"My Thoughts....
After reading a recent Chicago Tribune article on how gas prices are affecting touring bands, it made me want to re-emphasize the importance of online sales (and community) to a band's success.
There are several bands on our Top Unsigned list selling over 5,000 songs (a couple over 10,000) on iTunes a month and about half are selling about 1,000 a month.Until producers costs come down, the costs of recording an album will be the same. But singles are what people want now.
People want to pay for good songs, not an album of fillers. Incorporating exclusive merchandise with new singles is a way to create income.
There is a lot of money to be made by unsigned bands. It is an unsigned market.Find forward-thinking management. That is key. Research and find licensing deals with merch and distribution.
Many companies are shifting their business models to take on unsigned bands. Don't let the rising gas prices and falling CD sales scare you. It should only shift your bands business model to a more profitable future, that's less dependent on labels.
Posted by tim.towner on May 29, 2008"
*photo courtesy of http://www.bized.co.uk
This is so so well-said! It's exactly to the point about the position of the music industry NOW. This is definitely something that should be addressed, as the music industry is changing with the rise of popularity of unsigned bands and independent labels. i.e.: artists/managers/etc supporting themselves!!!
These artists are reprenting a bigger piece of the industry now. I definitely agree with what Towner has to say about how business models should adjust accordingly in these new times for music.
That said, it's important for the band to work hard for this as well. It's unlikely that the band itself can do this without the help of promoters, managers, and/or agents.
I learned from the CEO of a social media marketing firm here in Orlando that the bands should create and perform the music and instead of trying to juggle promotions, websites,and materials, to hand it over to professionals, which is a great business decision.
It's not necessarily about the money for marketing companies, but about GREAT promoting of the entire package. Not just flyers. Not just websites. Not just fan interaction. But all of that and more must be paid attention to in order for a band to become a success. Plus, the band has to be able to deliver and attract crowds in a unique way- the most important aspect in my opinion. Producing new ways, especially with technology and the internet, are great starts to gaining some sort of incoming dollars for the band.
According to a recent panel of music industry execs and musicians themselves at the Florida Music Festival, a lot of people in the music business are solely in it for the money. But, again as an optimist, I think that there are a lot of people on the business side of music who begin with a passion for music- at least I would hope so! Such a shame if that's not the majority of cases..
Still don't know a ton about how this business works, but just some thoughts.
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