Labels successfully diversify to supplement income

News: 4th October 2012 by Louise Dodgson under Finance, Law & Music Business, Music Publishing, Record Labels

Source: http://www.flickr.com/photos/ataraxis/4456991516/

In recent years record labels have had to think hard about their business model and adapt accordingly to keep up in the digital age. Statistics reported by the British Phonographic Industry show that in 2011 a fifth of revenue generated by record companies now comes from a variety of other sources including synchronisation of music for TV, film and games, gigs, 360 artist deals and others. Let's hope that this increases over the years to meet the downturn in music sales and keep independent record labels alive and kicking.