Recording studio business is indeed a thriving business that has loads of players making
huge profits from the industry. One thing is certain, if a recording studio can successfully
produce a major hit song / album or record songs for big time celebrity singers, it wouldnt
be too long before musicians and corporate organizations (for commercials and jingles)
come calling from all over the Lagos and beyond.
No doubt the music industry of which recording studio business is a subset of is indeed a
very large industry. Statistics has it that the global revenue of the music industry is
estimated at about 15 billion US dollars in 2013, and that is about the lowest revenue
recorded since 2002; of course, it is an indication that the recording studios need to
become more creative and leverage on the changing tides in the world of technology.
The Recording Studio cum Music Production industry is indeed witnessing a steady
growth over the years especially in developed countries. Though for some
underdeveloped countries where piracy is still on rampage, the growth is a bit redundant.
One good thing about starting a recording studio business is that even if you decided to
start it in the Nigeria, your market will not be restricted to artists or business in Nigeria.;
the world will be your target market. Many thanks to the internet that has made the world
a global village. All you need to do is to strategically position your recording studio brand
on the internet and you will be amazed at the rate people interested in recording their
music, audio books, or jingles for adverts will be calling you from all parts of the world.
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EXECUTIVE SUMMARY
DREAMVISION STUDIO Recording Studio is a one stop and standard recording studio
that is fully equipped with the latest technology in the recording studio industry. Our
recording studio will be located in the heart of Alimosho, 190 igando/ikoyun rd. off LASU-
iba road, Lagos State and we are positioned to work for a wide range of client ranging
from individual music artists to corporate organizations such as branding and advertising
agencies et al.
We will ensure that all our employees are selected from a pool of talented and highly
creative people with ears for good music in and around Lagos and also from any part of
the Nigeria. We will make sure that we take all the members of our workforce through the
required trainings that will position them to meet the expectation of the company and to
compete with other players in the Lagos and throughout the globe.
At DREAMVISION STUDIO Recording Studio our clients best interest will always come
first, and everything we do will be guided by our values and professional ethics. We will
ensure that we hold ourselves accountable to the highest standards by meeting our clients
needs precisely and completely. We will cultivate a working environment that provides a
human, sustainable approach to earning a living, and living in our world, for our partners,
employees and for our clients.
Clement Thompson is a certified producer and sound engineer and he has over 15 years
of experience in the music industry working for two of the worlds top recording studios.
This duo has been able to cut their teeth in the musical industry both at national level and
international level.
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OUR PRODUCT AND SERVICES
DREAMVISION STUDIO Recording Studio is going to offer varieties of services within
the scope of the recording studio cum music production industry in the Nigeria. Our
intention of starting our recording studio in Alimosho Lagos is to make profits from the
recording studio industry and we will do all that is permitted by the law in Nigeria to achieve
our aim and business goals.
Music Recording
Sound Production
Studio Session for clients
Production of Jingles and Soundtracks for Organizations
Setting up of Recording Studios for Clients
Production of Audio Books
Sell of Studio and Musical Equipment
Music / Sound Consultancy and Advisory Service
Our vision is to become the number one choice when it comes to recording studio in the
whole of Lagos, Nigeria.
The fact that we want to become one of the leading recording studio brand in the industry
in the whole of the Nigeria makes it highly necessary for our organization to deliberately
build a well structured business from the onset.
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We will work hard to ensure that we only attract people with the right mindset to help us
achieve our business goals and objectives in record time. Below is the business structure
that we will build DREAMVISION STUDIO Recording Studio Company;
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ENTERTAINMENT LAWYER / LEGAL SECRETARY
Responsible for drawing up contracts and other legal documents for the company
Advise artists and the organization accordingly before recording their music album or
singles
Welcomes guests and clients by greeting them in person or on the telephone; answering
or directing inquiries.
Produces information by transcribing, formatting, inputting, editing, retrieving, copying,
and transmitting text, data, and graphics; coordinating case preparation.
Provides historical reference by developing and utilizing filing and retrieval systems;
recording meeting discussions; maintaining transcripts; documenting and maintaining
evidence.
Updates job knowledge by participating in educational opportunities; reading
professional publications; maintaining personal networks; participating in professional
organizations.
