The Impact of Music Business Management Software on the Industry

The Impact of Music Business Management Software on the Industry

Music pros need to be better equipped than ever as the industry grows into robust projections. To meet the intense demand, promoters and agents need to find a way to master the modern bookkeeping process. The days of being able to wing it are over, and professionals who successfully automate key elements of their infrastructure will have a huge advantage.

But just being able to streamline operations is only a starting point. Industry leaders need ways to pull all their personnel together on the fly, making music business management software an essential part of the equation. A flexible, centralized management platform can help promoters share documents, gather data, and keep everyone informed as the game plan is worked out. With agencies scaling to reach their potential, automation-backed efficiency is a necessity instead of a luxury.

Here are some of the central ways management software is impacting the music industry.

Pairing industry growth with music business management software

The rebound in 2022 came in even stronger than many expected. After two years of struggling to bring out the fans, a lot of agents and promoters suddenly had more demand than they knew what to do with. If management software was helpful before, it had quickly become a cornerstone of the bookkeeping process in a fast-moving new era.

It also became a lifeline for agencies looking to rebuild their operations as fans poured back into events. Agencies using more antiquated systems faced an uphill climb to remain organized in the face of high industry turnover and supply chain issues. On the flip side, user-friendly, centralized software helped agencies bring together a diverse–and always changing–workforce that could handle the pressure and seize opportunity. Bigger shows and a busier events calendar became possible because of the critical tech assistance.

Related: How To Take Advantage Of Live Nation’s 2023 Concert Week Promotion

The lessons from last summer highlighted an immovable reality: many agencies will need to do more with less. To grow the business alongside the expected demand, music professionals must do better than shuffling spreadsheets and starting email chains. With the right software, agents can instantly look up hold dates, access contract templates, and share critical information with the team members that need it the most. A strong network backed by the cloud now puts promoters and agents in position to maximize their efficiency with every show.

Enhanced organization boosts an agency’s reputation

Today’s fluid live music scene requires increasing adaptability. Being able to modify details on the fly has always been important, but music business management software has raised expectations surrounding a team’s organizational ability. An agency must be able to remain in control of all the moving pieces as the event date approaches.

This ability to seamlessly organize and reorganize as the plan unfolds is one of the most significant ways software has improved the business side of live music. An easy-to-use portal streamlines the operation and saves time as new elements are added. You’re left with much more control over the entire process, from contracts and payment tracking to communicating with new members of the team. 

While modifying a plan structure was messy and time-consuming in days gone by, automation and the cloud can help organizers stay on target even as plans change.  All of this ends up reflecting directly on the professionalism of an organization. 

Other music pros understand that it’s a challenging environment, but the ones that overcome difficult situations prove their reliability and value. The right tech infrastructure can help agencies maintain that competitive edge regardless of what is thrown at them in the lead-up to a show.  

Transparency improves the entire operation

Transparency is also a quintessential part of growing a strong business. As promoters take on coproductions and constantly reassemble their team, having total transparency can be a key to success in both the short and long term. When important information is readily available to all parties via a cloud-based platform, everyone can walk away confident that it was a fair and professional experience. This simple act of transparency helps music pros build positive reputations, which is one of the best ways to improve the outlook for future business.

Tapping market opportunities with better data

Knowing your audience used to be more about guesswork than science. That is no longer the scenario as industry-leading software improves the data collection and analysis process. Ticket sales, event attendance, demographic insights, and more are all right at the fingertips of today’s music professionals. This improves the decision-making process and maximizes the impact with fans eager to be a part of a memorable concert.

It also helps increase revenues by taking advantage of new opportunities. Everyone knows that audiences came back in a big way in 2021 and 2022, but a peek under the hood shows the way to even more upsides. Experts have pointed out that fans aren’t just paying more for tickets because of a general state of inflation. Fans are specifically looking for unique perks and VIP access—and they’re willing to pay up to get it. Real-time data can help agents fully take advantage of these types of opportunities that have popped up since the pandemic.

Related: How Do Today’s Concert Promoters Find Artists?

Superior performance metrics create a host of benefits beyond just improving the ticketing process. Data-backed insights can help guide marketing strategy and even improve the show itself. Taking out the guesswork allows professionals to stay in tune with current trends and remain focused on providing the best possible experience for all audience members. The result is improved revenues and audiences that will be more willing to pass along the good vibes to those looking to catch the next show.

Evolving as the marketplace shifts

This uptick in data insights is also helping professionals adjust to changing market dynamics. Enhanced sales and audience data help organizers stay current with what fans are willing to pay. You might hear the ongoing drumbeat of recession fears, but real-time data will help you separate fact from fiction.

With Americans sitting on trillions of dollars of excess savings that built up during the pandemic, organizers can be confident that music lovers will continue to spend on concerts in a big way for the foreseeable future. And if that trend begins to shift, those using today’s best management software will be the first ones to know.

A crucial assist for scaling up

Having too much business is one of those good problems for a concert organizer. Alongside the normalizing of the live music industry, many operators are looking to increase their footprint and take advantage of fresh opportunities. Those who haven’t embraced the new tech landscape will inevitably struggle to handle the increased workload while competitors flourish. But how does music management software improve your ability to scale?

Some scaling fundamentals point us in the right direction for live music. Maintaining a productive team structure during expansion is one of the biggest challenges most agencies will face. This means hiring new staff at all different levels, and especially other decision-makers who will need to take on leadership roles. Empowering them through an effective interface gives them all the support they need to succeed. The last thing a growing agency needs is an outdated system slowing down decision-makers in new positions.

The right software can also improve the onboarding process, which is supremely important in an industry still plagued with high turnover. That means being able to quickly bring new workers up to speed—often without being as hands-on as you would like. Being able to effortlessly share onboarding tools and materials will help you speed up the onboarding experience, saving you time better spent elsewhere.

Ensuring good experiences for industry partners

One of the best ways to encourage other industry players to work with you again is to close out the experience as professionally as possible. Other pros want to know they’re going to get paid on time and have all contract parameters fulfilled. To improve the process, everything can be automated and kept centrally organized with the top music business management software.

The result of automated deals and payment tracking, for example, is a clean and professional wrap to the event. Payment deadlines are automatically kept and all related information is neatly organized, allowing an agent or promoter to quickly reference current or former deals. Everyone finishes on the same page and all industry partners (and artists) feel valued, laying the foundation for future collaborations.

Music management platforms are also improving event-plan execution. Automation is helping agencies smooth out the process, bringing much-needed certainty in a chaotic environment. When the operation goes well—with assistance from the cloud and automation—it reflects well on all aspects of the business. Partners walk away knowing they have a reliable contact who will be easy to work with the next time around.

The impact of software on live music is only growing

The business side of live music can be rewarding on its own, but the music is what gets concert promoters and agents out of bed in the morning. By handling many of the mundane components of music management, automation will provide more time to flesh out the ideas and strategies that can take a business to the next level.

This is why the full impact of music management software won’t be known anytime soon. In the short term, pros can immediately upgrade their bookkeeping, maintain a cohesive team, and improve the planning process from top to bottom. In the longer term, industry leaders will explore aspects of the business they previously didn’t have the time (or scale) to take on.

Prism’s music management software aims to empower all music professionals by bringing the best tools to their fingertips. Discover more today about all the ways Prism can help you streamline your business and ensure you can take advantage of whatever opportunity comes next.

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