It’s sad to say, but the life of physical albums are about to come to an end. Just look around. Look at any new computer- what do you notice is missing? Yep, the CD slot. With digital audio players replacing CD players left and right- it’s simply a bad idea to invest in producing physical albums.
Don’t even get your hopes up about your digital albums either. Or your singles for that matter. The days of $1.29 I-tunes singles and $12.16 albums are soon to be extinct as well.
As you hopefully already know- streaming is taking over. And why shouldn’t it? Users can pay a couple bucks a month and get full desktop and mobile access to MILLIONS of songs. It’s an undeniably better deal for fans. There’s even ad-supported streaming services like Spotify that don’t charge users a penny!
While this is bad news for artists, t’s not a death sentence. It just means we have to adapt. Instead of fighting the trend, artists must work with it. These days, more artists are finding success by giving fans exactly what they want- free music.
The most effective way to push your mixtape out to potential fans is to approach third party streaming websites that specialize in specific niches.
Let’s say you make Hip Hop music. When you’re first getting started, why make things more difficult for yourself by competing with country, pop, rock, and electronica? Focus on dominating a specific sector first, and then expanding once you gain traction.
Once you gain a following, begin to monetize your music in the following ways.
Merchandise: Once you have a recognizable brand- you can leverage it into different merchandizing options. Think bigger than typical band t-shirt and posters. Think about what types of items your target audience demographic will enjoy.
Ex. 1 Hip Hop fans like basketball shoes. Design the sickest pair of sneaks they’ve ever seen.
Ex. 2 EDM fans like to pop molly and go wild with rave gloves. Facilitate their face melting activities and surprise your fans by creating your own pair!
Licensing: T.V shows, movies, podcasts and videogames- they all need music, and you can make some serious cash by licensing the rights to yours. Average payouts fall in the $4000- $6000 per song range, however some artists have had payouts as high as $250,000!
These days, fans would rather fork over cash for experiences than songs- so make your show a night to remember. Typically, the way payouts work for clubs and even big stadiums is by head count. The more tickets you sell for the event, the more you earn. Some artists work out deals with venues to receive a percentage of the revenue earned from food and drinks.
Either way- there’s no such thing as too many fans at your show.