethora of songs and a short-term product provide an unsustainable circuit for career growth. If we are going to create a sustainable industry, it will be important to maintain existing audiences, but play to a broader market. Expanding markets Phil Phillips Music Consultant
For Phil, the recession is probably the best thing that could have happened to Barbados’ music industry, as necessity will prompt invention. If the current market continues to shrink, the diaspora will not be the comfort zone which it has been for so long. Wider markets exist, and in light of the recession, artists need to strategically expand their vision and explore markets beyond the USA, into Europe, Asia, Africa and Latin America (which is right next door). Europe, in particular, could be a better market ?t for our artists as they embrace a broader spectrum of music genres. It is a major advantage that a visa is not required for Barbadian short-stay travellers to several European countries. Barbadian music entrepreneurs need to capitalise on the opportunities which Europe offers, including the market and any funding available through the European Development Fund.
Phil Phillips is the Managing Director of e-Vision Concepts. He is a highly a highly experienced Marketing and Visioning Entrepreneur. Phil is Music Consultant to the Board of the Association of Music Entrepreneurs (Barbados), and a member of the Ernst & Young World Entrepreneurs Hall of Fame.
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www.creativeindustriesexchange.com
Volume 2: January - March 2011