Ghana’s music industry, like many others, indeed faces challenges when it comes to establishing a strong succession plan. A succession plan is essential for ensuring the continuity and growth of the industry over time.
The music industry in Ghana has made significant progress in recent years, but there is still a lack of proper infrastructure to support the development of a robust succession plan. This includes limited resources for music education, mentorship programs, and career development initiatives.
Many artists in Ghana prioritize short-term success over long-term sustainability which leads to a lack of investment in grooming and mentoring the next generation of musicians, resulting in a gap in talent and expertise.
Collaboration within the music industry is crucial for fostering a supportive environment and creating opportunities for emerging artists. However, the absence of strong collaborative efforts between established artists, record labels, and industry stakeholders hinders the establishment of a succession plan.
Financial constraints make it challenging for artists and industry players to invest in succession planning initiatives. Funding for music education, artist development programs, and mentorship schemes is limited, making it difficult to cultivate and nurture up-and-coming talent.
Kumasi-based Reggae artist, Jah Wisdom has revealed that Ghanaian music stands the chance of losing its relevance in the years ahead if there is no proper succession plan to hand over the baton to the new generation.
He pointed out that the last few years have “swallowed” many veteran musicians with names such as Nana Kwame Ampadu, K.K. Kabobo, Nana Tuffour, and George Darko coming to mind.
The artist explained that the situation was quite worrying considering that these veterans were dying with their tons of music knowledge.
“I’ve been thinking a lot about the future of Ghana’s music and I wonder if the young ones are equipped to steer affairs when the old ones are not there. This is a headache to me considering that some of the musicians including Gyedu Blay Ambolley have been complaining about this gap.
“For many people, it might not be a big issue but if you understand music as an identity, then I think we need to make available relevant structures to fully equip the young musicians to take over. It’s not enough to do collaborations, it goes beyond that.”
Jah Wisdom
By addressing these challenges and implementing strategic initiatives, Ghana’s music industry can establish a strong succession plan that ensures its long-term sustainability and growth which includes support from artists, record labels, government entities, and educational institutions.
Music, A Lucrative Opportunity For Investors
Investing in budding talents in the music industry is a rewarding opportunity for investors.
As the music industry continues to evolve with digital platforms and streaming services, the potential for revenue generation increases. Platforms like Spotify, Apple Music, and Deezer have features to support emerging talents by creating playlists, featuring independent artists, and curating new music sections.
Investing in talented musicians at the early stages of their careers offers significant financial returns if they go on to achieve success.
Investing in the music industry provides diversification for an investment portfolio, which allocates funds to different sectors, including entertainment. Investors reduce risk and potentially increase overall returns.
By providing financial backing, investors help these talents develop their skills, create high-quality music, and increase their chances of success.
By supporting new talent, investors contribute to the growth and development of the industry, fostering innovation and creativity.
Music has a significant impact on society and culture, and by investing in budding talents, investors contribute to the creation of meaningful and influential music that resonates with audiences around the world.
Ghanaian music executive and CEO of The Continent Live, Roland Ohene-Amoako, urged investors to consider opportunities within the music industry, specifically with a focus on platforms that nurture emerging talents.
The lack of such platforms where up-and-coming artists can be groomed and equipped with industry knowledge prevents them from fully grasping the intricacies of the music industry leaving them at a disadvantage.
“If you look at the value chain of our music industry, one thing that you would realize we lack is a space for emerging artistes to develop, to understand how the industry works, to understand how to be an artist and the business side of the music they do. I believe if investors direct resources towards that space and create a sort of incubation platform for our artistes, we would live to witness a new crop of talents who are fully baked to take up the task.
“And for investors, it is an untapped area they can explore. With the experience I have had in our industry so far, investors can make good returns on their investments while they help grow the industry as well.”
Roland Ohene-Amoako
However, it’s important to note that investing in the music industry, like any other investment, carries risks. Success in the music industry is highly competitive and unpredictable. Thorough research, due diligence, and working with experienced professionals help mitigate these risks and increase the chances of a successful investment.
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