Musicians, Music And Money

An industry that was once top-heavy with ultra successful millionaire rockstars is quickly changing. The slow death of the traditional record label is proof of this phenomenon. Once again, the internet has revolutionized an industry and leveled the playing field for all talent. No longer do you have to jump each time you hear label scouts may be in the area. The record label is no longer useful to an artist, as the internet has destroyed their competitive advantage of worldwide distribution.

Independent musicians, this is your time time to shine and profit. Believe it or not, you can still make a nice profit from your music. Record sales are dropping like a rock, so how are you supposed to make any money? A successful approach should be at least four pronged and should include CD's (I know I just slammed this medium, but it still has a few years left), digital music sales, ad supported downloads, and live show promotion.

There is no reason you should ignore CD's just yet. There are still a few people who have not yet accepted the digital music revolution and still like a tangible product. These are the same people who like to print everything, just in case their computer crashes and all of the web servers and backup media somehow crash or disappear too. Old habits die hard, I suppose.

Digital music is clearly being accepted as a primary mode of distribution today. In fact, 2008 saw sales surpass 1 billion songs. PC's, Laptops, and most phones can now be used to download music, making it that much more convenient to purchase a song. Fans at a live show can purchase a song on their phone without even leaving their seat.

Ad supported music is trying to catch on but it's having a hard time in this rough economy. It is the most logical next step for music. It is apparently very difficult to sell digital music, as services such as Limeware illegally make it available for free. So if you can't sell the music, sell the attention that your music garners. Companies are always trying to get inside the heads of consumers. Music makes targeting a specific market possible, as artists often attract only certain demographics. While websites that have attempted this approach have had limited success, there is nothing stopping you from going out and selling advertising in your community. Add advertisements to your banner or your promotional materials.

Finally, if you can't sell your music to make money, use it as a promotional tool. Give snippets away to attract people to your shows. If you're a new and upcoming band, most people have probably not heard you, and will probably not buy your music or attend your shows until they do. The internet provides free worldwide distribution, so make your best songs available to download for free and let them spread like wildfire.

The music industry is quickly changing, but that doesn't mean musicians can't still make a living from their art. It simply takes a little more creativity now.

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