Music Business Models Today

Just recently I read an article on growing your music business by Andy Hill CEO of “I Like Music” where he speaks about a simple business model that has kept I like music to survive and thrive in the ever-changing music industry. “I Like Music”  provides music that is full licensed for use in many markets, and has access to a large collection of vinyl and CD’s from every genre of music that includes Top 40 Hit singles.

In the 1980’s he was part of the creation of the first digital music-licensing model while working for IBM that would provide music for commercial use. Being there for the birth of digital music sharing he gained insight into what changes were being made in the music industry and with this knowledge “I Like Music” was able to thrive taking advantage of the many opportunities in the music industry. Looking to expand in the music market “I Like Music” set its focus on the North American market because of its large media and retail markets.

After identifying companies that could help “I Like Music” develop their products “I Like Music” decided to release their virtual jukebox, which were used in pubs and bars. At this time getting capital was hard to come by because Banks viewed it to be to high- risk. “I Like Music” has grown worldwide supplying their virtual jukebox to many areas of the world. Through it’s partnership with the Santander group and their Growth Capital fund “I Like Music” has been able to expand and hire staff to help their growth.

Businesses should always be sure that their business objectives could be scaled up to guarantee the potential for growth in overseas markets. For “I Like Music” Santander Growth Capital fund was right for their business and if you are a music entrepreneur in the Digital music market remember that changes are always happening in the industry, and we need to be prepared to take advantage of the opportunities that come with change.