HOW HARD IS IT TO MAKE MONEY AS A MUSICIAN?

Is it hard to make money as a musician? well, the truth is, just like every other business model out there, the music industry has evolved tremendously and just as it has always been and will always be, only the best positioned brands win. Some artistes definitely think that it has become harder to make it in the music industry while others seem to be having a full blast in the same industry. At the end of the day, this question comes down to 3 strong considerations.
Mindset, Skill-set, and Habits.

Mindset:
If you think that making money in the music industry has become harder or you think that it has become easier, you are correct with both answers and here’s why I think so… Lets consider for a moment, the development of the streaming technology. Streaming services are seen by the developers as a solution to help artistes gain a wider reach with their music right? Well while some artistes
see the streaming services as a super tool that has helped their careers grow exponentially, others see it as a monster machine that was designed for the sole purpose of destroying their careers. It is true that back in the days, musicians could sell their cds to make money but today, the music business model has evolved and there are new rules to play by in order to win in todays industry. With the right mindset, you are able to understand the new playing field and navigate it with tenacity it requires.
This goes to show that a huge part of the struggle to make it in the music industry is in the mind. If your mind is not set in the right direction and all you see is the difficulty, it will be only be a frustrating downhill journey for you but if you see it in a positive light and work towards your goals with a positive mindset, you are set to win.

Skill-set:
It is very easy for everyone to think that music is free — question is… is it? people get to hear any music for next to nothing. What with streaming services, television, radio and the internet, so with less and less incentive to go out to show or purchase cds the people keep asking do artistes even make any money? Well, the question should be ” HOW can artistes make money? with this shift in the question, the focus shifts from lack to established availability of income in the industry.
Your ability to ask better questions is one skill that must be developed in order to navigate the new music industry. If the music itself as a product is no longer as lucrative, then what is?

Habits:
The new music industry is highly data driven. With the new technologies available, consistent measurable actions yield highly predictable results. The questions become, do you know the actions you need to take? do you know the frequency needed for the execution of these actions? do you know the tools available to you that help with measuring those actions?

Many people navigate the music industry like it is just a very expensive hobby but if you see music as your career and you are ready to experience exponential growth and success in the music industry then you must be ready to do the work that it entails. Your mindset must be in alignment with your skill-set and habits in order for you to push forward in the industry. You must understand that just like other business models, making money is very important to keep the business alive and so there are required structures that must be put in place to establish income.

To make money in the music industry, you are required to think through the business aspect as much as you think of the talent aspect of it. Remember, if you’re not making returns on your investment in the music industry AKA if you are not making money in the music industry, then I hate to break this to you but you are simply running a very expensive habit.

If you have any questions regarding how to make money in the music industry, click the link below and send us a quick question.