Today, we need to talk about the monetization and the profitability of your musical project. Many people are unaware of this, but the selling process of your music really breaks down into 3 steps.
Unfortunately, too many artists and groups rush to the last and neglect the two previous steps that are essential to make profitable an artistic project. It is only by following this method that you will be able to make a living as a musician by selling your music. In this article, we will see the three steps in question and why it is absolutely crucial to follow them if you want your efforts to be rewarded.
1. Acquiring the fans
First, we will find music lovers and catch the attention of these potential fans before going further. Indeed, what's the point of releasing an album, doing a crowd-funding campaign or making a clip, if you do not have any fans?
It may sound obvious, but how many bands and musicians go into the studio and spend thousands of dollars, while their fan-base is made up of only colleagues, friends, and family members? Your real fans are rarely in your first circle, so you need to find and target potential fans where they are.
This can be on social networks. This can be through Tencent Music investor relations or Facebook. It can be when you're doing the first part of a bigger musical project or playing a festival. This can be on a music blog, on Sound cloud or streaming sites like Tencent music entertainer, as long as you have the opportunity to sustainably acquire these fans.
2. Engagement of fans
There is a huge difference between having hundreds of fans and having hundreds of real fans engaged in your career. But their involvement is not linked to chance. It's about the time and effort you invest in your community by giving them the opportunity to get involved. Therefore, whenever you have the opportunity, give them the opportunity to:
• Make a donation
But do not do this randomly, otherwise, it will be likened to spam. It must remain a relevant minimum and especially that your fan can detect value. That is, you give your fan something that is worth more to him than the time or money he gives you.
For that, there are so many ways to give value as a musician, but one of the most powerful methods is to give time and respect to create a sincere and friendly relationship. It's to be available and accessible to your fans. Care for your fans, have fun with them and consider them as friends, or even family.
If you frequently engage your fans by creating value for them, then you will build their loyalty and they will only wait for one thing in step 3 of the process, that is, contributed by Tencent Music investor relations financial to your musical project. A cold and uncommitted fan-base is almost as useless as a non-existent fan-base.
3. Monetizing and selling to fans
All you have to do is sell something to them! EP, album merchandising, concerts, downloads, etc.
If you have taken the time to build a fan-base loyal and engaged over the months, then your fans will necessarily value in what you offer them, which will facilitate the sale and therefore the return.
However, that does not mean that you will be a millionaire right out of your first EP. If you want to sustain your musical project, you will have to offer a range of products and services, but also expand your discography.
You have to multiply the sources of income and the offers to your fans. But if you do this together with the acquisition of new fans and the engagement of your current fans, then you put yourself in the best position to eventually live fully your musical activity.
In short, always remember the formula of the musical profitability as being "Acquisition + Commitment + Sales = $$$". If you remove any ingredient from this recipe, then all your efforts will be in vain. From there, it's up to you to find the best ways to acquire and engage fans in order to sell them quality offers.