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Facts About The Music Industry [MUST READ]

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Facts About The Music Industry

Facts About The Music Industry

What is the music industry?

This section is all about the business of making music, and making sure you get paid. The music industry is a major U.S. employer. A report from the RIAA found that the music industry was responsible, either directly or indirectly, for 1.9 million jobs across the nation in 2016. So, here are a few facts about the music industry. They’re designed for artists, but they’re also useful for those in the business world. Some are upbeat, while others serve as a wake-up call. They are all, however, critical to comprehend.

Working in music is more than just a nine to five job—it requires a lot of commitment, often for not a lot of compensation or recognition. It doesn’t help that there is so much misinformation out there about how to get into the music industry and what to do once you’re there. I highly recommend reading This Business of Music, which is currently in it’s tenth edition, as a reference guide to your business future.

The music industry is very competitive and one of the more difficult industries to break into, but that doesn’t mean it’s impossible. In order to understand the dynamics of the music industry, it is first of all necessary to recognize that the music industry is not one, but a number of different industries that are all closely related but which at the same time are based on different logics and structures. The overall music industry is based on the creation and exploitation of music-based intellectual properties. Composers and songwriters create songs, lyrics, and arrangements that are performed live on stage; recorded and distributed to consumers; or licensed for some other kind of use, for instance sheet music or as background music for other media (advertising, television, etc.). This basic structure has given rise to three core music industries: the recorded music industry—focused on recording and distribution of music to consumers; the music licensing industry—primarily licensing compositions and arrangements to businesses; and live music—focused on producing and promoting live entertainment, such as concerts, tours, etc. There are other companies that sometimes are recognized as members of the music industrial family, such as makers of music instruments, software, stage equipment, music merchandise, etc. However, while these are important industry sectors they are traditionally not considered to be integral parts of the industry’s core.

If there’s one thing the music industry prizes, it’s experience. How do you get experience? Other musical artists and producers go way beyond the traditional format of the song and create mobile applications that allow the users to play with music in different ways. London-based RjDj and San Francisco-based Smule are two examples of organizations that have developed such applications that challenge the boundaries between music and interactive videogames. These tendencies raise fundamental questions about the definitions of the music industry and music organizations. Will tools and software for playing with music become recognized as a vital part of the music industry and a fourth core sector of the industry, next to live music, music licensing. and recorded music? If so, what will this mean for established music companies, artists, and composers? When live music and music publishing became increasingly important industry sectors in the first years of this millennium, traditional record labels reinvented themselves, built new capabilities that allowed them to serve as record labels, music publishers, management companies, live music companies, etc. They turned into 360-degree music companies, which placed equal emphasis on all three music industry segments. If context-based services and software will continue to grow in importance, music companies will need to add yet another new competency and perhaps new business areas to their organizations that will enable them to capture the increasing value created by context-based music services.

You hear it repeatedly: “Networking and creative alliances matter.” Why? The music industry thrives on it just like any other people-based industry. So where do you start? The music industry is tough to get into and difficult to stay in. You need more than talent to reap big in the industry. Most of your activities should revolve around music. With a few tricks, artists can leave their best out of the music business. Follow the above tricks for success.

But as we’re poring over deep lyrics from our favorite singer-songwriters and debating whether dynamic bands fall into one genre or another, we rarely recognize the fact that music is much more than an art form—it’s a big, profit-driven business. The International Federation of the Phonographic Industry (IFPI) put the total value of the recording industry at $20.2 billion in 2019. The music industry is responsible for an estimated 1.9 million jobs in the United States alone, per the Recording Industry Association of America (RIAA). And music has helped the net worth of some artists, like Andrew Lloyd Weber and Paul McCartney, surpass $1 billion. It’s this very industry that determines which bands make their way onto Spotify playlists, and which ones are forgotten entirely.

Working in music is more than a nine-to-five job; it necessitates a great deal of dedication, often for little pay or recognition. It doesn’t help that there’s a lot of misconceptions on how to get into the music business and what to do once you’re there. Explore the story to see 50 facts about the music industry you probably didn’t already know.

How does the music industry work?

Understanding how the music industry works today (vs. how it worked 20 years ago). This section is all about the business of making music, and making sure you get paid. You don’t understand how music industry works, how value is created and how to monetize it. If there’s one thing the music industry prizes, it’s experience. How do you get experience?

If there’s one thing the music industry prizes, it’s experience. How do you get experience? Working in music is more than just a nine to five job—it requires a lot of commitment, often for not a lot of compensation or recognition. It doesn’t help that there is so much misinformation out there about how to get into the music industry and what to do once you’re there.

Want a career in music? Learn about music industry jobs, requirements and salaries. You hear it repeatedly: “Networking and creative alliances matter.” Why? The music industry thrives on it just like any other people-based industry. So where do you start? You hear it repeatedly: “Networking and creative alliances matter.” Why? The music industry thrives on it just like any other people-based industry. So where do you start?

The music industry is like any other industry. When you have value to offer and possess drive, determination and work ethic, you get a successful music career at any age. Do you have any more music industry tips, or questions about how to make it in the music industry? Let us know in the comments below!

