American rock band Linkin Park, launched a venture capital firm, after parting ways with their management team last year.
The â€œNumbâ€ hitmakers split from their outside management team and brought their business in-house through their Machine Shop Company. They then decided to team up with Harvard Business School professor Anita Elberse, and three of her students to launch a semester-long study which lead into forming Machine Shop Ventures.
Linkin Park vocalist, Mike Shinoda said, â€œOur goal was to build an internal team of diverse talent to support the non-traditional endeavours, the band plans to pursue in the coming years.â€
During their research, the group studied how music innovators including Jay Z, Beyonce and Jared Leto ran their various ventures. They transformed the business into a multi-pronged innovation model based on four verticals: video content, global brand partnerships, merchandise and venture capital, research noted.
Executive Vice President Kiel Berry said, â€œTo be clear, we are still in the music business, but creating and selling music, now plays more of a supporting role in our overall business mix.”
â€œOf course weâ€™ll play the shows and meet with fans, as we have always done. But along with continuing to make great music, todayâ€™s Linkin Park is now better positioned to operate in the ever-evolving cultural and business landscape,â€ he said.