Enhances department and organization reputation by accepting ownership for
accomplishing new and different requests; exploring opportunities to add value to job
accomplishments.
STUDIO MANAGER
Responsible for tracking hours during studio session and billing clients.
Responsible for managing the companys recording studio
Part of the team responsible for selecting the songs that will be promoted and the songs
that will be sold as singles.
Handle any other responsibility as assigned by the Chief Executive Officer
Responsible for recording and producing music and jingles for music artists and clients
Part of the team responsible for selecting the songs that will be promoted and the songs
that will be sold as singles.
Helps to decide the order the songs will play in throughout the album (i.e. the songs
track numbers).
Responsible for choosing top notch album cover for music artists
Handles any other responsibility as assigned by the Chief Executive Officer
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SOUND / RECORDING ENGINEER
Responsible for handle any sound related job for the company; helps achieve certain
specific sounds or feelings to portray through that matches with the lyrics.
Responsible for mixing and producing beats and sounds for our clients; mix the songs
into the final version for the music album.
Part of the team responsible for selecting the songs that will be promoted and the songs
that will be sold as singles.
Responsible for overseeing the smooth running of HR and administrative tasks for the
organization
Maintains office supplies by checking stocks; placing and expediting orders; evaluating
new products.
Ensures operation of studio equipment by completing preventive maintenance
requirements; calling for repairs.
Defining job positions for recruitment and managing interviewing process
Carrying out staff induction for new team members
Responsible for training, evaluation and assessment of employees
Responsible for arranging travel, meetings and appointments
Designs job descriptions with KPI to drive performance management for clients
Regularly hold meetings with key stakeholders to review the effectiveness of HR
Policies, Procedures and Processes
Facilitate and coordinate strategic sessions.
Work directly with clients in a non-advising capacity, such as answering questions,
scheduling appointments and making sure all training concerns are properly taken care
off
Oversee the smooth running of the daily office activities.
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MARKETING AND SALES EXECUTIVE
Once the album is ready, then the marketing team will go out to market and promote
the album
Identifies, prioritizes, and reaches out to new partners, and business opportunities et al
Identifies business opportunities; follows up on development leads and contacts;
participates in the structuring and financing of projects; assures the completion of music
projects.
Responsible for supervising implementation, advocate for the customers needs, and
communicate with clients and music artists
Develops, executes and evaluates new plans for expanding increase sales
Documents all customer contact and information
Represents the company in strategic meetings
Helps to increase sales and growth for the company
ACCOUNTANT
Responsible for preparing financial reports, budgets, and financial statements for the
organization
Provides managements with financial analyses, development budgets, and accounting
reports; analyses financial feasibility for the most complex proposed projects; conducts
market research to forecast trends and business conditions.
Responsible for financial forecasting and risks analysis.
Performs cash management, general ledger accounting, and financial reporting for one
or more properties.
Responsible for developing and managing financial systems and policies
Responsible for administering payrolls
Ensures compliance with taxation legislation
Handles all financial transactions for the company
Serves as internal auditor for the company
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CLIENT SERVICE EXECUTIVE
Ensures that all contacts with clients (e-mail, walk-In centre, SMS or phone) provides
the client with a personalized customer service experience of the highest level.
Through interaction with clients on the phone, uses every opportunity to build clients
interest in the companys products and services.
Manages administrative duties assigned by the manager in an effective and timely
manner.
Consistently stays abreast of any new information on the companys products,
promotional campaigns etc. to ensure accurate and helpful information is supplied to
clients when they make enquiries.
SWOT ANALYSIS
DREAMVISION STUDIO Recording Studio engaged the services of a core professional
in the area of music consulting and business structuring to assist the organization in
building a standard recording studio company that can favourably compete with other
leading recording studio brands in the Nigeria.
Part of what the business consultant did was to work with the management of the company
in conducting a SWOT analysis for DREAMVISION STUDIO Recording Studio. Here is
a summary from the result of the SWOT analysis that was conducted on behalf of
DREAMVISION STUDIO Recording Studio;
STRENGTH:
Our core strength lies in the power of our team and the state of the art recording studio
equipment that we have. We have a team that can go all the way to give our clients value
for their money; a team that can produce world class musical sounds. We are well
positioned in the heart of Alimosho, Lagos and we know we will attract loads of clients
from the first day we open our music production studio for business.
