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NEW CHALLENGES OF THE MUSIC INDUSTRY

Music Industry is not what it used to be!

The new challenges of the music industry in this hectic times are endless and terrifying. But with effort and great work… we will make it through!

Music Industry used to be about selling records. But the digital technologies, internet and the streaming era, have changed it forever. Those times of selling physical records massively are gone… and we all know this is true.

With the digital downloads and streaming, the source of revenues that artists had to make ends meet have changed. It was a shift from the record business to the touring business. It was not as good as before… but it sort of worked.

Then 2019 came and the pandemic hit… to again change the world without precedents, and, again, with not high hopes of returning to the way it was before.

A new normality is settling down in the music world. How can artists adapt to it?

Adapting to the “new normality”

Get the streaming on your side

Within the challenges of this new normality (and I hope I an wrong with this), the new live music shows might be more reduced in ticket numbers. Less tickets to sell, less people to get at your gig to grow your fanbase and sell your merch. If not forever… this will be happening for a little while, seems like. The most promising option to reactivate the activity in the concerts will be studying options of live streaming and online content of the concerts.

This not only allows you to get your music anywhere in the world, but also helps you to generate digital content and, if well planned, design an strategy that can bring you revenues from the concert from a little longer than the show itself. A lot of digital platforms are arising, that allow you to get started with live streaming and monetize it. One of the most famous ones is StageIt, that a few artists in the station have been using, and seem to be working for them.

The streaming platforms are one of the main reasons of the new challenges that the music industry is facing. Take them to your side instead of fighting against them!

There are also other platforms, like online music content TVs, under subscription, that are also arising and that offer a great promise for revolutionizing the music industry, and turn it towards the artists. One example of project of this line is Tolemias TV. An online platform that wants to become the Netflix of the live music, and that is starting to get attention from big companies and investors.

Engage with your fans

Fans are the most important thing an artist could have. They are your supporters, your ambassadors, the people that loves you and will (almost always) stand by your side. Nowadays with social media platforms it is way easier than before to keep connected with your fans.

It is pretty easy nowadays to generate content and spread it around the social media channels, in different formats. This goes from videos to posts, pictures and voice messages. Everything that allows you to generate a more personal and deeper connection with your fans (or people that aren´t your fans yet, but that might like you and align with you!), is a chance nobody should underrate. Having said this… heads up! Don´t try to be everywhere if you don´t have time to keep your channels up to date. The effect that can cause on a fan or potential fan, an abandoned social media channel can suppose losing him/her forever!

Networking, Networking, Networking

Artists understand each other. We are all in the same little world, and we know how hard it is to break into such a complicated and competitive environment. The best allies you can get when you are starting, are other artists. Interact with them, ask them questions, study how they handle their business… and work with them!

Music has the amazing power of bringing people together. There are not many experiences able to build up a strong, long lasting friendships. In the collabs you put your soul and feelings close to somebody else´s ones in the shape of a song. Isn’t that a beautiful thing?

The new challenges of the music industry cannot be overcome without passion and hardwork. If something characterizes artists and other music industry agents is their love for the music!

Do not limit this networking spirit only to other artists. Networking is key in the music industry, and generating these strong relationships and friendships with other music business agents is key. We all start from 0, we know how if feels to be there, and solidarity and passion are values widely spread among artists and other people working in the industry. We all love music!

Take a time to go back to your origins

The pandemic brought us despair… but also time to think about ourselves, and how do we want our lives to feel. Before the “public” music life starts to pop up again, take a chance to reconnect with your passion. Music is about emotions, about making others feel something through your music and your personal and unique live experience.

If you haven´t already, think about who you are, what do you want to convey through your music and why. That energy and uniqueness is what will make your music stand out and help you find “your” people. Take any chance to think about that. Reconnect with those values and bring them to others! At the end, the music is the key!

I hope that, after this posts you start seeing these new challenges of the music industry as new opportunities to grow, improve, and take your musical project to the next level.

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