In the ever changing landscape of the music business it is a constant struggle to stay afloat as an artist. As it has become easier for the individual to promote and distribute digital media it has become increasingly difficult to make a living in music. With a greater number of free downloads than ever before and the decline of physical CD sales artists now not only need to be marketing specialists but also continuously find new revenue streams. At this point it is almost necessary to have a business plan in place. Basically, you should answer a few simple questions for yourself to avoid wasting time and energy on a lot of endeavors with little return (if any).
Who are your fans?
Know who is interested in the type of music you play. Are there specific age groups or genders that like what you do? What can you do to appeal to your fans even more?
How can you reach your fans and grow your fan base?
Do you have a website, a mailing list, do you play live shows, and is your music played by (internet) radio? What about social networking sites or a blog where you can interact with your fans?
What do your fans want?
First of all they want your music of course and preferably at the lowest price. Many fans like a good live show. Are they into buying merchandise?
Another decision you have to make comes after that stellar recording you just finished:
Do you sell CD's or only offer digital downloads?
My personal belief is that there are still people out there that prefer buying a physical product that they can hold in their hands. It really depends on your target audience and their purchasing habits though. Even if they are not interested in CD's I would get a small number printed for promotional purposes. It looks better when you send someone a professionally packaged CD for whatever opportunity you are seeking.
How to sell?
Different items require different services. If you don't want to send out CD's and deal with shipping and handling yourself you can easily utilize a service like CDBaby. There are plenty of other sites out there that offer your own personalized store for all your merchandise. Nimbit for example offers a great solution and has the lowest percentage taken out of your sales out of all the available digital stores. If you don't want to go that far, you can get a PayPal account and offer items directly through your website or MySpace page for example. Once again, you are in control of shipping and handling and that may or may not fit in your schedule. Either way it would be a shame if your fan 1000 miles away cannot buy your T-shirt because they are unable to attend your show where you sell your merchandise.
Other income opportunities:
Nowadays there are a few more ways of making money from your music. One of them is music licensing in film, TV, games and commercials. It is a big market with many players and you will have to look for the representatives that are right for you. But it may be worth it in the end. Branding is very important and might get you a sponsorship deal if you're into that.
All in all there is a wealth of possibilities and new opportunities are constantly being explored. It takes some effort to "get the foot in the door" but there is still money to be made for the independent artist.
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