Music fills our lives, we surround ourselves with it, they evoke emotions in us and serve as the soundtrack to important moments in our daily lives, but how does the music industry work?
Music has ceased to be exclusively a creative process. Today it has become a commodity, and the music industry has become a music industry that generates huge income. It should be said that in 2022, more than 80% of the entire income of the music industry comes from music streaming services. According to market analysts, the share of music streaming services will only increase in the future.
The main tasks of the label is to promote their music well in order to be able to have a strong impact on the market, as well as to reach the largest number of audiences or followers, although this requires a large financial investment, but it also depends on the singers and their musicians, because it is easier for record companies sponsor these artists if their music can be profitable in the future, so that the profits can cover the expenses that have been invested to make the artists famous.
Independent promotion of one’s name and, accordingly, the brand in the music market became possible when music was digitized and began to be distributed through music streaming. With this self-distribution option, you take care of everything yourself, and there are no intermediaries who steal some of your money. Or at least not that much, as there will always be payment gateways that charge a small fee.
One of the ways is, for example, to create your own website and sell your music through it. Another strategy might not be to sell your music directly, but instead create a YouTube channel where you can cover famous songs and earn money monetizing them… The options are endless. Keep in mind that, depending on the time you dedicate to it, it’s okay to put in months or even years of work until you earn enough money to be able to devote all your time to it.
One of the big problems that most artists face when composing their creations is the choice of musical material: speakers, music cards and various instruments that they need for their creativity.
The equipment can also be conditionally attributed to marketing, because it is directly related to the quality of the final product that the artist produces.
You need to clearly define the budget that will be required to promote your music. Of course, today it is much easier to break through to the top of the musical Olympus with the help of a properly built marketing campaign on the Internet. And it’s much cheaper than investing in traditional advertising methods. But even in this case, you will need some minimum amount, which will be spent on a paid subscription, contextual advertising, and so on.