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Music Business & Finance Module Introduction Wk 1

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Lucy Thomas

on 18 September 2016

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Transcript of Music Business & Finance Module Introduction Wk 1

A practical working knowledge of modern music business & finance

Weekly lectures, seminars & workshops

Lecturer Lucy Squire
Module Aims
Learners will develop a knowledge of management & business principles & different types of organisations.

Learners will understand the impact of the business environment on the behaviour of organisations.

Learners will develop the technical skills needed to interpret financial statements & conduct financial appraisals.
Module Content
Language - a barrier to understanding Business Finance?

Though it might seem foreign & impenetrable, financial language has evolved for accuracy, to pinpoint circumstance & provide resources for business.

By learning what some of these words & terms mean we can expand our knowledge & use them with confidence when interpreting accounts & drafting our own records.

Don’t be put off, they are just words! Try & use them when discussing issues & situations that arise in your studies and in class.

Keep a diary of useful financial phrases & definitions as you go.

Teaching and Learning Methods

Teaching will be via lectures, seminars, Q&A sessions, audio & video material, Internet resources, discussions & debates, small group exercises, guest lectures, VLE & independent study.

Teaching material will include examples from real-world contemporary legal agreements, accounts, important music event resources, case studies & leading texts on the subject.

Bring in topical content

Weekly tasks
What is business finance & why do we need it?
Without accounts to organise & structure business it would be difficult to get ideas off the ground, bring to fruition & monitor when in full flow. Financial forecast help us to know our route, know the laws & plan ahead. Empowerment!


"I don't know how much
money I've got. I did ask
the accountant how much
it came to. I wrote it down
on a bit of paper. But I've
lost the bit of paper."

(John Lennon)

Task
You are setting up a record label business with a partner, what financial records will you need to keep & why?

Can you think of any potential pitfalls that you may encounter?


Why have accounts?
System of universal principles providing common language

Concrete reference point for parties/courts

Monitor/evaluate the progress of your business

Prepare financial statements

Identify sources of income

Obtain funding

Keep track of deductible expenses

Prepare tax returns





Conclusion
Have we met the LOs for today - do you have a clear understanding of the module, its content, assessment & what is expected of you?

Questions & feedback


Developing critical thinking
Transpose thought processes into critical thinking
Read around subjects, research & question why.
Consider different perspectives & interpretations eg “reasonableness”

Develop argument backed up with academic evidence not opinion. Be
analytic
not descriptive

Comparative analysis, question & counter data

Push your boundaries - HE level

Feedback & feedforward

At the end of the session a student should have:

a clear understanding of what is expected of them on this module, through an introduction to the key concepts of Music Industry Business & Finance.

a clear overview of the course, assesment criteria & the learning outcomes for the module.

comprehension of how learning outcomes & marking schemes can improve written work/grades


Lesson outcomes
Our Group
How do we want to work together?

How can we help each other to be successful?

Registers & absences

You are responsible for ensuring you understand core information

lucy.squire@icmp.co.uk
Principles of Music Business & Finance Module MUS128 Wk 1

Organisations & responsibilities: organisational types (sole trader, partnership; limited company, multinational, conglomerate, not-for-profit, etc.); stakeholders, stakeholders’ objectives, responsibility of organisations to stakeholders.

Business environment: effects of fiscal & monetary policy on businesses, impact of market forces (e.g. demand and supply) on behaviour of businesses; market competition.

Data from industry bodies BPI & PRS will be analysed & significant mergers & acquisitions explored.

Financial decision-making: financial planning, financial information, role of financial managers; evaluate sources of funding available to a company; capital budgeting, capital structure; interpret financial statements (income statement, balance sheet, & statement of cash flows).
Introductions
Elevator Pitch
Used in marketing to concisely communicate value propositions & gain business - how?


Award-winning Company Director, Legal Professional, Entrepreneur & University Lecturer

Portfolio career spanning Retail, Events, Digital Communications, PR, Education, Record Label & Artist Management. I founded my own record shop, dance label, clothing brand, DJ School & numerous events.

Passionate about innovation, I have wild adventures collaborating on new projects, returning to university to tell my students all about it throughout the academic year.

Write an elevator pitch for yourself that summarises who you are, what you do & why you are here.

