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Memphis Magnetic Recording Company
SummaryMemphis Magnetic Recording Company is a recording studio located at 618 Vance in Memphis that has experienced at least a 25% drop in revenue as a result of COVID-19. The company has had two significant cancellations. Musicians have been unable to book and pay for studio time due to lost wages. The company has been unable to pay monthly business obligations. Owner is using cash reserves.
Stabilization and Recovery Plan:
• Allowing local musicians to use studio as a streaming hub for online concerts
• Remote recordings and final mixing of musicians’ unfinished projects
• Exploring creating a retail division that would sell and ship recording/digital storage equipment and supplies to local and regional audio/visual studios
NEED Grant funds will be used to for rent, operating/business expenses, and salaries.
Projected Total Jobs: