Contemporary artists are not only musicians, but also business people. The absence of record labels sponsoring promotional activities, distribution, or financial services forces artists to address multiple issues at once. Apart from making sure that their music reaches its audience, they perform marketing, content creation, and branding functions.
The transformation provides musicians the ability and freedom to be creatively self-sufficient; career movements do not require external assistance. On the other hand, finding the equilibrium between the creative and business aspects of the activity poses a challenge in the absence of adequate resources and planning.
Direct-to-fan sales and crowdfunding: The earning funnel for artists
Independent artists nowadays do not stick to the traditional way of selling music. Direct to fan websites like Bandcamp, Patreon, and Kickstarter enable fans to interact with the artists, monetarily assisting them as well.
- With Bandcamp, fans can buy an artist’s merchandise, music, and even digitally autographed album copies.
- The ability to deliver exclusive content to a paid subscriber on a monthly basis through Patreon enables better predictive revenue.
- Fans can fund certain campaigns through Kickstarter, for tours and album productions.
These platforms do not require third-party involvement, making it easy for artists to connect with their audience and forgo income loss. Musicians can also Buy YouTube views and generate revenue through ads, sponsorships, and fan contributions, further diversifying their income streams.
Diversified income streams: Expanding revenue beyond streaming royalties
Keeping in mind that independent musicians receive little payouts from external streaming services, they must turn to alternative revenue sources to sustain themselves. A few of the more lucrative options are:
- Live Performances: Physical and virtual concerts and tours.
- Merch Sales: Apparel branding, posters and other highly sought-out items.
- Music License: Issuing and placing songs for use in movies, television shows and commercials.
- Youtube Monetization: Using advertisements and other strategies that yield monetary profit.
Using different revenue streams helps minimize financial risk.
Self management tools – Distributing and marketing your own music
Independent artists now have the means to promote, track and distribute their music without any third person digital platforms.
- Use DistroKid, TuneCore or CD Baby for worldwide distribution of songs.
- Use Spotify for Artists and YouTube Studio for audience engagement analytics.
- Use social media marketing to purchase Youtube views or exposure.
With such tools, independent musicians can gain an understanding of their audience, maintain full ownership of their music and expand their reach.
Branding and marketing: How artists build a strong identity and fanbase
A unique personal brand allows artists to foster a different image and reputation in comparison with other players in the industry. Social media helps in capturing an audience through:
- Use of consistent imagery and messaging across different platforms.
- Engaging content such as behind the scenes and live video questions and answers.
- Collaborations with other artists and influencers.
Independent artists are able to build devoted fan bases, which improves interaction and success over time, because of branding focus.
Challenges and opportunities: Finding control and balance
Combining both music and business is a hard task, but with more work comes reward. Independent artists have more flexibility, control, and earnings. It is possible for them to advance their career and achieve financial stability without compromising their strategy.
