Gaining knowledge about the ins and outs of the music industry can greatly increase the power of musicians and aspiring professionals. Here are seven methods to help direct the process.
If you want to turn your career into a professional endeavor in the music industry, you must possess an entrepreneurial mindset and be an entrepreneur. In order to survive in the fiercely competitive music industry, artists need to be both entrepreneurs and musicians.
There’s a complicated web of deals, social media management, financial considerations, marketing strategies, and other things hidden behind the words and toplines. We explore all of this and more in this article as we attempt to provide an answer to the query: how can musicians successfully negotiate the business side of a music career?
Possessing an entrepreneurial spirit
Having no understanding of the business side of the music industry is no longer acceptable for an artist working in today’s market. It used to be possible for artists to succeed by delegating all business to their label and manager, but that approach is no longer viable. Nowadays, self-sufficiency is a valuable trait, even for well-known performers like Taylor Swift and Dua Lipa.
Comprehending the market in which you operate, your brand’s essence, and the needs of your target audience are critical to success. Being creative is possible when you adopt the mindset of an artist-entrepreneur, plus you’ll benefit from having the business acumen to help you make decisions. This enables you to maintain your vigilance and take an active role in choices that have the potential to make or break your career.
possessing financial literacy
It’s also important to take into account how the growth of digital platforms and streaming services has drastically altered the revenue landscape for the music industry. We’ve all seen how detrimental COVID-19 has been to our finances, so it’s critical that artists explore for revenue streams outside of traditional record sales, touring, and streaming commissions. Sync opportunities, subscription models, and merchandise are just three strategies that business-savvy artists can use to increase their financial stability and get rid of unpredictability.
Utilize networking’s power
Relationships are essential for entrepreneurship, and the music business is no different. Creating a strong network is not only necessary to get the chance to work with other artists, but it’s also a surefire way to get noticed by people in the music business who could greatly influence your career.
Attending live concerts and conferences isn’t the only way to network. We can now communicate with individuals worldwide through social media without having to pay a single cent. Thus, don’t be scared to interact with people online and put yourself out there! One never knows where an email might take you.
Consider your branding and marketing plan
Finding your unique selling proposition and standing out in a crowded digital market require strong branding and marketing. Knowing your unique selling proposition (USP) and having a unified brand identity that appeals to your target market are critical for artist-entrepreneurs. This will help you grow outside of the music industry in addition to advancing your musical career.
In order to effectively communicate with your audience through visuals, social media, and storytelling, you must develop a captivating story around your music when building your brand. Furthermore, in order to determine what works and what doesn’t and to make sure that you aren’t wasting money, it is imperative that you have at least a basic understanding of data and analytics.
Be mindful of the law
Acquiring knowledge of the legalese surrounding the music industry can ultimately prevent a great deal of financial conflict and emotional distress. Make sure you protect your intellectual property and receive just compensation whether you’re negotiating contracts with record labels, getting your music into motion pictures, or collaborating with other artists. Getting legal counsel early in your career might seem like an unnecessary expense, but in the long run, it’s a smart move that will help safeguard your career.
Accept innovation
“Innovation is taking two things that exist and putting them together in a new way.” as MTV co-founder Tom Freston famously stated. Successful artists and entrepreneurs are those who don’t hesitate to embrace innovation and push the boundaries.
Since technology is developing at a rapid pace, it’s critical for artists to stay informed about developments and consider potential adoptions. Undoubtedly, adjusting to emerging trends, trying out novel formats, and figuring out how to interact with your fan base are the ultimate game changers and define the essence of being an artist-entrepreneur.
Concluding remarks
A new kind of artist is emerging: the artist-entrepreneur, as the distinctions between artistic creativity and entrepreneurship become increasingly hazy. Artists who adopt this mentality are able to successfully navigate not just the creative roadblocks but also the equally important business roadblocks that have the power to make or break their careers.