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We sit down with Jesse Kirshbaum, CEO of Nue Agency, to dive deep into the current state and future of the music industry. Jesse shares insights from Nue Agency’s latest music industry report, covering everything from the health of the music business to the evolving landscape of live events.
Exploring the Future of Music Industry with Jesse Kirshbaum | Event Promoter Podcast Full Video
Check out our 2024 Event Promotion Trends Report here.
We recently sat down with Jesse Kirshbaum, the CEO of Nue Agency, who works at the intersection of brands, technology, and music. He’s a big believe that musicians should think of themselves as creators in the new creator economy. He says that there are massive opportunities for additional revenue for musicians by collaborating in unique ways with brands.
In this conversation, we dove into the current state and future of the music industry, and Jesse shared some incredible insights.
The Pulse of the Music Industry Q2 2024
One of the first things Jesse mentioned was the overall health of the music industry.
“The music business is really healthy. It’s doing better than it’s ever done in many different ways,” he said.
This was music to my ears (pun intended). Despite the constant changes and challenges, the industry is not just surviving but thriving.
Record labels and live music are seeing tremendous success, and it’s exciting to witness this growth firsthand. This isn’t just for the big acts either, as we’ll discuss in a moment.
Shifting Trends in Live Music and Festivals
One of the most intriguing parts of our discussion was about live music and festivals.
Jesse highlighted a significant shift: “This was the first time Coachella had some trouble selling out in advance.”
It seems like the days of massive, packed festivals might be changing. People are craving more intimate, meaningful connections with their favorite artists.
“I think fans want to be able to see their artists in a more intimate setting,” Jesse said. This could lead to a rise in smaller, more personal concerts, providing unique experiences for both fans and artists.
The Big Players vs. the Mid-Tiers
We couldn’t talk about the music industry without mentioning the heavyweights like Beyoncé and Taylor Swift. Jesse noted how these mega-tours have lifted the entire live music economy. However, there’s a flip side to this.
He pointed out, “It’s really hard to create these kind of mainstream, big artists in this environment.”
The market is more fragmented than ever, making it difficult for mid-tier and upcoming artists to break through. This fragmentation, though challenging, also means there’s room for niche markets to flourish.
We see this as a big opportunity for smaller acts, venues, and event organizers to cater to the more intimate experiences that fans are looking for.
How do you make enough revenue to make more intimate events profitable? Brand partnerships are one of those options.
The Rise of Brand Partnerships with Music
Brand partnerships are Jesse’s bread and butter. His expertise in this area shone through as he shared some invaluable insights.
“Artist alignment and artist partnerships are a more powerful vehicle for a brand than sponsoring and slapping their name on a logo at a festival,” Jesse explained. This makes perfect sense when you think about it.
In the past, brands would simply sponsor a festival or event, hoping to gain exposure by association. But now more than ever, consumers are looking for more authentic and meaningful connections.
A logo on a banner just doesn’t cut it anymore.
This is where artist partnerships come into play.
Creating Authentic Connections Between Brands & Artists
Direct collaborations between artists and brands can create genuine connections that resonate deeply with audiences.
When an artist genuinely believes in a product or brand, their endorsement comes across as authentic and trustworthy. Fans can sense this authenticity and are more likely to engage with the brand in a positive way.
Jesse highlighted several successful examples of such partnerships. “Think about the Lady Gaga and Bud Light dive bar tour,” he said. “It was a brilliant use of brand and artist collaboration to create once-in-a-lifetime experiences in different cities.”
These kinds of collaborations go beyond traditional advertising, offering unique experiences that fans remember and talk about.
Mutual Benefits for Musicians
These partnerships aren’t just beneficial for brands. Artists, too, stand to gain a lot from these collaborations.
“Artists are starting to think about brand partnerships in a way that behooves them,” Jesse mentioned. These partnerships provide artists with additional revenue streams, marketing support, and new ways to connect with their audience.
Take, for example, the partnership between Dr. Dre and Beats. This collaboration didn’t just create a product; it made waves in the music and audio industry.
Rihanna’s Fenty line and Kanye’s Yeezy brand (as controversial as that is now) are other stellar examples. These partnerships have allowed artists to expand their influence beyond music and into fashion, technology, and lifestyle products.
A Complex But Rewarding Landscape
Navigating brand partnerships isn’t always a clear cut path.
“It’s a highly nuanced and complicated world, partnering with artists versus sponsoring a music festival or an event,” Jesse admitted.
Each partnership requires a careful alignment of the brand’s identity with the artist’s image and values. It’s about creating a seamless integration where both parties benefit and the audience feels a genuine connection.
Even with the complexities, the effort is worth it.
Brands that take the time to develop meaningful relationships with artists can tap into a powerful form of influencer marketing.
Musicians are some of the most influential people in our lives.
“They create music, which is the universal language. They shape culture and shift perspectives,” Jesse emphasized.
Looking to the Future of the Music Industry
As we move forward, the trend of brand and artist partnerships is only set to grow.
More brands are recognizing the value of these collaborations, and more artists are open to exploring these opportunities.
“Musicians just need to be more open to brand partnerships and to look at that creator influencer economy and say, hey, I can do this better and more effectively,” Jesse noted.
The future looks bright for these partnerships, with endless possibilities for innovation and creativity. Whether it’s co-creating content, launching exclusive products, or developing unique fan experiences, the synergy between brands and artists is poised to reach new heights.
You can catch the full episode on our YouTube channel or your favorite podcast platform. And don’t forget to check out Jesse’s “Beats and Bytes” newsletter for the latest in music, technology, and brand partnerships. It’s a must-read for anyone interested in this space.
Check out some of our other podcasts and resources for event promoters below.
