Is there still money in the music business?
Yes, there's still money. People
are still going to pay money to be entertained. History has shown us, whether through a recession or unemployment, people
still want to find a way to escape through entertainment. People will still pay money to go to live shows, get their favorite
single, EP or album, and if you have an artist with a great following, and able to sell merchandise, that's another good revenue
stream. So, if you have a great artist with great songs, a decent live show, and they have a fan base, yes - that act
can make money (for someone). The issue that keeps coming up is whether or not the artists, songwriters, or producers still
I consult to a few hi-profile companies,
and producers, and I keep seeing some really bad problems that continue to come up. One problem I see (over and over) in particular
is that artists still don't try to learn more about this business, so they end up "in the dark" or not getting the
money they should be. And there are a lot of musicians and DJs that want to get more into music production, or get credit
as producers or remix producers, but they have no clue about the business side of music production. Then
later on after things get crazy for them with the company, or artist, or some manager they might be working or dealing with,
they get upset. But, the problem to some point is largely their own fault for not learning some of the music-business-basics
about what they say they do.
"Would any of us take a job at Wal-Mart, Kinko's, or a Home Depot store, but NOT have an idea of how much we are going
to get paid? No, of course not. We all will want to know how much we're supposed to be getting paid... and when is payday?"
Yet, in the music industry, I see and (unfortunately) know of many, many (too many) talented people not getting paid, and
what's even worse - not knowing what rights they have so that they somehow can make a living. Indie artists think
they are so independent, but at some point, you will have to deal with promoters, managers, other publishers and production
entities, and if you don't know a little about this crazy business, it can be very (very) bad.
So yes, there is indeed money to
be made. But, if you are an artist, songwriter, or music producer seeking a career in the music industry, you must seriously
consider becoming more educated about the business part of music and how things work in this industry. Why? To avoid some
of the tragic mistakes that so many artists and producers are making everyday; signing away their rights, not getting their
money... causing MILLIONS of dollars to end up in someone else's pocket.
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