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WEAKNESS:
As a new recording studio in Lagos, it might take some time for our organization to break
into the market and attract some well established music artists and bigger corporations
to record in our studio; that is perhaps our major weakness. Another weakness is that we
may not have the required cash to pump into the promotion our business the way we
would want to.
OPPORTUNITIES:
The opportunities in the music industry are massive especially in Lagos, and we are ready
to take advantage of any opportunity that comes our way.
THREAT:
Technology and the internet which of course is a major tool for the advancement and gains
achieved in the music industry can also poses a threat to the industry. The truth is that
with the advancement of technology, it is now easier for individuals to mix up their sounds
and even form soundtracks with the help of music production software applications.
So also, just like any other business, one of the major threats that we are likely going to
face is economic downturn. It is a fact that economic downturn affects purchasing /
spending power. Another threat that may likely confront us is the arrival of a new recording
studio or music production company in same location where our target market exists and
who may want to adopt same business model like us.
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MARKET ANALYSIS
MARKET TRENDS
Entrepreneurs who are venturing into the music industry are coming in with creativity and
good business skills. The fact that revenue is nose diving in the industry does not in a
way stop some recording studio companies from declaring profits year in year out.
The trend in the recording studio cum music production industry is that most recording
studio companies are trying as much as possible to recreate themselves on a regular
basis and also to be on top of their game. This is so because it is easier to find music
mixer or music production / recording software applications that a rookie can make use of
to produce good sound without stress.
Over and above, our target market as a recording studio company cuts across people of
different class and people from all walks of life and corporate organizations.
In view of that, we have created strategies that will enable us reach out to various
corporate organizations and individual who we know will our services. We have conducted
our market research and survey and we will ensure that our recording studio attracts the
kind of clients we would love to work with.
Below is a list of the people and organizations that we have specifically market our
services to;
Music Artists
Record Labels
Advertising Agencies
Corporate Organizations (Branding and Advertising Agencies et al)
Churches
Radio and TV stations
Upcoming Artist
Authors (Audio book recording)
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OUR COMPETITIVE ADVANTAGE
We are mindful of the fact that there is stiffer competition in the recording studio cum music
production industry in the Nigeria; hence we have been able to hire some of the best
business developer to handle our sales and marketing.
DREAMVISION STUDIO Recording Studio might be a new entrant into the recording
studio line of business cum music industry in the Nigeria, but we are coming into the
industry with core professionals and of course a standard world class recording studio
with the best equipment in the industry.
Lastly, our employees will be well taken care of, and their welfare package will be among
the best within our category (start-ups music production companies) in the industry
meaning that they will be more than willing to build the business with us and help deliver
our set goals and achieve all our aims and objectives.
Our sales and marketing team will be recruited base on their vast experience in the music
industry and they will be trained on a regular basis so as to be well equipped to meet their
targets and the overall goal of the organization. We will also ensure that our excellent
music production / top class music speaks for us in the market place; we want to build a
standard and well equipped recording studio that will leverage on word of mouth
advertisement from satisfied clients / artists.
Our business goal is to build our recording studio business to become the number one
choice in the whole of Lagos Nigeria which is why we have mapped out strategy that will
help us take advantage of the available market and grow to become a major force to
reckon with not only in AFRICA but in the world stage as well.
DREAMVISION STUDIO Recording Studio is set to make use of the following marketing
and sales strategies to attract clients;
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List our business on yellow pages ads (local directories)
Attend relevant international and local music expos, seminars, and concerts et al
Create different packages for different category of music artists, authors and corporate
clients in order to work with their budgets and still produce top notch music, jingles,
audio book and soundtrack for them
Leverage on the internet to promote our business
Engage in direct marketing approach
Encourage word of mouth marketing from our loyal and satisfied clients
SOURCES OF INCOME
Music Recording
Sound Production
Studio Session for clients
Production of Jingles and Soundtracks for Organizations
Setting up of Recording Studios for Clients
Production of Audio Books
Sell of Studio and Musical Equipment
Music / Sound Consultancy and Advisory Services
SALES FORECAST
One thing is certain when it comes to music; music never dies and the demand for good
music will continue to grow. This goes to show that any recording studio company that is
known to always produce good music or voice recording will continue to attract talented
music artists, corporate organizations and authors and that will sure translate to increase
in revenue generation for the business.
