Guitar Center’s “Make Music” initiative taps notable and emerging musicians, producers and artists as the retailer seeks to engage music fans and potential customers early on this holiday season. By running the videos on its core website, the retailer can push consumers who may be wary of shopping in stores to browse its e-commerce site and make purchases online.
In response to all this complexity and the related pain points, some companies are leveraging technology to improve various aspects of the financial services industry. These companies, known as fintechs and mainly comprised of young start-ups, are innovating across many industries, from streamlining lending practices to helping underbanked people transact.
When COVID-19 took full effect in March, touring and concerts, which contribute billions of dollars to the music industry annually, were immediately canceled, leaving tens of thousands of artists financially scrambling to make ends meet. As the pandemic continues to carry on with no end in sight, artists are still bracing for impact. The loss of income from touring and the lack of a PPP program in place to support their unique needs has led artists to turn to alternative methods of financing to sustain their careers and cover basic daily expenses.