The most challenging part in career of an artist or musician is how can they make money with their music. This kind of question have being asked over and over, but in this interesting insight and I will love if you guy’s can learn and understand the top 3 primary revenue streams in music business.
No matter kind of genres of music you find yourself whether its Fuji to Apala, Gospel to Hip-Hop and others, all this primary revenue streams are important to you.
Before I move further Artistes and musicians must be involved in all revenue streams in order to build a successful and sustainable career in music business.
Guys I will be starting a series tagged : Music Business Series with GY, but today I will be speaking on Top 3 Primary Revenue Streams in Music Business.
(1) Music Publishing
(2) Recording
(3) Live Performance
Music Publishing: Means an ability to own exclusive right to your content and its ways by which Artistes benefit financially from the use of their work or intellectual property. Write and own copyright ” Right ” to you song if you can. Or employ the services of ” Pro ” songwriters. In the next series I will share with you what music publishing means and how you can own your own music publishing company.
Recording : This area is very important to labels in the early this days because record sales are the only financially rewarding sales funnel they used to generate revenue than before the privacy era of digitalisation of free downloading songs online right now. But still yet record label/Artistes are still making money from this area. Record your songs and leverage on all traditional and emerging channels of distribution and sales.
The traditional aspect is still by which you made your content available in physical sales such as CD on the street with services of Alaba marketers. While emerging digital distribution channel is whereby you made your content available on major digital merchant platforms such as MTN Music+, Spinlet, Cloud 9, iTunes, Apple Music, Spotify, Tidal and others.
Live Performance : In this our unstructured Nigeria Music Industry will find ourselves, this is the most lucrative and viable avenue where Artistes and musicians make money from their songs. What did you need to do is to mastered the art of performing your songs live at any major event to corporate gig. The ultimate value of any songs is in its performances.
I hope you enjoy this short primary insight, in coming posts I will share with you the secondary revenue streams in music business.
Inspiration Credit: Toyin Adeniji, who is music consultant and founder of music business network. You can follow him on @mymusicbizthots.