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Music business (the business of music)
If the idea is to generate "some" income from entertainment, you need to think of it as a business.
According to very recent data, around 41,000 people earn a fulltime income, as a musician, and most of them earn under $58,000 a year. Thats currently well under the average Australian income.
Add to that probably 5 to 10 times as many people as that earn a part time income in that industry, you have a lot of people, probably close to 1/2 to 1 million people!
As someone that's been in the industry, over many years, it has certainly changed, like any industry or sector. As a band back in the 70's, we'd easily earn $1,000 a night, now that's as low as $200 for a night, if your lucky, not to mention the irregularity in jobs!
The business of music, as a band, soloist, or other entertainer, is no different, to any other business. There are fundamental's the need to be followed, if the idea is making money!
- A brand (not just the band)
- A profile (b'seen, b'found and b'remembered)
- The product, or experience
- The marketing
- The sales and service
- But it also needs to be managed.
It's actually not complicated, and can be the difference in getting the odd random job for $100, or actually building that passion into a real income earner.
What we do!
We treat the business of entertainment, like a real business, but as someone that's still in it, we know what's needed, if the idea is to generate an income, that's more than just the odd job that might pay you $100 every three months! Its actually a real business!
How to maximise your music business
Brand
Your product
Profile
Build a brand! Don't think building a brand like any business is that important, then ask the Rolling Stones! Like any business, building a brand, so you can be recognised, continue stand out, and be remembered is critical. It's not just the logo, but the brand and message too,
Profile
Your product
Profile
Your profile is the ability to be seen, found and heard, 24/7. It's a billboard that can enable people to see you, understand what you do, and make that next decision if they'll contact you. Its online and an offline presence. If there's nothing there, there's nothing there!
Your product
Your product
Your product
What you do, and the way you do it, is important, but how you stand out from others, and why someone would use you, and not someone else, is the secret. It's called the "unique selling proposition", if there is none, why would they pick you?
Marketing
Your product
Marketing is the process of proactively telling people about the thing you do, and making sure they pick you, and not someone else. It's about ensuring you are front of mind! It's about promotion, public relations, advertising.
Sales & service experience
Sales & service experience
Believe it or not, but if you're in business, you're also in sales. At some point, you're going to sell what you do to someone. The process also involves follow-up and an experience, that hopefully gets them top want you back more and more. We aren't rock stars yet that can demand only the green M&Ms!
Management
Sales & service experience
The management of any music business, like any business, isn't just about someone that gets you the jobs, it's about looking at what's going on. What works, what doesn't, and how do we scale it, to get a better result. Otherwise, generally, nothing changes!