Put together a marketing plan
Alright, you all knew this slide was coming. It should come as a surprise to none of you that if you want to make some money with your music, you need a business model. What are you selling? Who’s your target audience? Who’s your competition? What makes you different from them? If you’re in school, take a few marketing classes. If not, read a book or two basic business strategy. This is an area where we heavily suggest hiring a manager to help you out, if it’s within your means.
Musicians today are finding wildly inventive ways to make money off music. Run The Jewels raised $65K (and counting) for their highly anticipated album Meow The Jewels (the money is going to charity) and Nipsey Hussle sold 60 copies of his last album for $1,000 each.
With album sales becoming more unreliable as a source of income, music needs to be thought of less as a final product and more as part of a brand, used to promote live shows, merchandise, etc.
Business doesn’t have to be an evil seed that ruins your craft. When business and art coincide, beautiful things happen: Think Steve Jobs, Walt Disney, Jay Z, basically anyone Kanye looks up to. As summed up by an anonymous industry veteran on rbellion, “In your 10,000 Gladwellian hours about 8,000 should be applied to perfecting your music and 2,000 applied to studying the industry.”
For more on the business side of the industry, click here.