The truth is that it’s bound to be a combination of all of these factors. Earning money is probably the least important to most – at least, at the start of their careers. However, the music industry itself does not afford that luxury. Like all businesses, the music industry exists to profit. It does this by putting a price on all or as many of the activities involved with the creation, performance and distribution of music as it can. Kudos can be a motivating factor for many, but in the end it’s no replacement for cold hard cash, without which the industry cannot function.
Last week we examined where the money lies for the music industry in the wake of unprecedented change. We examined the mechanics of being in business, revised some of the concepts we’ve examined over the past few months and talked about what’s coming next.
This lesson went into depth about where the money lies in Sales, Royalties, Publishing, Mechanical Royalties & Syncs as well as Entrepreneurship and alternative sources of funding. We even did a short case study Lady Gaga and what we can learn from her. Such a good lesson this week!
~Michelle for EDMNYC