How Does The Music Industry Work?
To become a successful artist, it often takes more than talent. You’ve heard it time and again, and by now you might be spinning in circles trying to find the best way to launch yourself into the circle of success. Well, wonder no more, because today we’re breaking it down into three areas of improvement that guarantees a turnaround for you. We marry your talent with the business know-how to build your brand and gain popularity. Pay attention.
Before the record labels, before the big contracts, and before the sold-out arenas, it all starts with your core audience. Just hoping that someone will listen to your music is often not enough these days. While there are “tips and tricks” out there to help you get started, it’s often difficult to find that long-term strategy.
The best route is to become more invested with your fans, no matter how many or how little you have. Make content creation your number one mission, alongside music creation: interact with fan questions on social media, let them get a glimpse of your recording sessions, or just be a little more open about your creative process. The more they learn about you, the more they’ll want to stick around and watch you succeed. And that means signing up for alerts, newsletters, or maybe even merch (more on that later!).
It’s becoming more apparent that artists don’t necessarily need big labels to get big. By turning your attention outwards, you receive that same attention and love in return from your fans, which in turn becomes a better launching point than waiting for higher-ups to tell you when it’s your turn.
Similar to tips and tricks for audience growth, those short term spurts of money-making schemes just aren’t going to cut it in the long term. In the olden days, an artist or group could make a fortune selling CDs and vinyls, but streaming is the most popular way nowadays. However, due to the terrible return on streams, it’s unlikely that any artist can survive on streams and music sales alone.
This is where the “360 idea” comes in. The 360 Record Deal is a popular contract for record labels to get a small cut of any revenue stream that an artist gets into, in return for providing artists with all their needs for marketing, promotion, tours, and more. However, we want to take that contract and instead make it work for you. Make a 360 deal with yourself by expanding your skill range to be more than your music. You can achieve this by learning related skills such as producing or audio mixing. Or you can go retail, selling merchandise and limited edition products. Some artists are also YouTube creators, interacting with the fans on the platform and benefitting from views. By taking advantage of these other revenue streams, you’ll have more cash lining your pockets than if you relied on your music alone. Plus having multiple sources of content and interaction only increases your fanbase (which was step 1, see what we did there?).
The industry today thrives on attention. The more content you put out there, such as new music, promotions, or brand deals, the more attention you’ll receive from your die-hard fans and new ones.
Technicalities - Asking For Help!
This last step is the biggest thing that you’ve been told since you were in grade school… “ask for help!” Just like Link heard in Legend of Zelda before his quest, “It’s dangerous to go alone!” we’re handing you our sword of truth: that it’s okay to ask for help when you need it.
Confused about royalties? You aren’t the only one. We’ve got a step-by-step guide on how to claim any and all royalties owed to you, which you can download right here. All you have to do is sign up for our newsletter, and it’s absolutely free.
Lion Bold also offers one-on-one coaching: we’ll take a snapshot of where you’re at, and what steps you need to take next to achieve steps 1 and 2 above.
So stop spinning your wheels and start surging towards success! Don’t be afraid to ask us questions too.