Making it in Today’s Music Business: Maximizing Your Chances of Success

A couple of weeks ago I posted an article voicing my views about the lost art of A&R and how hard it is for real artists to gain recognition within the music industry. On the other hand, the counter-argument is that independent artists have never had a better time succeeding in the music business. The key to artists achieving this is for the artist to view themselves as a business and take their business as seriously as they craft their art. Balance is everything. And while many of us would love to focus solely on our art all day every day, this is unrealistic if you want to make a living out of your craft. And while I may miss the glory days of the old-school business model of the music industry I do agree there is no better time to take control of your own career in the arts.

As the industry technology advances and the market continues to be dominated by quantity over quality the fundamentals remain the same. The following steps are a breakdown of the fundamentals utilizing current trends and channels to advance your career in music. Don’t be discouraged by the over-saturation of the market and strive to be different while implementing some familiar characteristics in your sound.

Step 1: Create a Unique and Distinctive Sound

One of the most essential steps in making it in the music industry is to develop a unique and distinctive sound that sets you apart from the crowd. Your sound should be reflective of your personality and creative vision, and it should be something that people can identify with and connect to. To achieve this, you should be constantly experimenting with different styles and genres, and trying out new techniques and approaches in your music.

Step 2: Build a Strong Online Presence

In today’s digital age, having a strong online presence is crucial to success in the music industry. Social media platforms like Instagram, TikTok, and Twitter provide artists with a powerful tool to connect with fans, promote their music, and build their brand. Additionally, streaming services like Spotify and Apple Music provide musicians with a way to reach a global audience and make their music available to millions of people.

Step 3: Network and Collaborate with Other Artists and Industry Professionals

Networking and collaborating with other artists and industry professionals can help you build your reputation, expand your reach, and create new opportunities. Attend live events, music festivals, and industry conferences, and make an effort to meet other musicians, producers, and industry professionals. Additionally, consider collaborating with other artists on music projects, remixes, or live performances. BandLab.com is an excellent resource for collaborating with other artists now boasting over 60+ million users worldwide.

Step 4: Record and Release Music Regularly

In order to make a career in music, it’s important to consistently record and release new music. This not only helps you build your brand, but it also keeps your fans engaged and interested in your music. When releasing new music, be sure to promote it on social media and collaborate with bloggers, influencers, and other music industry professionals to increase visibility and reach.

Are the Record Labels losing control?

While the labels still have a controlling stake in the industry and you will still find them at the top of the charts there has been a steady decline in their market share. A recent email from Lefsetz letter presented the following statistics. In 2017 the major labels and Merlin licensing agency accounted for 87% of Spotifys total streams. In 2022 that number decreased 12% to 75%. Declining over 2% every year. With that said the major labels do remain the gatekeepers for public radio, the most popular playlists and big brand marketing. But that all comes at a price.

Pros and Cons of Signing a Record Deal

While it’s possible to succeed in the music industry without a record deal, signing a record deal can provide recording artists with a range of benefits and opportunities. Some of the pros of signing a record deal include access to resources like studio time, promotion, and distribution, as well as the ability to reach a larger audience through traditional marketing channels.

However, there are also some potential downsides to signing a record deal, including a loss of creative control and financial stability. In some cases, record labels may take a large percentage of an artist’s earnings, and may also dictate the direction of their career and musical style. Additionally, artists may have limited control over the distribution and promotion of their music.

Pros of Signing a Record Deal

• Access to funding, marketing, and distribution resources
• Exposure to a wider audience
• Potential for greater financial success

Cons of Signing a Record Deal

• Loss of creative control
• Loss of ownership rights
• Difficult contract negotiations

According to a recent report from the International Federation of the Phonographic Industry (IFPI), the global music industry grew by 10.1% in 2020, generating $21.5 billion in revenue. This growth is largely driven by the rise of streaming platforms such as Spotify, Apple Music, and Amazon Music, which have changed the way people listen to and purchase music.

While the digital age has given artists more power and control over their careers, it has also created a highly competitive market. In this market, it’s crucial for artists to develop their unique artistic identity, build their online presence, and collaborate with other artists to build their brand and reach new audiences.

Despite the challenges, now is the best time for artists to take control of their careers and build a successful music business. However, it’s important to note that this focus on profits and control may not necessarily be the best for the art itself. In the pursuit of commercial success and profitability, the quality and originality of the music may sometimes be compromised. It’s essential for artists to strike a balance between the business aspect of their careers and their artistic expression to ensure the longevity and integrity of their work.

Conclusion: In conclusion, while securing a record deal can be a valuable step in your career, it is not the only path to success in the music industry. Building a strong fan base, networking, and creating a solid body of work is key to finding success on your own terms. According to a 2021 study, independent artists made up 40% of the top 100 artists on Spotify, proving that it is possible to achieve success outside of the traditional record label system. Making it in the music industry requires hard work, dedication, and a clear understanding of your goals and brand. By focusing on developing their artistic skills, building an online presence, releasing and promoting music consistently, performing live, and considering a record deal, recording artists can increase their chances of making a profitable career out of their art. While the journey may not be easy, with persistence and determination, success is achievable.

TLDR: In this blog post, I have outlined the steps artists can take to maximize their chances of success in the music industry, including building a fan base, networking, and the pros and cons of a record deal. Independent artists are making up a growing proportion of the top 100 artists on Spotify, proving that success is possible without a traditional record label.

PS: Be sure to keep an eye out for my upcoming e-book “Roadmap to a Record Deal & Beyond” which will help serve as a guide to unlocking your potential, realizing your goals, and avoiding the common mistakes made while navigating your way through the tough business of music. It will also include tips and resources for building multiple revenue streams along the way! It will be available for FREE right here at www.goldmindsMGMT.com