Archives
Latest Updates:
  • No Tweets Available


 
6 Reasons Most Musicians Fail To Earn Money With Their Music

Musicians work hard. Hours of songwriting and rehearsal go into a single show or recording, which brings its own set of difficulties, from promotion and ticket sales to sound production. Yet musicians have always had a hard truth to accept; hard work and talent does not always equal a large paycheck. The following are some of the reasons musicians fail to earn money despite their efforts:

1) Lack Of Goals Or Long-Term Focus

In order to succeed, artists need to set reasonable, achievable goals. Where do you see your band going in the following years? A national tour, or simply local recognition? A full length album to sell, or a demo to help you get shows? In a group, duties should be assigned to each member, all working towards the same end.

 2) They Don’t Communicate With Their Fans

A band on the rise needs a fan base that wants them to succeed, which can’t happen if those fans don’t know where you are going. ACTIVE fans are crucial to generating ticket sales and revenue from music, but need to be directed where to go or what to do. This can be done through social media or personal attention at shows. Tell your fans about upcoming shows and releases, and ask them to share the information.

 3) Lack Of Persistence

Being a successful musician takes effort and dedication over a long period of time. If you are not willing to take the time to promote every show, every time, even the most dedicated fans will become disinterested. Or worse, your efforts will be overshadowed by other artists in the field. And in the music business, the more success you achieve, the harder you have to work to continue to rise.

4) They Don’t Use All The Tools They Should

The web holds infinite power for an artists, from music creation and promotion to fan management and communication. But despite all the opportunities on the web, some bands either don’t know which tools to use, or don’t know how to use them effectively to reach their goals. Bottom line, if you can’t manage online profiles and sites to your benefit, find someone who has success in the field who can help you. Nobody can use every online tool available, the trick is making use of the best ones, and not wasting time on the others.

5) They Don’t Treat Their Band As A Business

Not all bands will succeed, and not all were meant to. Some people make music for personal pleasure or expression, which is fine. But bands who want to make money need to treat their efforts as a business, and make a business plan that aligns with their goals. Business leaders often talk about ROI, or return on investment. Every minute you spend rehearsing, writing, performing, promoting, or thinking about your band is an investment, as is every dollar you spend along the way. Be sure your efforts are not in vain, and think about what you are getting back from everything that you do.

 6) Poor Budgeting (Or Lack Of Funds)

It’s true what they say, you do need to spend money to make money. A crucial part of any business plan is figuring out what your band will spend money on. Gear, rehearsal space, studio time, and a team of promoters or publishers are all worthy investments which need to be budgeted for over time. And if you can’t or won’t put in the money up front, then plan ahead for expenses by setting aside profits from ticket or music sales, Kickstarter projects, or “angel investors” who believe in you and your future success.

 7)  Lack of Proven Techniques and Professional Assistance

Even if you learn the proven tips and techniques that artists are using to become successful (such as connecting with fans and giving them a reason to compensate the artist financially), if you do not employ professional help, it will take a long time to get to the point where you can rely on your music to sustain you. At some point, you will get busy enough that not having assistance will limit your success and opportunities, because as mentioned, in the music business, the more success you achieve, the harder you have to work to continue to rise.

by Kyle M. Bagley, http://www.kylembagley.com
This article is based on an original by Tommy Darker posted on medium.com

Be Sociable, Share!

One Response to “6 Reasons Most Musicians Fail To Earn Money With Their Music”

  1. AirGigs.com Says:

    Some really great points here. I would add that thinking in terms of revenue streams, rather than putting all eggs in one basket is a key component. Thinking long term, you can start to build up manageable streams of income in a number of areas from playing live, to doing sessions, to teaching (online or in person), to publishing and sync royalties, etc. This little streams start to add up to a full time income after awhile.

  2. AirGigs.com Says:

    Some really great points here. I would add that thinking in terms of revenue streams, rather than putting all eggs in one basket is a key component. Thinking long term, you can start to build up manageable streams of income in a number of areas from playing live, to doing sessions, to teaching (online or in person), to publishing and sync royalties, etc. This little streams start to add up to a full time income after awhile.

  3. AirGigs.com Says:

    Some really great points here. I would add that thinking in terms of revenue streams, rather than putting all eggs in one basket is a key component. Thinking long term, you can start to build up manageable streams of income in a number of areas from playing live, to doing sessions, to teaching (online or in person), to publishing and sync royalties, etc. This little streams start to add up to a full time income after awhile.