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Tuesday, February 10, 2009
Trent Reznor's Million Dollar Business Model
Posted by Ivan Pena on Tue, Feb 10, 2009 at 9:59 AM
Finding a new and profitable business model has eluded major record labels since the decline of recorded music sales began as MP3s took hold. In his presentation at MidemNet -- one of the most elite music business event in the World -- Techdirt's Mike Masnick profiled Trent Reznor's recent successes selling his music without the help of a major record label and condensed it into a simple formula. Masnick ventures to say that Reznor made over $1.6 million from his latest release alone. That notion definitely got my attention.
Although Masnick quickly mentions that this model can work for both big and small bands, there is a big advantage that former major label bands have over indies and unsigned bands: long-time fans and starting capital. Trent and NIN have been famous for almost 20 years (Pretty Hate Machine came out in 1989) and have built a huge and solide worldwide following. The model explains Trent's process and highlight that the key to his success was a $300 limited edition signed box set of the new album. For an independent band, it's tough enough to sell a $10 CD at a gig that is sold to you by the band itself. I bet you people would pay $1,000 to buy a CD from Trent at a show.
Despite the "established artist" lean of the potential of this new model, Trent does connect more than not and he has found a way to keep his business rolling. I am sure fans of all bands would rather transact this way. It also worked for Radiohead. Kudos to Trent for making it work and even bigger kudos to his fans for responding.
The formula is:
Connect With Fans (CwF) + Reason To Buy (RtB)= The Business Model ($$$$)
Ivan Pena has an Advertising degree from UF, 8+ years in corporate and consumer marketing, 10+ years in graphic design and promotions. Ivan is also the leader of the group Soulfound and runs his own independent record label, Mohawk Bomb. In 2008, Ivan was named one of the Top 30 Under 30 by the Tampa Bay Business Journal. Check Ivan out on LinkedIn: www.linkedin.com/in/ivanpena
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