Questions

Right now it feels like I am throwing everything against the wall to see what sticks, but I would like to narrow the focus a bit. Do I push more for promoting to festivals, licensing, viral social media campaigns, etc?

Trying to make money in the music industry is difficult these days, so if it's been hard, it's not just you. :) But you can start by thinking that 1) every musician is a business, and 2) you grow a business by figuring out how to improve profit margins and add new revenue streams. So what's making each artist the most money right now? Festivals? Conventional touring? Unconventional touring (i.e., Closeup.fm)? Licensing? e-Commerce/merch sales? Identify where you're already making a good margin, and then brainstorm ways to scale. For example, if licensing has been good, make sure that each musician's ENTIRE catalog is on EVERY licensing company's website/platform. Then, set up a call with a rep at that company and ask for their advice on maximizing revenues with their platforms. I'd also ask each musician what their income needs/goals are for 2015 so that you and the musician have clear targets for each quarter. It's hard to shoot straight without a clear target.


Answered 9 years ago

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