What do Business Consultants do?

A Business Consultant or Analyst in the music industry will advise a company, artist, music ensemble or music organisation on the best strategy to develop their business, their profile or their organisation in line with what they want to acheive. The role is very varied and depends on the nature of the business and what their specific needs are. A Business Consultant or Analyst will research the existing market and emerging trends and use statistical data and analysis to make recommendations on where there is potential for growth or change. They may also analyse the position of the client company or organisation and make recommendations on any changes that may be required to acheive their objectives.

A Business Consultant or Analyst specialising in the music business will need a thourough understanding of the music industry and of current and emerging trends. They will be expected to analyse the existing customer base or audience of their client and current revenues from, for example, ticket sales, downloads or other music sales. They will then need to identify potential opportunities and advise on any action that may be required to maximise further potential.

As well as music industry knowledge a Business Consultant will need excellent numerical and statistical analysis skills, database and statistical analysis skills, a detailed and organised approach to work whilst retaining ability to see “the big picture” and an aptitude for planning and project management.

An example of business analysis and and its consequences is the deal Nokia made with Sony BMG in April 2008 to offer free 12-month access to the label's tracks in its "Comes with Music" service, adding to their previous deal with Universal. They now aim to get smaller music companies on board, challenging the dominant pay-per-track sales model for digital music. The new music offering from Nokia is different from other packages on the market as users can keep all the music they have downloaded during the 12 months. These new possibilities reflect the trend that a growing number of people are leaving their digital music players at home and using phones as their music devices.