Ways To Monetize Your Music
MY MUSIC MONDAY… Hey folks! What’s popping? It is MY MUSIC MONDAY again and Mr Chestnut has a very important lecture for all our upcoming artistes on how they can make cash from making music. I’m sorry we weren’t here last week, I went on an unexpected journey to a land without technology. Don’t worry I’d write about the land on Wednesday. Let’s see what Mr Henry Chestnut has today;
MY MUSIC MONDAY…
*screams* Money!!! Importance of this cannot be over-emphasized especially to kick start a career, for instance, you need a good PR, a high quality video, managers and sound engineers that need to be taken care of. So no matter how magnanimous an artist you think you are and how huge the love you got for your genre, and it seems you are not getting returns for all the energy expended in studio sessions & the sleepless nights, then you might need to make some few changes so as to know what is wrong.
But in this part of our world, commercial music is the bandwagon as everyone wants to move to the island and drive an SUV. So I guess for one who doesn’t believe in the kind of music he does or his brand, then might switching lanes be your hugging partner while I pray you last in un-originality.
MY MUSIC MONDAY…
Basically with the advent of internet, artists have been able to reach a wider audience and gotten their music on international scale while making money off some platforms but on the long run have lost more than what was supposed to be gained due to free downloads and leaking of albums and records.
Lack of a proper structure to fight this copyright and intellectual property theft has been the crux of this epidemic but some labels have been fighting and containing this in the best possible ways leading the revolution we all await, label like Chocolate City Music make it practically hard for the public to freely download their records or albums not put for free, if you doubt me try downloading any of their artist’s album. Also notjustok.com has joined this worthy cause especially as being the leader for online music. I’m also not leaving Spinlet out of this which can be termed as our itunes of Nigeria as they sell albums for as low as N20.00 or N30.00.
I actually foresee Nigerians paying for songs and not the regular free downloads except when the artist gives it for free, meaning no one should make a dime off it without paying royalties to the management or the artist. If a solid structure could be laid digitally, then physically would be a thing of past bearing in mind the digitalized village we are in currently. We have to appreciate these people even if not for their talent but because it’s become a career for them and also cause they got bills to pay. Money without fame is the worst form of social position anyone can find him or herself.
Back to the topic, there are several ways to monetize your music but in this part of the world we have some we are familiar with. Generally there is Tidal owned by rapper and mogul Jay-z, Spotify, itunes, Youtube, Vevo, Spinlet, Ringback tunes, etc. Some of the platforms listed has to do videos while the rest are audio. It takes nothing or more to sign up with them and get bucks instead of the regular reliance on show money or endorsement deals which is why a good and enlightened management is highly required in this music business.
Also just taught of how much the government can make off this sector if they can only revamp it and reduce the risk level for potential investors. Does an artist know that an unauthorized use of his song is a copyright infringement? Do they know that they are entitled to be shown record(s) of how many subscribers subscribed in a month to their tune? Does an established artist know that he can ask for increment in his percentage considering he has grown to become a brand and gives them the biggest pay-check? All this questions still boil down to the level of enlightenment an artist possesses and his management.
I just basically decided to lay some premises for this topic as I would be explaining in full length next week of how to smile to the bank J
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