D = Diversify

D = Diversify

With declining sales due to the accessibility in the digital age, and the lack of video and music stores, you must develop and implement a diversification strategy early on, in order to survive the future of entertainment. It is advisable to create a quality product before you begin to diversify. If you are an artist or a musician, you must first create hit music. If you are a screenwriter, you must first create a quality screenplay. However, it is important to initially envision creative ways to extend and monetize your brand from day one, besides relying solely on sales. You can be as creative as you are in creating the work of art, when it comes to your diversification strategy. Some income streams that can be utilized by entertainment professionals are public speaking, books, dvds, sponsorships, endorsements, television, publishing, copyright administration, cookbooks, workout dvds, affiliate marketing, online teaching, merchandising, and many more. The possibilities are virtually endless, and your diversification strategy can be as unique as the person that creates it. Remember…to plan to be successful from one stream of income is to plan to fail.

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