CROWDFUNDING IN THE MUSIC INDUSTRY AND ITS IMPACT ON THE BUSINESS MODELS OF INDUSTRY STAKEHOLDERS

Challenges currently facing the music industry have led many key players to reevaluate their business models in order to survive the changing environment. Crowdfunding has become a popular way among musicians and artists to finance creative projects and/or careers. Crowdfunding works by collecting investments from a pool of people in order to raise funds for a venture, idea, or project. In recent years, crowdfunding has gained significant traction in the music industry, especially among independent artists. The introduction of crowdfunding into the mix of business models has not only impacted artists but record labels and live sector companies as well. As it grows, more industry stakeholders will be impacted by its presence. It is argued in this paper that artist management companies stand to benefit from incorporating crowdfunding into their business models and proposes how they might partner with existing platforms in order to incorporate crowdfunding