I have three magazine subscriptions: Time Magazine, Triathlete, and Fast Company. I've had a Fast Company subscription since I was in college - I remember leafing through one magazine and being so impressed by the advertisements alone that I thought, "This is a magazine that would be worth having." To this day I have not been disappointed.
Their cover story for the February issue is called "Way Behind the Music" - you can read the complete story here. The story features Musictoday, a company that works behind the scenes to fashion an online identity for musicians and athletes, then connects them with fans - and drives commerce. Here's an excerpt:
"[John Legend] found that the Internet has become not only a channel for distributing music but one for insinuating bands into the lives of their most enraptured fans... the efficiencies of the Web are such that for very little cost, an artist can build his own online operation and outsource everything, from peddling 'merch' to boosting the fan club to ticketing and marketing."
At it's core, Musictoday is in the relationship business. It connects music fans with the bands they love. Because in today's musical landscape, a band's hardcore fans are its most valuable asset.
But then again, this is a concept that would be well worth applying to your business no matter what industry you're in:
whether you like it or not, you are in the relationship business.
If you are breathing, you are in the relationship business - so handle each and every one with care. Because it's true - your hardcore fans are your most valuable asset.
P.S. For a little more insight into how this industry is changing, check out this link - an interview with Live Nation CEO MIchael Rapino (Live Nation is the biggest concert promoter in the business).
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