Aussie accounting firm Darkwave launched a new management division, Darkwave Business Management, formed to help musicians, creators and creatives to grow their careers and businesses. Darkwave was launched by Directors Meredith Fannin and Andrew Elmore in 2006. They spent the better part of two decades working with some of the biggest names in music and entertainment, including triple j’s Hottest 100 and ARIA-charting musicians.
What is the mission behind the new division?
Darkwave’s mission is to empower its customers in the creative industries beyond simply providing accounting services, to be transparent collaborators in their business.
The establishment of the division will allow the company to further its mission, providing clients with a ‘Virtual CFO’ to manage all financial aspects of their business, in addition to more generalised bookkeeping, accounting and taxation services. This division will put clients back in control of their own finances and help them understand how their money flows.
What does the initiative mean for Darkwave?
Commenting on the new division, Fannin said: “Our goal for Darkwave, with the launch of Darkwave Business Management, is to empower creatives to achieve their financial goals and thrive by providing effective strategies and solutions that align with their vision and values.”
“Over the past decade and a half, Darkwave has strongly emphasised a collaborative approach to our work, as we work closely with artists and their management teams to understand their financial goals. This allows us to create tailored management strategies that align with the specific needs of any individual artist,” Meredith Fannin further commented.
Andrew Elmore commented: “Darkwave’s clients already trust our experience and credentials to simplify complex aspects of their finances, and Darkwave Business Management launches at a time of significant change in the financial landscape for musicians and creatives.”
“Recent changes to superannuation, and expected changes to tax legislation, are making it more important than ever to have a transparent collaborator working on your business.”
What is the wider industry context of this announcement?
The creative industries in Australia are a vital part of the economy, contributing billions of dollars to GDP and employing millions of people. However, musicians, creators and other creatives face a number of challenges, including:
- Low pay: The average income for a musician in Australia is just $25,000 per year. This is significantly lower than the average income for all workers in Australia.
- Lack of opportunities: There are limited opportunities for musicians and other creatives to make a living from their work. This is due to a number of factors, including the decline of the traditional music industry and the rise of digital piracy.
- Lack of support: The government provides limited support for musicians and other creatives. This is despite the fact that the creative industries are a major economic driver.
As a result of these challenges, many musicians and other creatives are forced to work multiple jobs or rely on government assistance to make ends meet. This can make it difficult for them to focus on their creative work and can lead to burnout.
There are a number of things that can be done to improve the situation for musicians, creators and other creatives in Australia. These include:
- Increasing pay: The government should increase the minimum wage for musicians and other creatives. This would help to ensure that they can earn a living from their work.
- Creating more opportunities: The government should create more opportunities for musicians and other creatives to make a living from their work. This could be done by providing funding for music festivals and other events, or by supporting the development of new music businesses.
- Providing more support: The government should provide more support for musicians and other creatives. This could be done by providing funding for music education and training, or by providing grants for creative projects.
By taking these steps, the government can help to create a more supportive environment for musicians, creators and other creatives in Australia. This would allow them to focus on their creative work and make a positive contribution to the economy.
In addition to the challenges mentioned above, musicians, creators and other creatives in Australia also face a number of other issues, such as:
- Copyright infringement: The rise of digital piracy has made it easier for people to illegally download music and other creative content. This has had a significant impact on the income of musicians and other creatives.
- Lack of diversity: The Australian music industry is still dominated by white men. This lack of diversity is reflected in the music that is played on radio and in other media.
- Mental health issues: Musicians and other creatives are more likely to experience mental health issues than the general population. This is due to a number of factors, including the high levels of stress and anxiety that are often associated with creative work.
The challenges faced by musicians, creators and other creatives in Australia are complex and multifaceted. However, by working together, we can help to create a more supportive environment for these artists and make a positive contribution to the Australian economy and culture.
Gerald Ainomugisha is a business news reporter and freelance B2B marketer with over 10 years of experience in writing high-converting copy and content for businesses of all kinds, especially SaaS providers in the niches of HR, IT, fintech, eCommerce and web3.