OK! Good Records Participates In A2IM’s Global Trade Missions
OK! Good Record is proud to have been able to participate in A2iM’s first government funded trade missions to Asia and Latin America recently. The Wall-street journal reports that the government spends nearly 2 million dollars per year to boost exports for the past two decades under the Market Development Cooperator Program, but never gave one of it’s $300,000 grants to the music industry. This is comes as a great opportunity not just for OK! Good Records, but other indie labels as well!
Lead by A2IM’s President Rich Bengloff, a dozen labels were able to interact with many local distributors, mobile-phone carriers, booking agents and ad agencies in Asia and Latin America. When asked by the wall-street journal why such a mission is beneficial for indie labels, Rich said ““We need to find new revenue streams.”
Labels who participated are already seeing licensing and distrubtion deals from visiting parts of Asia and Latin America, which could generate hundreds of thousands of dollars per year. Rich Bengloff says these deals can “represent as much as a quarter of a small independent label’s revenue.” According to a Bloomberg TV report, A2iM estimates these projects will generate $45M a year. You can watch the Bloomberg TV report here.
Analysts are also saying that Japan could very well become the #1 music sales market next year. Record and CD sales are very attractive in Japan, with most being packaged at a premium price with exclusive memorabilia.
With many artists and labels looking for newer outlets to distribute their music, the A2iM trade missions may just be the missing puzzle piece we all been looking for.
You can read the full story about the A2IM trade missions here.
