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Word Count: 694
The purpose of establishing an independent record label is to capitalize on the growth of the music business - an industry that continues to grow despite the sluggish state of the worlds key economies Music has become the most popular form of entertainment Some current statistics which have contributed to this include the fact that Americans spend more money buying prerecorded music and videos than they do going to the movies or attending sports events and Americans own more CDs and tape players than bathtubs refrigerators and washing machines Worldwide the annual sale of cassettes CDs records and music videos combined with their primary delivery medium broadcasting exceed the GNP Gross National Product of over 80 countries in the UN Furthermore it took the better part of one hundred years for the industry to realize that a person who reads a book might also enjoy music and vice versa When this dot was connected several years ago it unleashed new boundaries of creative thinking about where to sell music Today you can buy music at sporting good stores coffeeespresso shops grocery stores clothing stores airports hospital gift shops alternative health care provider locations shoe stores and just about any other retail type store you can imagine The use of music in advertisements motion pictures and television series offers a domain in which considerable revenues are generated for the music industry We are already seeing a pronounced shift of record company income from primary sources selling records to secondary sources collection of publishing and performing rights The old music business of selling packages of music relatively passive consumers will remain a large business for quite some time The point is that a very different sort of music business is growing up along side it Worldwide according to the Recording Industry Association of Americas RIAA annual report recorded music sales for 2002 were 40 billion With the passage of NAFTA the United StatesCanadaMexico free-trade
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