Try to be:


Concise, considered
Interesting, unusual
Leave the listener wanting to hear more



Discuss strengths – positive feedback only
7 Essentials for an Elevator Pitch www.entrepreneur.com/article/249750
Introduction
Module Aims & Content
What is Business Finance?
My Elevator Pitch
Knowledge and understanding:

i. Demonstrate knowledge of business and management theories and models

Intellectual skills:

ii. Analyse the impact of the business environment on the behaviour of an entertainment organisation.

Practical/vocational skills

iii. Interpret financial reports, including Profit and Loss Accounts and Balance Sheets to assess performance of a business
Goals?

A guide to what you will learn in a module?

Things that need to be achieved by the student?

Definition
: an expectation of what a successful student will achieve on completion of a module

What are Learning Outcomes?
Some Ideas .....
Learning Outcomes Music Business & Finance Module
As a guide to what we need to learn from the module

A way of monitoring our progress through the module
AND, along with the assessment criteria, as a way to improve the quality of our course work!

But what does THAT mean?! What’s missing?

Put the LOs together with the assessment criteria & you have a recipe for success!

At the start of term, read LOs, assessment table & assessment criteria.

Throughout the course (every 3 weeks) re-read all of the above to monitor your progress towards achieving the LOs.

When writing course work, have the LOs, assessment criteria AND marking scheme (see module guide) close to hand so you can check that your work meets the criteria.




How to use Learning Outcomes
How do we use them?
How should you use these LOs & assessment criteria to improve your course work? Discuss.

What is Expected?
Discuss your career goals & how Music Industry Business & Finance will impact these aspirations
Explore these concepts:

Setting up a business
Revenue streams/ financing
Financial planning
Music collection societies
Tax & accounting
Learning Outcomes
Music Business & Finance Module Wk 1
For next week:

1) Review & reflect on today’s lecture, bring questions next week along with a piece of relevant financial music industry news to discuss in class.

2) Sign upto (and read!) industry blogs - suggest:

www.completemusicupdate.com

2) Make sure you have purchased at least one core textbook & start reading about business terminology.
BRING INTO CLASS NEXT WEEK
Suggestions:

Carter, S. and Jones-Evans, D. (2012) Enterprise and Small Business: Principles, practice and policy. London: Pearson.

Passman, D. (2014) All You Need To Know About The Music Business (9th Ed) New York: Free Press

3) Start a module diary - reflect on your professional development. Include workings out from weekly seminars & workshops (bring to class).

Homework
Each module credit = 10 hours

20 Credits = 200 hours

100 Hours of teaching & directed study
=
100
hours personal study

100 divided 12 terms weeks =
8
hours per week

or
1.15 hours per day
20 Credit Module Personal Study
Conclusions
Next Week
Crucial learning for the module will take place within your personal study time
"How to Start a Business with No Money"
Entrepreneurship & the Creative Industries

BUSINESS TERMINOLOGY, PRACTICE & TECHNIQUES

Research at HE Level
Resources to support your learning &
critical thinking:


Appropriate academic reading

Industry media sources - blogs, websites, newsletters, social media

Case studies & cited quotations

Bibliography using the Harvard referencing system



Use these in your work to support your arguments & improve grades

To check on any detail about the module
To access course announcements
To review lecture notes & presentations
To know required prep for future sessions
To access additional resources / content

How do we communicate?
The exam will contain specific questions to test your knowledge of business structure & management models.

The exam will also require you to examine financial statements including balance sheets & income statements & draw appropriate conclusions.

You will also need to make some calculations of ratios to support your interpretations.


Write a 2500 word essay that is a detailed case study on a famous record company. It could be one that we have looked at in class or one from your own research. Remember to consider the following:

a) The organizational structure of the company

b) The music business environment during the time when your case study takes place.

c) The available financial data. It is important that you choose a company where sufficient financial data has been published as the module is concerned with the music business and finance.

d) The management style of the company. This will usually be closely linked to the personality of the founder or leader of the company.

e) The key decisions that affect the company’s business. This is not just a list of the artists that were signed or the records that were released, but is linked to the strategic vision of the company.
CW 2 – Business & Finance Coursework Essay (60%)
Business & finance class-based test
Duration: 90 minutes
Assessment
Full transcript