The music business is ever-evolving. New and emerging trends are constantly shaping the future of the music industry. Therefore, musicians must understand and master the changes in the business to have a thriving career.
Below are four biggest trends in the music business, you need to look out for:
1. The music business is all about who you know
The music business is all about networking. Establishing relationships, fostering goodwill and adding value will lead you to success within the industry. Thus, work on forging meaningful relationships, giving feedback, exploring possibilities and helping others out. In the end, people within your network are the ones who will open up new doors for you.
2. Major record labels are looking for artists who are radio compatible
Major record labels are constantly on the lookout for music that will get played on the radio. This is because revenue from record sales is not promising, thanks to the rise in digital piracy and streaming services. Instead, the labels focus on taking a cut from other revenue streams such as touring, publishing, licensing and merchandise. Labels are big businesses. They are more likely to strike a deal if your music is promising enough to generate substantial revenue.
3. Content distribution is very important to have a thriving music career
Content is king and distribution is queen. Your music distribution channels dictate its performance in the market. Therefore, you need to adopt several distribution channels to increase the odds of people discovering your music. Put your music out everywhere. Take over all the social media platforms, streaming sites, music blogs and video sites. These content communities have the potential to advance your music career without the help of labels or publicists.
4. The majority of money comes from rights and events
A vast majority of the revenue in the music business comes from rights and events. Independent bands and artists can no longer rely on record sales as a source of income. Due to the evolving nature of the industry, live performances and licenses have become the biggest cash cows. Royalties from public performances (radio, TV and public usage), mechanicals (sales and streams) and synchronization (ads and film) are quite significant. Thus, musicians must take up more live performances and register with the Nigerian Copyright Office to generate more revenue.
The changes in the music business can sometimes be overwhelming and difficult to keep up with. To build a thriving music business, tweak your strategies to conform with the above trends.
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