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Jul 1, 2024

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1. Looking at the list of 45 revenue streams identified by FMC, were you surprised by any of the revenue types? If so, in what way? Looking at the list of revenue, I was shocked by non-Featured artist payments. I was once a background actress or an extra in quite a few T.V. shows. I had no idea that I was supposed to get revenue from that other than what was paid to me by the production. This was shocking. I did more research and found out what I need to do to get what’s owed to me. 2. Reflecting on how you think musicians will make money in the coming decade, do you think any revenue streams will become less important, more important, or maybe even fade away? In the coming decade, it’s possible that certain revenue streams in the music industry may become less important or fade away, while new ones emerge. With increasing advancements in technology and changes in consumer behavior, traditional revenue sources like album sales and digital downloads may continue to decline. However, new opportunities are arising, such as streaming services and live performances. Revenue streams that may become more important are merchandise sales, brand partnerships, and licensing their music for commercials, films, and TV shows. Crowdfunding platforms and fan subscriptions also provide a direct way for fans to support their favorite musicians financially. The rise of social media and online platforms. Artists can monetize their content through ads, sponsorships, and collaborations. Virtual reality concerts, live streaming events, and NFTs are also emerging trends that could potentially offer new revenue streams for musicians. It’s important to note that the music industry is constantly evolving, and artists will need to adapt to these changes and explore diverse revenue streams to sustain their careers. 3. Can you think of any potential revenue streams that don't exist today that might come into play in the coming years? If so, share an example. One potential revenue stream that might come into play in the coming years is the monetization of virtual reality experiences. With the advancement of technology, it is possible that artist could create immersive virtual reality concerts or experiences that fans can pay to participate in. This could open a whole new market and revenue stream for musicians.

The future of the music industry holds immense potential for innovative revenue streams, and it will be exciting to see how artists take advantage of these opportunities.

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