David French | 10/10/2011 10:28:06 AM

This article was originally published as 'Music Industry is embracing the change like never before' in The Morning Bulletin on 08th October, 2011.

Queensland is known for its resource and tourism industries, but if you were invited to attend conferences on financial planning and music, would you think of Brisbane as a natural location? And would you expect the financial or the musical people to have a better grip on their industry? Which would you think of as the most professional?

Both the financial planning industry and the music industry are going through massive change. While Capricorn Investment Partners has always been fee for service, many financial planning businesses will find it difficult to adapt to the new legislative framework. Some of the changes are a bit self-serving to the current government, but generally they are annoying for their administrative aspects, rather than threatening. Regardless, the changes are causing deep seated angst, to which many practitioners’ respond with anger and complaint.

The music industry has not complained. Time was when no band could make it without a big brother in the form of a record label. Getting signed was everything, but the seemingly easy cash often engendered a problematic culture, and the propensity to be ripped off by record companies, managers and agents. Rapidly and massively, that is disappearing. The power was in distribution – you needed a “label”, but the advent of the internet has seen all manner of bands distribute their music for free. Now there is no barrier, and a band’s ability to sell depends on the appeal of the product, and the band’s promotional ability and efforts. In essence all serious bands are now businesses that sell music. This concept is resulting in an explosion of variety, increased accessibility and reduced prices.

So what we observe is an industry often conceived as full of artistic airheads embracing change and transforming at light speed, while conservative suits rebel against laws intended for the most part to address perceived wrongs, often enshrined by the industry itself. At the conferences, which profession was on-time, and well organised with top shelf presenters from Australia and overseas? Not the suits. Suffice to say QMusic, the organisation that hosts Bigsound, is to be applauded in putting on perhaps one of the best run conferences I have ever attended. Apart from the business of music, each night 40 bands performed across 8 venues. Amazing logistics. Velociraptor with links to our region, and King Kissr were especially good – watch for the Kissr’s upcoming release.

The Investment Collective (AFSL 471728) is a non-aligned financial planning and investment firm specialising in providing tailored financial and investment advice for individuals and small business. Capricorn Investment Partners Limited's services include financial planning, share trading, portfolio management, insurance broking and self managed super fund administration. Additional information on services provided by The Investment Collective Limited can be found by following this link. Readers are reminded that this document has been prepared for general information purposes only, and any advice contained herein has been prepared without taking into account your financial objectives, situation or needs. Readers are advised to see their financial advisor prior to acting on any general advice.

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