Brand Revenue To Drive Music Industry

Brand Revenue To Drive Music Industry

Brand Revenue To Drive Music Industry
According to a Digital Music News report, integrated brand agency Digitas has projected that 50 percent of all music industry revenue will come from brands in the next few years. Revenue sources will include ad-supported digital formats such as Pandora and Spotify, and venue naming rights deals, among others, as music companies continue to experiment with new business models to offset the decline in music sales, which dropped from $27.2 billion in 1998 to $15.9 billion in 2010, according to the International Federation of the Phonographic Industry. (6/23)

Major Gifts Help Bail Out Philly Orchestra
After filing for reorganization in April, the Philadelphia Orchestra has received $11.2 million in the form of major gifts and pledges from Gerry Lenfest, the Neubauer Family Foundation, William Penn Foundation, Wyncote Foundation, and members of the Board of the Philadelphia Orchestra Association. An additional $16.3 million has been pledged in the form of challenge grants and will be distributed if the orchestra raises an additional $17.5 million by the end of the year. The funds will support the orchestra's first three years of a five-year plan to secure donors and increase attendance. (6/23)

Email Newsletter

Similar Photos