How To Make It in the New Music Business

1. Embrace the new music business model: 50% music, 50% business

You must split your time equally between the music and the business.

The 50/50 split. In today's music industry, being a great musician is only half the battle. To succeed, artists must dedicate equal time and effort to both their craft and the business side of their career. This means:

• Developing business skills: marketing, promotion, finance, networking
• Creating a professional brand and image
• Understanding industry trends and technologies
• Managing social media and online presence

Wearing multiple hats. Successful artists often take on roles beyond just musician:

• Manager
• Booking agent
• Publicist
• Social media manager
• Content creator

By embracing this new model, artists gain more control over their careers and increase their chances of long-term success in the ever-changing music landscape.

2. Build a loyal fanbase one fan at a time through authentic engagement

Building loyal fans is the most important aspect of a music career. The money will follow.

Authenticity is key. In the digital age, fans crave genuine connections with artists. Focus on:

• Sharing your creative process and behind-the-scenes content
• Interacting directly with fans on social media and at shows
• Being open, honest, and vulnerable in your communication

The Pyramid of Investment. Understand that fans exist on different levels of engagement:

• Casual listeners (streaming)
• Music buyers
• Concert attendees
• Merchandise buyers
• VIP experience participants
• Crowdfunding backers

Nurture relationships with fans at all levels, providing opportunities for deeper engagement and investment in your career. Remember, a small, dedicated fanbase can be more valuable than a large, passive one.

3. Master your niche and create a compelling artist story

Every band believes that once they become a headliner they will always remain one. This isn't the case, no matter who you are.

Find your unique voice. Success in the music industry often comes from standing out, not fitting in. To do this:

• Identify your target audience and understand their preferences
• Develop a distinctive sound, image, and brand
• Craft a compelling narrative around your music and career

Your story matters. People connect with stories as much as they do with music. Create a narrative that:

• Explains your artistic journey and inspirations
• Highlights what makes you unique
• Gives fans something to relate to and share with others

Use this story consistently across all platforms and interactions to create a cohesive brand identity that resonates with your audience.

4. Develop multiple revenue streams beyond just selling music

Fans aren't going to pay for recorded music anymore. But that doesn't mean they won't pay you for making music.

Diversify your income. In today's music industry, relying solely on album sales is not sustainable. Explore various revenue streams:

• Live performances and touring
• Merchandise sales
• Licensing and sync deals
• Crowdfunding and fan subscriptions
• Teaching and workshops
• Brand partnerships and sponsorships

Maximize each opportunity. For example, at live shows:

• Optimize merch displays and sales strategies
• Offer VIP experiences or meet-and-greets
• Capture fan data for future marketing

By developing multiple income sources, you create a more stable and sustainable career, less dependent on any single revenue stream.

5. Leverage social media and online platforms strategically

You rent your fans to social media platforms; you own your fans when you have their email addresses.

Choose platforms wisely. Not every social media platform will be right for your brand. Focus on:

• Identifying where your target audience is most active
• Mastering one or two platforms rather than spreading yourself thin
• Understanding the unique culture and best practices of each platform

Content strategy. Create a consistent flow of engaging content:

• Behind-the-scenes glimpses
• Live streams and Q&A sessions
• Exclusive previews of new music
• Collaborations with other artists or influencers

Email is king. While social media is important, building an email list should be a priority:

• Offer incentives for sign-ups (exclusive content, merch discounts)
• Use email to directly communicate important news and offers
• Segment your list to personalize communication

Remember, your owned platforms (website, email list) are your most valuable digital assets.

6. Perfect your live performance and touring strategy

If you don't promote your show, no one will show up.

