Record Label Revenue Streams
An in-depth interview with Inner Ocean Records
Join us in this engaging episode as we sit down with Cory Giordano, the visionary behind Canadian indie record label Inner Ocean Records. We delve into the label's journey from its inception to becoming a multifaceted brand beloved by music fans. Cory shares insights on establishing a cohesive brand through curated music, unique formats, and distinctive designs.
Discover how Inner Ocean Records embraced multiple revenue streams to thrive in a competitive industry. From selling other artists' records to creating sample packs and innovative hardware like the We Are Rewind tape player, Cory provides a behind-the-scenes look at their diverse ventures.
In this episode, Cory reflects on the impact of these diverse revenue streams on the business, the challenges and successes of experimenting with different products, and he opens up about his recent sabbatical, sharing personal insights and the importance of taking a step back.
The 3 Main Benefits of Multiple Record Label Revenue Streams
Increased Chances for Success
Record label owners often have a plethora of creative ideas, but predicting which ones will resonate with the audience is challenging. Some ideas will hit the mark, while others may not. This unpredictability is beyond your control.
By diversifying your activities, products, and revenue avenues, you effectively “insure” yourself against potential failures. This way, when certain ventures don't succeed, others might, balancing out the overall performance of your label.
Enhanced Fan Experience
Take Inner Ocean Records as an example. If a fan enjoys modern Japanese pop and lo-fi records, they are likely to appreciate vintage City Pop records as well. Furthermore, these fans might have an interest in cassettes and cassette players.
Offering a variety of products and initiatives provides fans with more ways to engage with and celebrate your label. This approach aligns your label with their interests and passions, turning it into a one-stop-shop for enthusiasts of your genre and culture.
Sustained Excitement and Passion
As Cory mentioned in our interview, it's in his nature to stay active and engage in multiple ventures simultaneously.
Diversifying your revenue streams and initiatives not only contributes to the financial sustainability of your record label but also keeps the work dynamic and interesting. This variety helps maintain your enthusiasm and passion for the job, ensuring long-term success and personal fulfillment.
Listen to older episodes of our podcast, check out our free resources for independent record labels, or learn how to start your own record label.
