MUMBAI: Phoenix-like, music label Crescendo, has risen again from the ashes of waste brought about by digital music invasion a decade ago, which practically killed off the label along with many others.
Label founder and Chairman Suresh Thomas is back with a new flexible business model that embraces the digital medium and partnerships in multiple fronts and a stripped down team that will only focus on the task at hand.
“Everybody suffered from the digital invasion- it came very fast. In 4-5 years we saw a 20 per cent drop in sales of physical music annually. There were huge problems, some of us (labels) survived but Crescendo was hit badly. What we are doing now is to re-establish ourselves and grow,” Thomas told Radioandmusic.com.
Crescendo, founded by entrepreneur Suresh Thomas, was a byword in music and a major force in the 90’s bringing out music by domestic and international artists. Circa mid 2000, the label now called BMG Crescendo (it partnered the German giant BMG label in 1995) was knocked off the industry along with many other labels not quick enough to adapt to the onslaught of digital music. BMG was taken over by Sony Music and Crescendo floundered.
“We have a new business model that believes online and digital platforms are the future even though not much revenue is flowing at the moment. We are also finding business partners to market music, servicing new talents and we shall work on generating multiple revenue streams.”
Under its new business model, Crescendo is developing a new website to promote its music and artists. It is also tying up with major label Universal Music for marketing its music catalogue. It will also enter into tie-ups with event companies for live events for its roster of selected artists. Another vertical Crescendo will exploit is organizing ‘proactive’ conferences for the industry.
“We are getting investments from multiple sources and digital partners can pitch in too. In our new model, we tell the artists that the label is not into turning them into ‘stars’. It will be a long trudge with the label taking them two steps ahead. The artists can create their own music and videos which can be made in economical ways to reduce costs. Today, it is possible to sit in Mumbai and get your music across,’ he pointed out.
The label will manage a roster of around 200 artists and find platforms for their music. For physical sales, Crescendo has tied up with Universal Music via license for physical sales and is also holding talks with others. It will also arrange live events for some of the talents under it.
“We are open to all genres of music- pop, regional even foreign. This is the right time for young musicians, and we are here to help them in a small way. Films are a different game and we will not be involved- I have never made money on it.”
The new team at Crescendo will also be streamlined to include only the necessary- a marketing team and a digital rights team. Thomas will take on the task of Artist & Repertoire (A&R) himself to cut down cost.
“The best time to be in the market is when it’s at its worst. The good times will come back and digital music will get monetized. Everything is a cycle and only the positive-minded and tough will survive in the long run.”