Understanding the Global Music Industry While Strategically Positioning Barbados’ Cultural Industries.


Published on

All o’ dis talk bout culture driving us mad!
At the time of writing, Barbadian born international cultural icon Rihanna is number four on the Forbes list of the highest paid global entertainers while the price of our sugar is depressed and our hotels are closing at alarming rates.
This paper posits the idea that Barbados has proven time and time again that its human capital is capable of competing on the world stage. It will focus primarily on our Cultural Industries and the endless opportunities that exist in the Global Music Industry. Part 1 will give a brief overview of Barbados’ policy and legislative framework on the Cultural Industries. Part 2 will examine an innovative macro-business model aimed at strategically positioning Barbados in the global Music Industry. Part 3 will speak to the systems that must be put in place urgently if we are to take advantage of the opportunity. There is an immediate need for a reallocation of national development funding, targeted foreign direct investment for this industry and rapid implementation of policy and programs to correct the implementation deficit affecting the sector.

  • Be the first to comment

  • Be the first to like this

No Downloads
Total views
On SlideShare
From Embeds
Number of Embeds
Embeds 0
No embeds

No notes for slide

Understanding the Global Music Industry While Strategically Positioning Barbados’ Cultural Industries.

  1. 1. Ian Walcott & Ronnie MorrisTHE CENTRAL BANK OF BARBADOS 32nd Annual Review SeminarOn Stability, Innovation and the Competitiveness of Small Statesin the Global Economy, July 23rd – 26th, 2012
  2. 2.  Part 1 - Overview of Barbados‟ policy and legislative framework on Cultural Industries. Part 2 - Innovative macro-business model strategically positioning Barbados in the Global Music Industry. Part 3 – Recommendations ◦ Rapid implementation of policy and programs to correct implementation deficit affecting the sector ◦ Required systems ◦ Reallocation of national development funding, ◦ Targeted foreign direct investment for this industry
  3. 3.  Defining Culture The world‟s International Political Economy (IPE) 1st million selling ◦ Production album was written by a ◦ Science & Technology Barbadian! ◦ Policy ◦ Policy Critique ◦ Global Insertion (participation in the global economic system) Developing Cultural Industries/Creative Economy
  4. 4. Part 1 - Overview of Barbados‟ policy and“The MusicBusiness isnot affected by natural disasters!” legislative framework on Cultural Industries
  5. 5. Did you know that “Implicit and explicit the father of hip hop is Bajan? – behavior Grandmaster Flash also invented cross- of a people fading! Joseph Saddler, better Distinctive profile and known as King pattern over time and Grandmaster Flash, is an American hip hop through space; musician and DJ—one of the pioneers of hip-hop Overarching behavioral DJing, cutting, and mixing. Wikipedia system embracing Born: January 1, 1958 (age 54), Bridgetown ◦ all human constructs in given Education: Samuel space affected by events, Gompers High School Appears in: Wild ethnicities and spontaneous Style, Hip Hop reactions, interpretations and Legends, The Chris manifestations of a peoples‟ Rock Show, 5 Sides of a Coin, Hip Hop: The understanding of who they are.” Collection: The Our legacy Classics Record labels: Elektra Records, Enjoy Records, Sugar Hill Records
  6. 6.  1966 – Independence 1970 - The Elombe Mottley Paper on Culture 1979 – Edward Kamau Brathwaite, Bajan Culture Report & Plan, UNESCO/Ministry of Culture, Barbados 2004 - Dr. Glenford Howe in Country Cultural System Profile: Barbados, UNESCO/National Cultural Foundation 2004 – Mbola Aguda & Dr. Boamah, Economic Impact Assessment of Crop Over
  7. 7.  2008 – SALISES, UWI Economic Impact Assessment of Crop Over, 2005, 2006, 2007 2010 – Barbados Cultural Policy 2012 – The Cultural Industries Bill International Companies Act Copyright Act Network of double taxation treaties International Business Sector
