Payne Records Limited is home to all the new young artist generation. We are an independent record label based in London, UK. Our aim is to support and promote emerging and new artists across the UK; releasing music, organising tours and securing press coverage through different marketing campaigns for the acts signed to the label. Payne Records wants to create an interaction between unrecognised talent who are struggling to get into the music industry with the demographic audience between 16-30 who spends certain time of the day looking into their smartphones (main demographic audience, open to other ones). Payne Records will market artists through different music services & streaming platforms applications.
After more than six years’ working in the music industry, Director of Payne Records Limited, Miguel Tello has developed the contacts and experience necessary to propel this new label and their artists to success. Miguel has been working with successful Spanish acts like Xuso Jones creating his marketing campaign for his debut album which was top 10 in the Official Spanish Album charts. Between his personal experience, you can count him as a manager of LGTB North Africa Pride, promoter for different concerts, and he managed to have a huge contact-network list with different clients from The Famous Company, Vevo, Music Week, Sony Music, Spotify etc...
We will demonstrate how Payne Records Limited will create strong brand recognition within the UK’s music scene and generate profit long-term through royalties, ticket sales, merchandise and other revenue streams. We are a unique label for the fans and only for the fans, our target market it will be specify for a demographic age between 14-30 years old but we are open to anyone who wants to listen our artists. Payne Records roster is open to all music genres where fans can be reunited through social media or fan events and can interact with our artists.
We are going to interact with the fans creating unique marketing campaigns where fans will be able to buy merchandising of our artists in the different fan events that we are going to plan through the following years.
The first year of the label will determinate our future. We are expecting to earn sales around £154000 between royalties, ticket sales, and merchandising and we are expecting to increase double the sales in the next two years
Agreements & Partnerships with different Music Services & Streaming Platforms, clients that works with big major labels and they will offer their services to us.
Distribution to major music stores through Ditto Music
Industry support through BPI (British Phonography Industry) and Ditto Music where they are going to help providing different services for our marketing campaign (PRESS & PR, Music Production, Video, Project Management, Plugging, Photography, Graphic Design, KPI analysis, Websites)
Industry international support for our acts through our clients Station Head, Musically and Record Bird.
Current lack of investment & funding
No major brand awareness
Extensive list of influential press, media and music industry contacts and new partners such as Music Week or VEVO. We included them in our team to collaborate with our label.
Considerable number of popular music venues brought by Hire Space agency as part of our new additions for our team
Competition from other high-profile independent and major labels
4. Key Objectives
1. Achieve both regional, national and international media coverage
2. Increase Spotify streams and iTunes downloads with an initial target of 50.000 sales for each release during the first year.
3. Organise a successful UK tour with a minimum of 15 dates for each artist.
4. Increase fan base of our acts with an initial target of at least by 25%, through our marketing campaigns, organizing fan events and judging this by the results of the sales of each release and the promotion of their tours.
KPIs (Key Performance Indicators) for the next 1 – 3 years
1. Secure at least 2 high-profile press stories within the first year by promoting the events of our artists to the media. We included in our team the collaboration with London Flair PR where they will reach to newspaper such as The Sun or The Times.
2. Reach a combined total of 100,000 streams and downloads
3. Generate profit from event ticket sales of the tours that we are going to plan for our artists. Each artist will tour at least once a year.
4. Generate profit for merchandising sales of the tours that we are going to plan for our artists. Each artist will tour at least once a year.
The label will earn royalties of our artists organizing two releases and one tour each year. From the royalties that we are going to get through sales, ticket sales and merchandising, Payne Records will use that to increase our artist roster from three to five acts in the second year, and from five to seven acts in the third year. We will use our royalties to generate better services for our artists for upcoming marketing campaigns.
5. Products & Services
· Music distribution to all major online stores secured via Ditto Music, including iTunes, Spotify, Apple Music, Tidal, Deezer and Google Play.
Artist Management provided by Miguel Tello, the label owner of Payne Records Limited who had six years’ experience working in the music industry.
· Events and tours will be organised through Miguel Tello’s contacts within the music industry, including venue owners and promoters. Events will be promoted through both local and national media coverage and social media.
Average ticket price: £10 per person
Average cost of promo: £2000 per act
Average cost of hiring venue: £200 per act/date
· Merchandising will be organised and implemented by Vista Print. They are a company expert in Industry merchandising, they will create products through their merchandising company and sell items during gigs, tours and online.
T-shirt: RRP: £15 | Cost: £5 | Net profit: £10
Hoody: RRP: £25 | Cost: £10 | Net profit: £15
Poster: RRP: £5 | Cost: £1 | Net profit: £4
6. Operations & Management
Payne Records Limited Team
Miguel Tello – Director of Payne Records Limited
- Responsible for scouting, signing and managing new artists
- Managing the labels finances and music distribution
- Overseeing the planning of tours of events
Generic Recording Studios in London (Supported by Client: The Record Label)
7. Marketing Strategy & Analysis
Marketing goals and objectives
· Identify and reach out to new business partners and press publications to create brand recognition and innovative marketing opportunities. We are planning to do fan events (including meet and greet and Q&A) and promotion of our artists through social media, we would like to target partners such that they feel identified with the brand, with our target, and they can help us to reach our target such as online blogs and magazines.
· Develop, implement and evaluate plans, promote releases to increase sales
· Increase by 20% gig ticket sales through PR strategies and social media campaigns
· Secure sync deals for TV, films and games
· Demographic audience target for boys and girls 16-30 years old.
The location of the shows is across the UK in venues where the maximum capacity is between 500-1000 people
Average price for the tickets between £10-£20
Interests in Q&A, Meet and Greets and interaction with the artist.
Market research findings
· Spotify currently pays out around £5,000 per 1 million streams
· On average, artists earn 60-70% of their iTunes revenue
· Average sales of 6.000 units to reach top 40 in the UK Singles Chart.
Advertise and promotion of the label/artists
· Local and national press coverage (London Flair PR cost: £1000 / act)
· Web and social media advertising campaigns (The Famous Company cost: £500 /act)
· Physical posters and leaflets (Vista Print cost: £500 / act)
· List of influential contacts through the Music Industry: Vevo, Music Week, London Flair PR, The Famous Company, Ditto Music.
Any clients, deals or opportunities already lined up
Music Week Marketing Campaign planned for 25/09/17. Launch week of the Label
Launch Event on 29/09/17 to promote the label and our artist roster
8. Financial Forecast
Check Financial Spreadsheet attached for More Information
9. Plan overview
Within 6 months:
Sign 3 new bands or artists, secure studio production and distribution to the major online music stores, arrange tour dates, secure new clients such as major labels where we can have agreements to offer our artists an extension of their financial needs, grow our contact network and approach press publications.
Within 3 years:
Generate enough revenue to become profitable through royalties, merchandise and tickets sales. Secure high-profile press coverage for artists signed to the label to create nationwide awareness and brand recognition. Secure high-profile press coverage for artists to create international campaigns and promote them worldwide.
If the objectives and KPIs are not met within the first year of operation, cuts will be made such as drop of our acts will be made to stop further loss of revenue.