The more I work in the industry of music and entertainment, the more I realize that the most important thing people are lacking is education.
It really interests me how lots of industries make their money off of people not knowing. The music industry used to be such industry but as times change, it is becoming more and more apparent that educating people really can make things more profitable.
Consider this, if more people knew about real estate and the most appropriate way to go about purchasing and refinancing a house, maybe the real estate market would be better off because the foreclosure rate would be lower. What about the banking industry? Don’t you think that banks might make more interest or fee income off of more saavy consumers? Because although overdraft fees are $32 to $35 for most banks, that fee often comes with a price to the bank in the end because the customer doesn’t have any money in their account. We all know that the customers with the highest balances get the best treatment so why not educate people to get and keep those balances high?
The same goes for the music industry. Although there are record label execs who’ve made huge profits off of artists not having enough knowledge, I’m sure those companies could stand to make a bigger more long term profit off of artists who actually understand the business of music. With this in mind I am working on a couple of projects that will help to actually empower the artists and give them basic knowledge so that they can move confidentaly into their business dealings.
Knowledge is power but using that knowledge to further positive action is more powerful.