MDM Recordings, founded in 2008, is a full service independent record management, distribution, and consulting company catering to Canadian recording artists, primarily in country music.
Founder Mike Denney is not a traditional entrepreneur in his mind. In fact, his successful business MDM Recordings began more as a stop-gap in employment rather than entrepreneurship initially. A common story in times of recession, Mike Denney tapped into an unknown talent for business-ownership following his layoff. The following is an intimate look of turning a passion for music into a flare to make money!
Mike himself started out with over 25 years of experience in the Canadian music industry, primarily in the sales and marketing end of the business. He has worked for Sony Music Canada, as National Sales Manager of Non-Traditional Sales. At Universal Music Canada, he was National Sales Manager, Classical, Jazz, and Strategic Marketing. Finally, he has spent 4 ½ years at Fusion3 Distribution as Director of National Sales and Marketing.
I love music, but I love to make money!
What inspired you to start your business?
I started MDM Recordings at the worst part of the recession. I was packaged off from my position at Fusion3 and the company went bankrupt right after my severance package was finished. Since there were virtually no jobs available and I was still getting a lot of calls from musicians looking for help and support, I decided to jump right in and give it a go. My thinking was to do MDM as a part time endeavour until I found a new job, as I have never really considered myself an entrepreneur. However all that changed on a visit to the Canadian Country Music Awards in Winnipeg in 2008 where I came home with artists signed to the company and I made the decision to dive in head first.
Where did your seed capital come from and how did you go about getting it?
I initially used my own money to start the business and run it out of my home, knowing that to get it up and running it had to be as lean as possible. After the first 12 months of operation, and because of the contracts I had signed, I qualified for assistance from FACTOR (a government agency who allocates money to the Canadian Music Industry for all sorts of programs including domestic and international business travel as well as label and distribution support for the company as an annual grant). This allowed MDM to expand the scope of reach and respective services provided to the represented talent.
Tell us a bit about MDM itself.
My product is music and I want to help Canadian artists make a career in the very difficult music industry. I help them with every facet of the business and try to build the best possible team required to complete a project, so that the artists can concentrate on the creative side of the business.
What makes MDM unique?
Most companies who do what MDM does are built from a creative perspective, not from a sales and marketing perspective. That’s what makes MDM different. Our strategy is to create solid revenue streams in all areas of the business. I love music, but I love to make money!
How did you build your team?
At the present, team management for the company is solely my responsibility. Most of the artists have numerous people involved in their career, and I feel it is my duty to create and manage the people and the plan. With my background experience and extensive list of contacts, I liken myself to a quarterback of a football team where the artist is the football. We are trying to score as many touchdowns as we can daily to propel the artist’s career forward. The music business is going through one of its most interesting times as we redefine how people listen to and purchase music. Since there are no rules, we can help increase exposure to the artists and their music by trying new ideas and concepts.
How do you keep your staff motivated and engaged?
My team and I are totally passionate about what we are doing. My philosophy is to do what you’re passionate about and the money will follow. That was a major mindset change for me coming from the corporate world, but, once I adjusted, it has worked. I try to come up with at least one solid idea a day that either saves money or creates revenue for MDM and the artists. That’s how I stay motivated.
How did you brand your business and market it?
The 4 1/2 years that I spent at Fusion 3 were crucial to me for starting MDM, branding the company and marketing my self as an entrepreneur. I felt there was an opening in the Canadian country music genre and I knew that the fans are loyal to the artist and vice versa. I knew that if I could find a combination of established acts and developing artists, word would spread about the company and it did. Radio support of two of the signed artists gave me instant credibility within the industry and then I started getting phone calls from other artists looking to get signed.
Click the following for Jerry Sereda’s Ain’t Learned Nothin Yet, along with his other great songs.
Since there are no rules, we can help increase exposure to the artists and their music by trying new ideas and concepts.
Could you give a brief description of your biggest success so far?
I have two! The biggest was launching this company in the worst business environment this generation has ever seen, coupled with a troubled music industry where music sales are sliding every year. The second is seeing any and all of the artists I work with succeed, whether that be with hit singles on the radio, solid album sales or touring and increasing their fan base. It is the coolest feeling in the world to start at ground zero with a totally unknown artist, slowly build the brand, and watch their career grow!
Any other major milestones MDM has reached recently?
It took 3 years, but the Canadian Country Music industry has accepted MDM Recordings as solid and legitimate company. That has come from a lot of hard work, the amazing success of a couple of the artists signed to the company and an ever increasing profile for MDM.
Do you have plans to expand to new markets/products?
In 2011, MDM is concentrating on international expansion. We are pushing to expand the artists’ careers as well, since we want to create new country music stars that are signed to MDM. I am also looking at the creation of a bigger and better service based company where we can offer the artists anything they need to propel their careers forward.
What are your goals as an entrepreneur?
The business that I am in is changing every day. My main goal is to try to stay on top of the changes so that I can maximize the new way of doing things. I also am looking to increase revenue for both the company and represented artists.
What is your exit strategy?
I am currently working very closely with a musician, a producer, a songwriter and a solid business person who I trust and who will ultimately take on more and more of the company. I will still be involved, but hopefully from a beach or golf course!
Do you have any other ventures you are working on?
The pop label that we created is very much a work in progress. I felt that it was not fair to the artists in other genres to be branded by a country label. The new venture is not genre specific, so it will allow us to dabble in other areas of music we find interesting, whilst solidifying MDM Recordings as a 100% country label.
Click the following for Chad Brownlee’s Day After You, and check out his other songs too!
Everything I have done in my career has led me to where I am today, running my own company.
How do you define success?
By getting out of bed every day and being passionate and excited about what I am doing.
To what do you most attribute your success?
Hard work, amazing relationships, talented artists and total passion towards the business.
What advice would you give those wanting to become entrepreneurs?
Be passionate about what you are doing, commit 100% to your company, and build the best network of contacts that you can.
If you were to recommend a book or movie to a younger entrepreneur, what would it be?
The movie The Social Network and the book “ If Your Life Changes or You Wish It Would”
How has being an entrepreneur affected your life?
More working hours, more passion for what I am doing, less stress, different outlook on my life and direction I am going.
What is the best part of owing a business?
Setting your own schedules, dealing with people and artists that I want to deal with, working to make the company grow.
If you had the chance to start over again, what would you do differently?
Nothing. Everything I have done in my career has led me to where I am today, running my own company.
Click the following for more information on Jason Kirkness and other artists!
It is the coolest thing in the world to start at ground zero with a totally unknown artist, slowly build the brand, and watch their career grow!
Turning passion into business
A story of exploration in hidden talent, Mike Denney and MDM Recordings has grown to a national music management/distribution business. A true example of the entrepreneurial spirit, at MDM Recordings it is evident that a love for music (or whatever you do) can quickly become music to your ears (and bank account)!
For more information, click here to visit MDM Recordings.
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