MYnstrel responds to Music Business Professionals’ most common questions

After listening closely to the Music Business Professionals who we’ve had the privilege to interact with, MYnstrel has answered the most frequently asked questions on their minds:

  1. What is a Music Business Professional?
    • MYnstrel has invented the term “Music Business Professional” (Music Biz Pro) to describe colleagues in the new music industry who want to make a career out of music. They treat music and its various functions as a real business with lifelong benefits and goals. They want to make smart decisions and have smart business practice, by making connections with the right partners and sharing our unique skills with each other for the common goal of delivering the best music possible.
    • The number of professionals this status covers is large, but some of the key types of Music Biz Pro affiliations are: artists, venue & live performance, record labels, recording studios, artist agents, music publishers, entertainment attorneys, artist personal managers, artist business managers, music retailers, and music investors.
  2. Who does MYnstrel think they are, reorganizing and redefining the architecture of an entire industry?
    • We think that we are the best friend the music business has seen in decades, and we are going to help a lot of struggling musicians, music companies, and music fans. We are led by supremely educated and experienced individuals who have spent their lives solving complex problems in other disciplines such as biomedical engineering, nuclear engineering, military intelligence, ecommerce, software engineering, systems architecture, and program management to name a few.
    • We have dissected the music business and invented new business processes and technologies for sustained quality and revenue. Our ideas have also aimed to stop the leakage that the market has been hit with for years since the advent of digital music. We’ve done all of this because we are so passionate about music that we want to make it our lives’ goals to make a difference for music fans and artists around the world.
    • We see a lot of potential in using existing infrastructure via the major labels, distribution, and the independent labels. We have even identified new partners that have been excluded from the music industry’s infrastructure entirely in the past.
    • At the top of the organization there are three main classes: Artists, Music Fans, and Music Business Professionals. This top-level focus is crucial to reform relationships among the parties that deliver music to the fans in a way that is more efficient and effective.
  3. Are you trying to compete with the major record labels and iTunes? Who will you partner with?
    • If MYnstrel is evaluated objectively, we do not have a single true competitor today. We are unconstrained by the narrow focus of some new music organizations; therefore, our competitive analysis was performed in a way that required extensive research on various market segments. Looking at it a different way, MYnstrel may have hundreds of competitors, all of which are operating with fundamental inability to take advantage of the benefits of integration and economies of scale that are afforded by MYnstrel’s perfect blend of expertise in music, business, and technology.
    • We understand very clearly what MYnstrel’s role in the industry is, and we appreciate the value that all competitors in the music business seek to add. We look to partner with all entities that see potential for mutual gain. For MYnstrel, the gain is measured by our mission: to improve the state of music as an art and a business.
    • Such partners could certainly include major record labels, independent record labels, new music companies (such as CD Baby, Snocap, Amie Street, etc.), and music retailers such as Apple, Microsoft, Amazon, Walmart, and Best Buy.
    • There have been massive layoffs and contraction of the music business since the popularization of digital music. How will MYnstrel address these hard times?
    • Sadly, MYnstrel founders predicted the current state of affairs in 1998. We predicted the impact of Napster, iTunes, the iPod, American Idol, and video games as well. Our founders are not oracles; they just have always consumed a lot of information rapidly and are adept at multifaceted analysis. Unfortunately we didn’t have the infrastructure to support such a massive undertaking during those times.
    • The more momentum MYnstrel gains throughout the music industry, we promise our impact will be to turn around the negatives and help our partners realign for positive growth.
    • We will be bringing products and services online that cut costs and increase sales for artists and music biz pros.
  4. What can MYnstrel do for me right now?
    • Please click on the “Music Biz Pros” page of our site to get a fantastic introduction to everything we can do for you right now!
  5. Can I talk with MYnstrel about my own needs to see if you can help me improve what I’m doing in the music industry?
    • Of course! We encourage you to sign up and send us inquiries for whatever your needs are. We are eager and ready to collaborate with you. Our service to Music Biz Pros is a partner-to-partner relationship and we can’t wait to see what we can do to make your life easier.
  6. Is your software and technology going to put some Music Biz Pros out of a job?
    • Not at all. Most of the encroachment on the music industry is occurring from businesses whose first priority is not music. We believe that this is a serious long-term threat to the quality and health of the art of music (which will also hurt the business of music). MYnstrel is going to make BETTER jobs in the new music industry, and keep those jobs with people who are best suited for the goals.
    • There are many available opportunities and resources that Music Biz Pros are not able to take advantage of today. MYnstrel is streamlining all of these opportunities and showing the community how they can improve their own results. If we can help every Music Biz Pro and Artist do better, imagine what the aggregated result of all that improvement will mean for the whole music industry. This is the MYnstrel dream, and it is a bright future for music.