So What Critically Important Financial Lesson Can You Learn From The Music Industry?

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So What Critically Important Financial Lesson Can You Learn From The Music Industry?

So over the years, (honestly), how many times have you seen it play out,over and over again?

Some incredibly talented, super star actor, athlete and or entertainer, has literally blown a fortune and then some.Right?

And ultimately, once it becomes fairly obvious, (not only) can they no longer afford their incredibly lavish lifestyle.

But on top of their ongoing financial meltdown. They ultimately are forced to file for some type of bankruptcy protection.Sound all too frighteningly familiar?

So hopefully, this particular post, will shed some much needed light on, a critically important financial lesson or two, (you and I), can and definitely should learn from not only, the rough and tumble music industry.

But the overall business world in general as well.

How And Why Serious Financial Problems Can Sometimes Be The Springboard To New Previously Untapped Opportunities!

Case in point. Continuing the overall theme, from the previous paragraph. So here you have, this incredibly popular, extremely talented and incredibly hard working, you fill in the blank.

Either, (an) extremely hard working, super star, athlete and or entertainer of some kind. And over the course of their entire career.(No matter how long or short it ultimately is.)

They earn an awful lot of money, do they not? For sure. But there in lies, at least part of the problem, correct? Huh?

Take for example, a super star music entertainer. Let’s say they sell at least ten million copies worldwide, of one particular CD.

And of course, those type of numbers, attract tons of potential, (extremely deep pocketed) endorsers.Right?

Who are more than willing, to invest additional tens of millions of dollars, in various endorsements and or strategic alliance arrangements of some kind.Right? Oh yea.

Have You Noticed How Some Of These High Earners Money Problems Don’t Start Until Their Cash Starts To Dry Up?

So while they’re busy doing whatever it is, they do so well.The money just keeps rolling in and and those paychecks, get bigger and bigger right?

Whether they’re deriving the vast majority from their salaries, royalties, licensing and or extremely large appearance fees, concerts, movie deals, joint venture (JV) arrangements etc.

They literally can’t count it. However, sense nothing lasts forever, right? At some point, they (along) with their ever growing entourage,(not only) get accustomed to, (but) almost addicted to their incredibly lavish lifestyle.

So much so, (they either) close their eyes or ears to the fact, even though their last three CD’s only sold three million copies each.

Which (make no mistake about it), is still very respectable and extremely profitable. However, they are still spending their money, as if their last three CD’s, sold ten million copies each.And they’re still receiving seven and eight figure a year endorsement deals.

And here in lies the major problem, which starts and escalates their eventual financial downfall.

You Don’t Always Have To Know How To Analyze A Balance Sheet In Order To Determine The Overall Financial Condition Of A Business!

Now let’s turn your attention to the traditional newspaper industry. Whatever is let of it anyway. Obviously by now, it’s no secret, (unless you’ve either been living in a cave or under a rock),with the meteoric rise of social media, within the last 15 years, give or take.

And with no end in sight, within the foreseeable future, correct? To say social media-s major influence, on today’s modern day start up entrepreneur, (on or or offline).

Especially those individuals under the age of 35, has had a dramatic impact, (and will most definitely continue to do so.)

To say these young men & women’s desire, to all but abandon, traditional old school advertising mediums, such as local newspapers, TV and radio, would be an understatement. Would it not?

Basically, these younger entrepreneurs, (more and more) will clearly be calling the shots,fully embrace, the current and future marketing and promotional influence, the social media revolutions ongoing impact will most certainly have, on both current and future consumers.

Whether Their Income Statement Reflects It Or Not There Is Clearly A Dramatic Shift Taking Place!

On the other hand. If you’re a general manager and or editor, of some of these once, all mighty publications. Not only have witnessed first hand, your major influence start to dwindle.

As more and more of the younger generation, turns to online sources, for both their hard news and entertainment etc.

You’ve also noticed, a steady drop in your advertising revenue.Correct? So just like the super star athletes and or super star entertainers mentioned previously.

Some of these traditional old school medium leaders, are not accurately reading the tea leaves. Meaning, while they’re still trying to position themselves, as the major go to source.

They’re clearly becoming, the second and third choice.And if they don’t make some sort of creative pivot very soon.

Just like the dinosaurs before them, they too are on the verge off becoming extinct.Ouch!

One Of The Quickest And Most Effective Ways Of Improving Your Financial Standing Is By Becoming Relevant Again!

Case in point. Let’s say you’re the general manager (GM) and or chief editor, of one of revenue dwindling,local throwaway guides.

Even though your once, extremely loyal readership, is steadily dwindling and therefore your annual advertising revenues, are (noticeably) shrinking right along with them.

Guess what potentially value able asset and or resource, you’re still temporarily in possession of? Both your current and ex- paid customer base.Huh?

And guess which modern medium, at least some of them have enthusiastically turned to, as an extremely viable, marketing and or advertising option?

If you guessed social media. Congratulations! And swiftly move to the head, (or at least), closer to the front of your class.

Here’s Where And Why Forming One Of The Potentially Beneficial Types Of Partnerships Is Mandatory!

Here’s why this is so potentially important. What if one of the major,(local) newspapers and or local throwaway guides, joint venture (JV) partners.

Just happens to be an absolute wiz and expert, at social medial and or digital marketing.Like my expert coach & mentor Joella Bower of joellabower.com.

That’s her featured in the screen shot image below. This particular screen shot, is a paid brainstorming and coaching session we recently did and recorded on zoom.

Here she’s instructing (coaching) me, (step by step), how to effectively, add either my video and or blog post content, to my totally under utilized LinkedIn account.

In order to further leverage, content, (I’ve either) already created, and or will create in the not so distant future.

So What Critically Important Financial Lesson Can You Learn From The Music Industry?

Situations Like These Are How And Where The Partnership Advantages Can really Go Into Overdrive!

So for just a second. Imagine you’re (either) one of the major, local newspaper and or local throwaway guides, current or ex advertising customers.

What if you received the following, extremely time sensitive message/offer from (either) the local newspaper (GM) and chief editor, of one of the major throwaway guides.

It basically informed you, (if you’re) a current advertising customer.Social media and digital marketing expert, Joella Bower,(for an extremely) limited time, is taking on a few select clients, for private coaching and or consulting.

Some Type Of Partnership In Business Is A Very Good Thing!

And if you’d like to take your business and or service to the next level, by utilizing her extremely valuable services.

Schedule a free, (30 minute) strategy session with her at her website. To see if her particular expertise and your specific social media and or digital marketing needs, are a good fit for you.

And if the two of you decide to go any further. Joella has agreed, to offer (you), our extremely valued customer and or former customer,for an extremely limited time, a very specially priced bundle package.

See her for all the particulars, before this extremely limited time offer expires!Also, you definitely need to be aware.

Joella is now part of our social media and digital marketing team, going forward.

So just like super star entertainers and or super star athletes, once solid financial fortress, has come apart at the seams.

Are You Starting To Realize There Are Many Extremely Viable Ways To Define Partner?

Can you see how the crumbling fortunes, of the old school, traditional advertising mediums, could use some creative marketing strategies, to salvage their sinking financial ship as well?

Let’s hope so. In any event, this is without a doubt, a critical financial lesson or two. You can and definitely should learn, (from) both the entertainment, sports and or, rough and tumble music industry. Don’t you agree?

P.S.Now as is customary during this part of our show.

Please share your extremely valuable comments (in the comments section below) that you can

apply to your business, product or service in the next 30 days or less!

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