Inside the Music Business: 5 Industry Experts Share What Artists Need to Know to Navigate Their Careers If you look carefully at the most successful music careers you will see that it’s the team that creates the success, not the individual or band alone. Labels, managers, booking agents, publicists and social media all go into making a well oiled team.

The music industry is very competitive and one of the more difficult industries to break into, but that doesn’t mean it’s impossible. I highly recommend reading This Business of Music, which is currently in it’s tenth edition, as a reference guide to your business future. Here are some winning tips for musicians to succeed in the difficult music industry:

Try not to take things personally, as the barrier to entry in the music business is set incredibly high. Musicians are just one of the many moving parts that help the music industry run. This creative industry needs more than instruments and performers, so there are multiple paths you can take to be part of it.

What are the benefits of being a musician?

What’s your favorite thing about being a musician? Let us know in the comments! Aside from the cognitive benefits of playing music, making a living as a musician teaches you about all kinds of business and communication skills (that could even be used later in life should you want to try your hand in another industry).

One of the coolest things about being a full-time musician is that you get to fulfill many of your natural desires all at once. The primary “pro” of being a professional musician is that you get to enjoy your art and earn an income while following your passion and doing what you love. You have the opportunity to collaborate with other artists, travel and have a variety of new experiences, often while courting an admiring fan base. The highest level of professional musicians can earn a healthy salary, either as solo artists, session players or as part of a group or band. Other benefits include:

You get to make music and perform it for adoring fans. You get to meet a lot of people. You get to make some money doing what you love to do. And, you get to travel the world, too. Ask most serious musicians and they will tell you – “it would be so great to be able to focus on my art full-time and not have to do anything else.”

As a full-time musician, your work will be made up entirely of music related activity. You’ll get to turn your creative vision into reality and share it with the world. Not only does it make you well versed at your craft but it makes you highly authentic with your sound. We live in a world of contrast, and practically every pro to becoming a full-time musician is tempered by an equally unattractive con.

As a full-time musician, you can chase your creative vision, decide on your branding, market your music how you want to, choose how you want to monetize your career and more. Musicians are often the envy of the working world, and for good reason. Seriously, can you think of a more entertaining career? I doubt it. Here are nine solid reasons why music makers have the greatest jobs ever.

Music, like mathematics, is a universal language. We can communicate a variety of emotions and themes that touch the very depths of our soul with the vigorous movement of air through a trumpet or the tender touch of fingers on a keyboard. Musicians (both professional and amateur) are at a unique advantage because they not only have the opportunity to communicate universally but also to improve their brain health. Your brain will thank you for being a musician for five reasons:

Having a background or education in business, finance or marketing can help you increase your odds of success as a professional musician. Many musicians have side professions or education or training in other areas they can fall back on in between gigs. This might include being a music or band teacher or tutor, or an entirely unrelated field of work. Some professional musicians find it beneficial to have a flexible secondary line of work that allows them to prioritize their music career while still having a financial safety net.

How can you be successful in the music industry?

Here are some winning tips for musicians to succeed in the difficult music industry: The music industry is a tough one, and your success does not come on a silver plate. You have to work tirelessly and smartly. Do not be discouraged. What aspect of your music career is the best predictor that you will make it in music?

Treat your music career as your business. One of the things that most people do to succeed in business is learning how to manage it properly to increase profit. Be careful about taking advice from anyone who has not succeeded in the music industry at the level you want to succeed. You can’t expect to make it in the music industry overnight. Building a viable career for yourself will take a lot of time and effort.

Becoming successful in the music industry is quite complicated. It requires much cash to produce and promote your piece and becoming fully in charge of every aspect regarding it. In most cases, beginner artists duped, and in the course of everything, they lose interest in this industry. Do not give up yet; we have researched and assembled the top 20 steps on how to be successful in a music career, as discussed below:

Being successful in the music industry is very challenging, and only the fearless and hard workers achieve it. With good music, you can go far. Selling in the music industry is a big problem. That is why you need to learn more about this industry before embarking on singing. It might not be what you always think it is.

As mentioned earlier, the music industry is a big one, and you must always be smart. Be prepared to play anywhere, use social media platforms to sell your music, be an excellent singer as well as instrumentalists, play anywhere, establish an EPK, and always practice your music. Having strong connections can take you a long way in any career and making it in the music industry isn’t any different.

To recap, in this guide we discussed the following tips to keep in mind when trying to make it in the music industry: If there’s one thing the music industry prizes, it’s experience. How do you get experience? If there’s one thing the music industry prizes, it’s experience. How do you get experience?

The music industry is tough to get into and difficult to stay in. You need more than talent to reap big in the industry. Most of your activities should revolve around music. With a few tricks, artists can leave their best out of the music business. Follow the above tricks for success. Music, as a career, is quite demanding. You have to be fashionable, you have to do quite a lot of things that your fans would like you to do, and sometimes, you have to go beyond borders just to make it. It is all about investing in you. You must be willing to work extra hard and learn new things as you get things done.

 

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