Running an entertainment business is a highly rewarding and lucrative experience. It requires a lot of hard work and perseverance for startups in the industry to sustain or grow the business. Poor analysis of the market, for which the content (product) is developed and excess costs are key reasons why most startups fail. Recent statistics show that there are about 305million total startups created a year.
An entertainment business is inclusive of musical artists and their record labels, movie producers and casting crew, comedians, event planning, mainstream media and online streaming platforms and all other organized artistic or creative work done in showbiz to provide relaxation and fun.
Most people assume that the entertainment industry is solely about the glamour and glitz which is portrayed daily via mainstream media and online streaming channels. Behind the showmanship, there are systems and structures in the background that make for a thriving industry.
Exzie helps budding creators raise funds for their work and allows investors to lease their copyright so they can earn royalties as well. However, we have compiled a few important things you should know before launching your own entertainment startup.
- UNDERSTAND THE MARKET.
It is necessary to do your due diligence and get to understand a particular market before you launch because remember the industry is highly competitive in nature and knowing the pros and cons helps you navigate through any situation you find yourself in.
- ACQUAINT YOURSELF WITH LIKELY CHALLENGES.
The possible challenges an entertainment startup might face include; choosing a niche, writing a business plan to your brand specifics, registering your company and trademarking, establishing brand affinity etc.
Before launching your entertainment startup, it is important to be certain of the focus of your business. Make your purpose in the industry clear enough and straight to the point and in due time, you will have earned a reputation for where you fit in as a company.
- COMMIT TO BRAND BUILDING.
In the entertainment industry, there is low tolerance for costly mistakes, late delivery of any project and talents who do not mean business with their craft.. Never forget the industry is highly competitive, so founders must commit 100% to building and promoting your brand.
It is totally fine to look at the bigger picture of what you do, but as a startup in the meantime, building your brand involves knowing your own audience, developing great content and providing top notch service, and timely introducing novel concepts, backed up with bespoke marketing strategy.
- KNOW YOUR RIGHTS.
It is crucial to be aware of laws that compass several legal areas such as trademark, copyrights, contract, multimedia law, intellectual property, book publishing, trade secrets, publicity corporate law, securities, tax, international law , labour law etc.
Because of how important the nature of these laws are, it is very important that an entertainment startup should invest in having a basic understanding of its legal advantages and liabilities within the industry and in regular business circumstances.
Finally, it is best to understand the complexity behind your startup focus and viable areas of growth, undertaking further research at every stage and more about the sphere you pitch your setup will definitely be instrumental in preparing you for a rewarding future.