Generating profit is the purpose of almost every business and usually the more the better! The music industry is no different. In the past, it was the record companies who generated the most income and public interest from selling recordings to customers, developing artists and generally running the music world. Today, things have obviously changed. Yes, the record companies are still very important, but their influence is dwindling as they have slowly been superseded by the new generation of artists who prefer to work for themselves. Artists can benefit hugely from this change, but that’s only if they approach their careers in the right way. An artist who is signed to a record company will have access to advisers who can help them. This is a mutually beneficial setup for both artist and label, however an artist that chooses the DIY approach will have to learn as much about business as they will about music. So, it’s basically up to the artist on which route they want to take.
Throughout last weeks course, we covered the nuts and bolts of business, the things that artists need to know in order to survive in the music world without losing their money.
~Michelle for EDMNYC