Expect a surge in spending on entertainment during the recession.

 

 

Lavatory Records

With all the hysteria about  global currencies volatility and the trade war with China and the USA, the global markets in the world are going through a bit of a frenzy due to news of another global recession. This is particular to the financial markets with accusations flying around about currencies being either overvalued or undervalued, depending on what each individual country’s (or region in terms of the European Union) agenda is in the global trade arena. With many businesses now plying their trade in the modern global game as either importers or exporters, the situation could adversely affect businesses depending on which on end of the foreign exchange rates is conducive to the particular success of the business. With all that is going on in the global economy, a good question would be how does this affect the music industry?

In the short term, when there’s a global recession or depression, it can usually be a very good thing for music entertainers! Usually when uncertainty looms the tendency “to distract and divert attention” is deployed by governments or businesses, whenever there’s a looming down turn in business or productivity. For example – when companies know that business activity closer to the end of the year will wind down, they then decide that this is the ideal time to have their office parties which involve bringing, food, liquor and entertainment (music). Much as office parties are a genuine gesture of employees thanking their employees, they can also be seen as an anomaly due to the employer “surrendering” to the forces of the market environment. When the festive season hits with all it’s “festivities”, it’s usually a good time of the year for artists as that is when they are at their busiest in terms of bookings. However, musicians can be busy at other times apart from the festive season. For example, when politicians around the world want to campaign elections – a lot of the time they would turn to musicians for endorsements.

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Being a music producer entails building your music economy

As often mentioned here on Lavatory Records, the music industry is in a state of a “breakdown” – in order to rebuild. We regularly get approached by young musicians who ask how they can build their careers and make a living from their passion. It is a rather difficult question as there’s no actual blue print laid out for everyone to follow

Being a musician or working within the performing arts is a profession that has its own sets of challenges. Compared to other ‘formal’ professions like being an accountant, music has no clearly defined path of advancement, where you would know for sure that in about 7 years you’d be worth and making a certain amount of income marking your set value. 

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