There Are Music Business Opportunities You Can Pursue. It’s understandable that so many individuals want to work in the music business. If you love music and can’t imagine doing anything else, there are various chances in the music business for you to explore.
But first, while our free booklet is still accessible, if you wish to produce music professionally, you should read it:
It seems fun, glamorous, and thrilling from the outside, but I can tell you right now that it isn’t always that way on the inside.
There’s no denying it. Starting a company in the music industry is a major undertaking that will need a significant amount of time and effort on your behalf. It’s better not to think of it as any different from beginning a company in a different field, since it isn’t. Building a company in the music industry, depending on the niche you want to enter, maybe even more difficult than in other industries.
However, it’s possible that music is your strongest suit. Perhaps you have a message you’d want to convey to artists. It’s possible that your abilities and experiences are precisely what the market requires.
Marketing, Promotion, and Public Relations
The need for marketing and promotion is unlikely to diminish anytime soon.
For starters, best practices are rapidly evolving. Things are shifting from a “push” to a “pull” strategy, which entails less aggressive selling and more upfront value.
Furthermore, marketing is inherently human. Humans create it in order to appeal to other human beings. A computer will never be able to completely comprehend human people or their actions. As a result, it’s up to you to learn about purchasing habits and sales psychology.
When I interviewed former CD Baby creator Derek Sivers, he told me that now that recording and distribution have grown so cheap and simple, promotion and marketing are critical. He shared this with me around eight years ago, but I believe it is still relevant.
Please correct me if I’m wrong, but it seems to me that most artists leave school knowing nothing about marketing. The commercial component of creating a music career is certainly not a priority in schools.
Promotion is difficult to come by. I believe you will succeed if you can give this service to artists and other companies. It might be difficult to establish correct timetables for your customers or to figure out how much to charge for your services, but as you overcome these obstacles, you’ll learn to simplify your operations and produce a valuable service.
2. Record Company
Over the years, it has been much simpler to start your own record company.
Ditto Music, for example, provides a Record Label In A Box package that includes pre-arranged business financing, a domain name, company registration paperwork, and pretty much everything you need to get started.
Even if you’re not an entrepreneur, there are certain advantages to creating your own label if you’re a successful artist. It’s a terrific method to legitimize what you do while also increasing its credibility.
The most difficult aspect of starting a record label is:
- Choosing your specialisation is the first step.
- Recruiting people who represents your company’s image.
- CandyRat Records, for example, is recognised for signing great guitarists. People may listen to the newest releases on their website if they wish to hear fantastic guitar instrumental music. If an artist believes they have the skills to be a successful guitarist instrumentalist, they would most likely contact CandyRat for a chance to be signed.
For a label, establishing a reputation is crucial. Trying to be excellent at everything is a bad idea. “We work with everyone” is an excellent way to be vanilla, not a promotional statement. You’ll never be seen among the throng!
Working with individual artists with a specific aesthetic should be your objective. You may start thinking about expanding after you’ve mastered that level. Stick to your firearms till then.
3. The platform for Social Media
Many new firms are launching social media platforms tailored to artists and the music industry as a whole. This implies there will be a lot of competition in this field, but if you can come up with a distinctive concept, you may be able to stand apart.
For example, UpNext is an app that enables you to create your own virtual record label with genuine upcoming musicians. It’s where mobile gaming, music discovery, and social networking collide.
Personally, I’m already a bit overwhelmed with social media, and Facebook and Twitter are more than enough for me. I’m just on any platform because I want to offer my stuff and provide value to the world. I’m not opposed to providing a personal update now and then, but I’m not there to gloat or show off.
As a result, I’m a bit cynical when it comes to social networking. But it doesn’t rule out the possibility of starting your own social networking company. The most important item to consider is your value proposition. Why should people utilize your social media platform? What distinguishes it from others? Who will it entice?
We don’t need a new Facebook since we already have one. We need a platform that is specifically designed for tiny niches and communities.
4. Platform for Streaming
Streaming is becoming the most common way to listen to music. Spotify, which is preparing to go public, is by far one of the most well-known streaming services.
Meanwhile, due to the fierce competition, large businesses such as Microsoft are closing down Groove Music (their streaming service). When you consider that firms like Google and Apple compete in the same market, this isn’t surprising.
There seemed to be news of new streaming firms opening every other day a few years back. Not that much these days.
