Any thoughts that Toluwanimi Adeyemo had of making half a million dollars on his first record as a producer were quickly dispelled his freshman year at New York University's Clive Davis Institute of Recorded Music. "I went way deep into what the music industry is, what it was and what it will be," says Adeyemo, who matriculated in 2014 and works as an administrative aide at Downtown Records, after doing an academic internship there. "From my professors and peers, I was reminded of the competition, the rules of the game."
The rules certainly changed during Adeyemo's four years at the first and only undergraduate program to focus on music entrepreneurship. In 2010, album sales fell 12.8 percent while digital sales declined for the first time in their history, according to Nielsen SoundScan. The next year saw layoffs at some of Warner's labels, with Universal, EMI and Roadrunner Records cutting back in 2012. That same year, the Bureau of Labor Statistics predicted through 2020 a slower growth rate for music jobs than for the broader economy (10 to 14 percent) -- all in all, not the rosiest outlook for fresh-faced grads.