Revenue Streams for Artistes
One of the objectives of having a Musical career would involve having some forms of returns for time and resources invested. This article will discuss some of the sources of Revenue generation available to the Music Artiste.
The Sources include, Record sales (digital downloads), Ringtones and Caller-tunes,Licensing (Copyright), Publishing (CD Sales), Merchandise (Custom caps, T-shirts, Bracelets), Touring, Crowdfunding, Donations, Partnerships, Endorsements, Subscriptions etc.
These sources would be explained further in the full article.
Three(3) recipes for Business success are Financial resources, the right people and the right market conditions.
While some artiste would be tempted to release their Song on blogs and other music websites for free downloads, with good content and a well thought strategy, the Artiste can generate good returns for resources expended in producing the work. We will now briefly discuss some of these Sources of revenue for the Artiste.
1) Record Sales Today the Artiste can make good revenue from sales of their records online, through a number of digital outlets. Some of these outlets include. Itunes, AmazonMp3, Googleplay, Tidal, Spotify, Spinlet, MTN Music plus, Deezer, etc.
2) Ringtones and Caller-tunes – This is another source of revenue for a lot of Music Artiste in Nigeria who get a cut from the 50 naira paid for ringback caller tunes
3) Licensing (Copyrights) – The rights associated with owning a piece of musical work can be a source of good revenue if properly handled. Register with copyrights societies in your industry, for Nigeria (COSON – Copyrights Society of Nigeria) and any other bodies that could help with royalty collections and other revenue from Licences.
4) Publishing (CD sales) – This is an area most marketers in Nigeria claim to be experiencing decline in sales over the years. This could be as a result of the changes in consumer preference i.e the way consumers receive and play their Songs they like. With the increase in the number of mobile phone users and drop in data prices, more people have access to source for a digital copy of the song to download rather than buying a CD. Although some genres may still enjoy reasonable CD sales (Gospel – Artiste supported by Churches with loads of members). It is important to understand the CD sales market and the best strategy to adopt in publishing your CD.
5) Merchandise (Caps, T-Shirts, Bracelets, Shoes) – As your brand get bigger, so are the opportunities for product integration. You do not even have to be good at making the designs or the merchandise. Just enter into partnership with a friend or a company that makes them, then attach your brand name and other service marks (logos) to the product, which you can use your huge following to easily sell. As you will have a ready market for the merchandise.
6) Touring – Organising a Tour playing from one city to another can be a good source of Revenue generation. For a start, the artiste can book smaller venues, and attach other acts to support so as to attract both the artiste fans and the fans of the supporting acts.
7) Endorsements – It is good to be consistent in your message and quality of delivery as you could use this to get endorsement deals from those values and organisational beliefs align with your message. One could also get endorsements just because of the number of followers and fans gathered over time as organisations see the influence the Artiste has over the population of those following.
In all these, always remember that it is important to make the move to initiate fresh product integration ideas rather than wait for proposals or phone calls.