Craft an unforgettable live experience. Your live show is often where you make lifelong fans:

• Develop a unique stage presence and performance style
• Engage with the audience and create memorable moments
• Constantly refine and improve your set

Smart touring. Plan tours strategically:

• Use data to identify where your fans are located
• Build relationships with local promoters and venues
• Collaborate with other artists for package tours
• Offer varied experiences (intimate acoustic shows, full band performances)

Promotion is key. Develop a comprehensive promotion strategy for each show:

• Utilize social media, email marketing, and local press
• Engage your street team and superfans
• Create eye-catching posters and digital assets
• Partner with local businesses or organizations

Remember, a successful tour is about more than just playing music – it's about creating experiences and connections that keep fans coming back.

7. Collaborate and network to expand your opportunities

Friends like helping friends out. And people trust their friends.

Build your network. Success in the music industry often comes down to who you know:

• Attend industry events and conferences
• Join music organizations and online communities
• Reach out to other artists for collaborations
• Cultivate relationships with industry professionals

Collaboration benefits:

• Exposure to new audiences
• Skill development and creative growth
• Shared resources and knowledge
• Increased credibility and opportunities

Be a good collaborator. To make the most of partnerships:

• Bring value to every collaboration
• Be reliable and professional
• Show gratitude and reciprocate when possible
• Maintain relationships even after projects end

Remember, the music industry is interconnected. Building a strong network can lead to unexpected opportunities and long-term career growth.

8. Understand music copyright, licensing, and royalties

There are a ton of royalties out there. Kobalt estimates there are 900,000 distinct royalty payments for a single recording.

Copyright basics. Understand the two types of music copyright:

• Composition copyright (lyrics and melody)
• Sound recording copyright (the specific recording)

Licensing opportunities. Explore various licensing avenues:

• Sync licensing for TV, film, and commercials
• Mechanical licensing for covers and reproductions
• Performance licensing for live venues and radio play

Royalty collection. Ensure you're collecting all due royalties:

• Register with performing rights organizations (PROs)
• Sign up with SoundExchange for digital performance royalties
• Consider a publishing administrator to maximize collection

Stay informed. The landscape of music rights and royalties is complex and ever-changing. Regularly educate yourself on industry developments and consider consulting with a music attorney for complex deals.

9. Create high-quality content consistently across platforms

Excellence is never too late.

Quality matters. In a saturated market, high-quality content stands out:

• Invest in good recording equipment and software
• Learn basic video and photo editing skills
• Develop your unique visual style and branding

Consistency is key. Regular content keeps fans engaged:

• Create a content calendar to plan releases
• Repurpose content across different platforms
• Balance promotional content with behind-the-scenes and personal updates

Platform-specific content. Tailor your content to each platform's strengths:

• YouTube: Music videos, live performances, tutorials
• Instagram: High-quality photos, short video clips, Stories
• TikTok: Short, catchy video content
• Twitter: Quick updates, fan interactions
• Facebook: Longer-form content, event promotion

Remember, consistent, high-quality content not only engages existing fans but also attracts new ones and demonstrates your professionalism to industry gatekeepers.

10. Adapt to new technologies and trends in the industry

Formats change. Price points change. People didn't like paying $18.99 for a full-length CD when they only wanted one song.

Stay informed. The music industry is constantly evolving:

• Follow industry news and trends
• Attend music conferences and workshops
• Experiment with new platforms and technologies

Embrace streaming. While the economics are debated, streaming is now dominant:

• Optimize your music for playlist inclusion
• Understand the algorithms of major streaming platforms
• Use streaming data to inform tour routing and marketing decisions

Explore emerging technologies. Be open to new opportunities:

• Virtual and augmented reality concerts
• Blockchain for royalty tracking and fan engagement
• AI-assisted composition and production tools

Maintain flexibility. Be ready to pivot your strategy as the industry changes:

• Don't put all your eggs in one basket (platform or revenue stream)
• Regularly reassess your career goals and strategies
• Be willing to abandon outdated practices

By staying adaptable and forward-thinking, you position yourself to take advantage of new opportunities as they arise in the ever-changing music landscape.

Last updated: November 18, 2024