When the business doesn’t go well, it kills the art. And one way of ensuring that both the arts and the business thrive in the same space is to educate yourself on how each side of the bargain works. Knowledge is power. Once you find yourself in the music ecosystem, it is very vital to learn about the business.
In the beginning most musicians made music because they loved and had passion for it. They were not highly paid. Over the years the same art which was made out of genuine love and passion became very profitable. Yes, like any venture it needs to make profit or break even. After its profitable years, it started being exploited and safe to say it is still being exploited up to date.
Think of where we are for a minute, it was vinyl, then tapes, downloads and now streaming. That is just a natural progress of what will happen. The rules of the game keep changing. The scheme is not very rigid, so as an artist or a stakeholder in the industry, it is very important to stay abreast with new developments. From the above we can tell how other things might have changed over the years as well. The promotional and marketing strategy that worked under the tapes era will not work perfectly in this streaming time.
To the artiste, the music business is your business. Don’t get too caught up in your zone only. Don’t just be on the music side, have a fair idea of the business aspect of your craft and brand. You know the work that you put in so only you can tell your worth. Know how the music business works and how best to operate in the industry.
It is your business to employ the right management company to handle your brand. A company that has your interest at heart and has a vision for your brand. Get the best in the game to handle the business aspect of your craft and brand. One who is able to detach all emotions from the game when it gets to the business side.
One important reason why you need to learn about the music business is because, aside the rapid changes from time to time, in this business, contracts are everything. Don’t sign contracts that you don’t understand, get a legal advice to guide you. Artistes have been held down by labels and other brands because of the deals they might have signed with them. Make sure the deal is in line with your vision. If it contradicts it, think twice. Don’t get caught up in the same situation, learn about the music business and seek for professional help when necessary.
The business aspect is supposed to grease the system and make sure all other factors work together. Without that, the system will break down.
One honest truth is that, the music business has hit the iceberg. And it is the duty of all to find new revenue streams to keep it afloat. Always remember, knowledge is Power.