Although most music is purchased on CD or in digital format, the companies responsible for creating and marketing these products are still widely known as "record companies." Most record companies are privately owned. These companies are usually run by a chief executive officer or president reporting to a board of directors.
Concert promoters stage live music events. Major promoters often have a full corporate structure, including a chief executive officer and board of directors, but concerts and events can be staged by small companies or single individuals.
While many musicians are self-employed, major acts as well as organizations like concert orchestras function as corporations. These organizations often have a board of directors and a chief executive officer, as well as a musical director, conductor and personnel manager. Popular music acts are usually regarded by law as partnerships. Some acts form corporations, usually run by the members of the acts and their manager. Very successful acts may employ other members of staff.