If you are planning to put up an online music publishing business, you got to now the typical figures. The most important of these figures is your website conversion rate. Basically conversion rate is defined as:
(Total Number of Successful Downloads/Total Number of Unique Visitors) x 100%
So if you have 15 successful downloads in the month and your website have around 2000 unique visitors for that month, and then your website conversion rate is around:
Conversion Rate = (15/2000) x 100% = 0.75%
Conversion rate can change from one industry to another. One industry (particularly those in the shopping niche) tends to have higher conversion rate because of the completeness of their products. Websites such as Amazon and EBay reportedly have conversion rates around 5% to 10%. If any person shops in Amazon, most likely he/she will find the things that they would like to buy; thus this explains one aspect of such high conversion rate.
In independent/online music publishing industry; this conversion rate is not the same. If you would like to know the actual figures; you can see how www.musicforlicense.net performs in terms of free music downloads conversion rate:
Conversion rate and download statistics of musicforlicense.net as of September 2, 2011:
Total number of successful downloads = 501
Total number of unique visitors = 53654
The scope of the data is from November 12, 2009 to September 2, 2011.
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Do you know the difference? Supposing you have film project that uses copyrighted music. You then search online for suitable music and there you meet two types of music providers: music publishers and music libraries. You check the music publisher and they let you license their music. You also check the music library website and they let you license their music also. So what is the difference between a music publisher and a music library?
“Music Publishers” owned the rights to the music/songs and its lyrics. Music publishers are mandated by copyright law to represent the copyright ownership in behalf of the songwriters that they are associated. It is why if you are a songwriter and wants to have your song signed by a music publisher; you need to sign a document called “transfer of copyright ownership” to the music publisher. However the percent of ownership is shared with the songwriters. You can see in typical songwriter-artist agreement of 50% – 50% split between the music publisher and the writer. When the song earns any income, it will be split to half between the publisher and the writer.
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Licensing royalty free music is very common today. In fact it is one of the best licensing schemes for both low budget and big budget projects that utilizes music. If you are not familiar with how royalty music works, it has the following characteristics:
1.) The licensee needs only to pay once to use the music and then the licensee can use it in perpetuity limited by the rights granted by the license.
This is applicable in “per track” and “per catalog basis”. In “per catalog basis”, the licensee can pay a blanket license fee that gives the rights to use whatever songs in the catalog.
2.) The licensee will only be working and agreeing with one supplier and that is the royalty free music provider. In the traditional music licensing methods, any interested licensees will be researching the name of the music publisher and the owner of the master recording so that the licensee can ask for a license to use. This takes a lot of time especially if the music publisher and master recording information are not provided in most audio files.
Even if the information is freely provided such as included in the CD inlay albums; the licensee will still need to ask for a license from these two persons (the music publisher and the master recording rights owner). In this case, the licensing can be very costly and time consuming. With the royalty free music licensing, the licensee needs to deal with only one provider.
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