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Popularity and Fans acceptance is the determining factor and key element for sales.7th record will require a start-up capital of ,580 for the first year.
70% of the start-up fund will be from me and the remaining part will be from my immediate family members who are fully in support of this project.
Required start-up capital $23,580 Izekor Osagie Lee $16,506 Family members $7,074 Total funding The Nigeria Music industry is dominated by a few large Record labels that before now enjoy a monopolistic market share (Fingers, 2009).
7th record will be a Nigeria based record label for a selected group of Nigeria based artist/bands.
The label will also house the 7th studios were all music production work will be done.
My business plan is to set up a music record label (7th Records) that will be based in Lagos, the capital of Nigeria.
It will be a corporation whose major focus will be to capture the very talented but financially handicap artists/bands.
They rarely get patronage by the popular artist and commercially viable bands which lives them without a competitive power in the Nigeria music industry.
It is funny to know their market penetration strategy is based on luck.
Our main strategy will be focused on capturing the very talented locals who do not have the finance to produce an album and we will introduce a record dealing term.
As a result, 7th record will also have an in-house studio that will be run by veterans in music production business.