Broken Record with Rick Rubin, Malcolm Gladwell, Bruce Headlam and Justin Richmond Business of Art: The Entrepreneurial Mindset & Music
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Apr 3, 2025 
Ben Walter, CEO of Chase for Business and host of The Unshakeables, shares his insights on unconventional paths to success in the music industry. He discusses how XL Recordings scaled up through strategic focus on a select roster of artists. Walter contrasts the risk management of indie labels with larger corporations, highlighting the entrepreneurial moves of music icons like Dr. Dre and Jimmy Iovine with Beats by Dre. He also emphasizes the need for sustainable business models that allow artists to thrive creatively while ensuring their financial stability.
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XL Recordings' Success
- XL Recordings, an indie label, found success by signing fewer artists initially.
- This allowed them to invest more in each artist's distribution and marketing, leading to the label's growth and the signing of prominent artists like Adele, Radiohead, and Tyler, the Creator.
Prioritizing Product over Distribution
- Prioritize product (content) when distribution leverage is limited.
- Focus resources on your biggest challenge to maximize impact, especially when starting with little to lose.
Managing Risk and Balancing Bets
- Manage risk by balancing financial, brand, and operational considerations.
- Recognize when to play to win (high-risk, high-reward) versus playing not to lose (lower risk).