Sunday, August 7
I arrived early, as has become obligatory when attending any DJ-related symposium. After playing a little catch up with Ron & Dewight (as the three of us hadn’t been together since WMC 2010), later on that evening we attended the pre-kickoff party featuring a jamboree of Promo Only’s Mixshow DJs at the Luxx Club located in the Tropicana.
Monday, August 8
Jerry Bazata’s Business In A Down Economy
By all accounts, this seminar was probably one of the top five seminars given simply due to how informative it was. As we all know, with the current recovery moving at a snail's pace, unfortunately economists are forecasting that the U.S. economy will take roughly 3-5 years to stabilize.
Still, there are a ginormous amount of opportunities out there for artists and DJs alike, if you know where to go, what to look for, and who to speak to.
A New You; A New Business
It’s important to maintain a solid credit score rating of 680 or better, especially if you’re looking to start a (small) business or you’re a mobile DJ, on the lookout for an innovative technology that you can incorporate into your DJ shows.
Interestingly, there’s what called the 179 Tax Reduction Bill, which allows you to write off all of your equipment in the same year that you purchased it, up to half a million dollars. Of course that doesn’t mean that you should max out your credit card(s). Again. It means that if you go about researching what equipment would be right for you and your company, you stand a better chance to stand out in an otherwise cluttered industry.
Additionally, spending the time and money to invest in a website is still key. Don’t focus solely on social media, but use them to help drive business to your website.
It’s estimated that there’s over $1 trillion dollars waiting to be reinvested back into the economy. Sure, consumers are spending less, but that’s changing. It’s the small businesses that will drive revenues across the board, but sticking things out while always looking out for ways to generate income is essential.
Mr. Bazata emphasized examining what’s best for you and your DJing needs. One thing that will continue to grow is digital technology. Many companies are offering a wealth of alternative digital platforms for different price points.
The U.S. Economy experienced a decline of over 10% & heightened volatility
• Corrections of 10% or more typically occurs several times a year, even in good economic times.
• Unlike 2008, there is ample liquidity in the economy.
• The leverage level has been substantially reduced & U.S. companies are well positioned in the global markets.
• Corporate profits have been exceptionally strong, driven by continued global growth.
• 65% of second quarter earnings reports were ahead of estimates.
• Economists in general believe that there is less than 35% chance of the U.S. slipping back into a recession.
Source: Bloomberg, BofA, Merril Lynch U.S. Equity Strategy
This was not a Debbie Downer-type seminar. If anything, 20% was focused on the “Down Economy” part while the other 80% focused on altering or in some cases completely changing the way that you generate and conduct business in today’s always-changing industry. For the remainder of 2011, some Business Predictions that Jerry suggested involved (1) Increased spending on new technology & equipment, (2) More financing will become available as the credit markets further open up but very little lending policies will continue, and (3) Continued tax savings will encourage owners to reinvest more capital into their businesses.
New Technologies: In The Booth & Beyond
Moderated by Jim Tremayne, editor of DJ Times Magazine, and featuring panelists Frank Garcia, owner of NYC's Mainline Lighting & Sound, one of Frank’s tech engineer guys, Ignacio Perez, Scott Rubin, a contributor to DJ Times & a mobile DJ, John Hohman from Metromix, Dr. Drax from the American DJ Association, Jerry Bazata, DJ & contributing writer, and Bob Savarese of Music Trends in Levittown, NY.
Things To Consider…
• What’s your budget?
• Do you have the means to transport what you want to purchase?
• Deciding on and dealing with a reputable & knowledgeable retailer.
• Being able to go and try (demo) product using your own laptop & music.
Jerry Bazata: ‘Lighting is becoming more and more a feature out there in the mobile DJ marketplace. It’s no longer two speakers on stands. It’s how you look, how you present yourself, how that lighting show looks; you’re bring critiqued on it. Spend the time to look at the new up-lighting…’
Jim Tremayne asked Bob Savarese, how, in a digital platform world where Serato is king, how does Traktor add up? Bob’s response was that Serato is the first mostly widely-used and accepted computer program (distributed by Rane); Native Instruments is a force to reckoned with; it’s making a dent in the marketplace; try it out, see what you like, see how easy the software is to use.’