I’m not attempting to dissuade you from entering this zone; on the contrary, I’m encouraging you to do so. You may be able to build a profitable niche streaming platform if you can keep operations efficient and figure out what your unique selling proposition is.
But tread carefully, since average customers already have easy-to-use, universal streaming choices. There isn’t a scarcity of supply, and there aren’t many inefficiencies to iron out. If you believe this is the ideal opportunity for you, you must find a method to stand out and provide something distinctive.
5. Software as a Service
It astounds me that so few music entrepreneurs are considering creating SaaS tools to assist artists and their businesses.
Software as a Service (SaaS) is an acronym for software as a service. Customers become subscribers to your app and pay a monthly price to use it. Platforms like Hootsuite, Slack, Zendesk, Dropbox, and others are certainly recognizable to you.
It’s evident to me that artists have a variety of digital and internet marketing requirements. A SaaS tool to service this industry, such as one that helps artists ease the process of posting to social media and publishing their event dates across many sites, would seem to be welcomed. I spoke with a couple of programmers, and they indicated it wouldn’t be difficult.
You Can Pursue Music Business Opportunities
What about a software-as-a-service program that keeps track of all your merchandise sales and inventory? Is there an app that tracks concert attendance, demographics, and ticket sales? Is there an app that makes ordering CDs and digital distribution easier?
This is merely a brainstorming session for me. I’m not implying that they’d all succeed. However, it seems to me that you could construct a music industry version of Hootsuite (social networking), Zendesk (accounting), or Dropbox (file storage and sharing) and have some success.
SaaS enterprises are more valuable than other forms of web businesses, and they may therefore become significant assets in your portfolio.
6. Agency Agencies assist other businesses and people with the resources they need to prosper.
Agencies come in a variety of shapes and sizes. Dancers for music videos are handled by several agencies. Some people hire musicians for special occasions and engagements. Some are in charge of marketing for music companies.
You’ll like owning an agency if you enjoy acting as a go-between and filling holes in other people’s enterprises. And, in many cases, determining what your consumers are looking for – talent, marketing, PR, strategy, and so on – isn’t rocket science.
In essence, an agency is a B2B (business to business) company. This implies that the majority of your clients will be other companies. While this shouldn’t impact how you approach it, it is important to be aware of what you’re getting yourself into.
So, where do you believe you may be able to help? What services might you provide to other businesses? What can you do to make their life simpler by taking something off their plate? As an agency, this is where the opportunity is.
7. Advisory services
Starting your own consulting firm may be an option worth considering if you have expertise in a variety of fields and consider yourself a generalist rather than a specialist.
When it comes to entrepreneurship, the cliché goes that if you can’t decide what to do, you should become a consultant. Someone will be willing to compensate you for your suggestions.
To be honest, there are a few shady consultants on the market. They accept money, provide a few pearls of wisdom, then slack off and provide very little value.
Some artists and music firms would gladly pay for your time, even if you’re ultimately inept, since an outside viewpoint is frequently useful. However, I do not support this strategy. If you want to be a professional at providing consulting services, you should take your work seriously, do research, and provide practical solutions that benefit your customers.
It might be more difficult to assist someone who is farther along in their career. Recognize that dealing with bigger customers makes your job much more difficult.
Scaling a consulting firm may be difficult, but not impossible. Here’s what I’m talking about. Typically, an individual specialist becomes a consultant in their field and charges a set hourly cost for their services. The issue is that they only have so much time and can only book so many sessions before their calendar fills up.
Instead, you may need to create and offer training packages that tackle common issues in order to acquire additional time leverage. Alternatively, you may train a team of professionals to manage customers on your behalf.
As an entrepreneur, you must constantly examine if you have the requisite skills, time, and resources to manage a given sort of firm.
If you don’t have any, you’ll have to recruit someone who does. You’ll want to establish your team at some point anyhow, but if you start a fire you can’t operate, you’ll need a competent staff from the start.
When it comes to business, I feel that it is better to begin starting as soon as possible. Many individuals are immobilized by study and analysis, pondering their alternatives indefinitely and never making a decision. This is counterintuitive and will harm your self-esteem and professional career in the long run.
So, although I urge you to carefully explore your alternatives, please don’t wait to take action. When you have some skin in the game, you will grow the most.
P.S. Keep in mind that none of this will matter if you don’t know how to get your music out there and make money from it. Do you want to know how to do it? Then receive our free guide, “5 Steps To A Profitable Youtube Music Career,” delivered to you right now!