  8. 8.  Cultural Sectors that are in state of „readiness‟ Readiness = ◦ Structure within sector, ◦ Organization: recognized negotiating bodies, unions ◦ Industrial and entrepreneurial structure (retail & consumption, distribution, production/manufacturing, vertical integration) ◦ Ready for export, ◦ Potential to earn foreign exchange Music, Visual Arts, Literary Arts, Culinary “The Music Arts Business Fashion? does not Insertion refers to the openness of an sleep!” economy. Commercial openness = coefficient of exports over GNP
  9. 9. Part 2 - Innovative macro-business model strategically positioning Barbados in the global Music Industry The world‟s biggestmusic star is Bajan!
  10. 10.  Creative industries 2006 value – US$1.4 trillion IFPI – Music leading revenue earner within creative industries Total global revenues for CDs, vinyl, cassettes, digital downloads $34.7 billion - 2011 Global radio advertising – US$34 billion – 2006 Live performances (merchandising, ticket sales, sponsorship – US$23.5 billion (2011) Portable music players and devices – US$10 billion (2006) Worldwide Music publishing – US$9.4 billion (2011) Sources: Int‟l Federation of the Phonographic Industry, www.ifpi.org , www.grabstats.com
  11. 11.  CD Sales – 30 million albums (base price = US$9.99) – Gross US$299.7 million Digital downloads – 90 million (standard base price iTunes = US$1.99) – Gross US$179.1 million Tours – 5 world tours – Gross US$244 million “Another young woman who is making a killing in music Additional revenue sources is Rihanna. The Barbados-born ◦ Merchandising singer earned an estimated $53 million between May 2011 and ◦ Royalties May 2012, putting her in third  Social media (youtube, fees to tweet) place on the list. Her earnings ◦ Endorsements & Appearance fees this year got a big boost from an 85-night tour and her 2011 ◦ Films hit album Talk That Talk, which has gone gold in the U.S. and launched hits like “We Found Love.” Forbes.com
  12. 12.  Major platform of music – Crop Over Festival ◦ BD$80M economic impact International Royalty collection – Local licensing & copyright – Local retail – Local events – Export of music related services - Manufacturing & distribution Barbados has almost 20 internationally signed recording artistes!
  13. 13.  Tourism Education Events and entertainment Barbados is home to 7 million-selling Venue Management recording artistes Fashion Design (graphics, set design) Film 1. The Merrymen Digital & Information Technology 2. Joseph Niles 3. Charles D. Literary arts Lewis 4. Rupee 5. Rihanna 6. Shontelle 7. Cover Drive
  14. 14. 1. Legislative 3. Develop talent 2. Identify talent framework 5. Product 6. Contract 4. Invest Development Negotiation 7. Marketing & 8. Revenue 9. Reinvestment & Distribution Management GrowthSustainability factors: Strategy, Evaluation, Project Implementation, Investment, Training & Development, Advocacy, Succession Planning, Transparency
  15. 15.  The Creative Economy is about economics ◦ Capture the data and statistics ◦ Specialized research within the Statistical dept & economic research dept at Central Bank Focus on the music first Inter-ministerial dialogue on the Creative Economy A specialized oversight agency to implement & operationalize the Cultural Industries Bill Rapid project development and deployment of music industry initiatives Aggressive investment drive (FDI and local investment)
  16. 16.  Establish a Museum in Barbados dedicated to the local music industry ◦ Tourism attraction ◦ Rihanna section  Similar to museums dedicated to iconic artists including, Bob Marley, Elvis Presley, Michael Jackson, The Beatles, etc A section of museum dedicated to other Barbadian music icons: ◦ Grandmaster Flash, Irving Burgie, Merrymen, Charles D. Lewis, Jackie Opel, Gabby, Allison Hinds, Joseph Niles, Jimmy Hayes et. al.
  17. 17. Questions and answers