We are well positioned to take on the available market in Lagos Nigeria and beyond and
we are quite optimistic that we will meet our set target of generating enough income /
profits from the first six month of operations and grow the business and our clientele base
beyond Lagos Nigeria to other countries cities in AFRICA and even the global market.
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We have been able to critically examine the recording studio cum music production market
and we have analysed our chances in the industry and we have been able to come up
with the following sales forecast. The sales projection is based on information gathered
on the field and some assumptions that are peculiar to start-ups in Lagos Nigeria.
Below is the sales projection for DREAMVISION STUDIO Recording Studio, it is based
on the location of our business and other factors as it relates to record label start ups in
Lagos;
No doubt, hourly billing for music studios is a long time tradition in the industry. However,
for some types of music / record contracts, flat fees are adopted. As a result of this,
DREAMVISION STUDIO Recording Studio will charge our old clients (artists) a flat fee
and charge new clients (new music artists) hourly when they make use of our music studio
to record their music or produce music beats for their albums.
At DREAMVISION STUDIO Recording Studio we will keep our fees below the average
market rate for all of our clients by keeping our overhead low and by collecting payment
in advance. In addition, we will also offer special discounted rates to start ups, non-
profits, cooperatives, and small social enterprises who engage our services to help to
produce musical jingles for advert purposes and authors who would need our services to
record their audio books.
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PAYMENT OPTIONS
At DREAMVISION STUDIO Recording Studio, our payment policy will be all inclusive
because we are quite aware that different people prefer different payment options as it
suits them. Here are the payment options that we will make available to our clients;
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FINANCIAL PROJECTIONS AND COSTING
The cost of setting up a recording studio business to a larger extent has reduced from
what it used to be; many thanks to the advancement of technology and perhaps the
internet. These days it is now easier to see people set up recording studios in their house.
All they need to do is to register a business and set up a mini recording studio in their
apartment!
Basically, it is not expensive starting a recording studio company in the Nigeria except for
the prices of setting up a standard and well equipped studio. The amount required to
start a music production company may vary slightly from country to country and from
states to states. Other factors that can influence the start up cost of a recording studio
company is the amount needed to rent or lease a facility, the cost of the equipment you
would need and the money needed to brand your business et al.
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INTERFACE and GEARS
1 Rack Mount 4-bay Rack Mount 40,000.00
2 Power Conditioner 100-250v Surge Suppressor System 12,000.00
Presonus 6channel Mic & compressor
Microphone Preamp
3 pre.. 80,000.00
4 Headphone Amp M-Audio Multi-Head Phone Preamp 12,000.00
5 Monitor Management Presonus BIG Knob Monitor Control 20,000.00
6 Virtual Instruments Kontakt, Nexus, Halion, Virus, Gladiator. 15,000.00
7 MIDI Controller 6 OCTAVE Oxygen Midi- Controller 85,000.00
8 Acoustic Drum Kit 150,000.00
9 Software/Plugins REASON, QBASE, STUDIO1, AUDITION 12,000.00
10 Snake Cable 10ft 10 input channels 10,000.00
Uninterruptible Power
11 Supply 2.2kva APC UPS 150,000.00
12 Direct Box Guitar and Solo Instruments DI-Box 15,000.00
DREAMVISION STUDIO Recording Studio is going to start as a family business that will
be solely owned and managed by Bennie Ogbomo and Clement Thompson. Both of them
will handle financial of the business, but may likely welcome other partners later which is
why they have decided to restrict the sourcing of his start up capital to 3 major sources.
We know that if we continue to record hit songs, albums, audio books, soundtrack and
jingles for both individuals and corporate organizations, there will be steady flow of income
for the organization.
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Our key sustainability and expansion strategy is to ensure that we only hire competent
employees, create a conducive working environment and employee benefits for our staff
members.
We know that if we implement our business strategies, we will grow our recording studio
business beyond Lagos Nigeria to other countries in the Africa in record time.
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