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Anyone can join the discussion and contribute relevant articles to Music Think Tank.  Begin by signing up and then logging in to publish your posts directly to MTT Open. Please make sure that your posts are in the proper format before posting (see previous posts) and that there are minimal errors such as grammar or spelling. Popular articles are occasionally moved to the front of the site. Contributors own and operate this blog (more info).

Entries in profit (4)

Tuesday
Apr012014

Alternative Money Making Approaches for Musicians Failing to Sell Records

The music industry has undergone a sea of changes since the days of vinyl records and cassette tapes. While the current mobile downloading setup offers plenty of convenience for the average consumer, it can spell financial ruin for musicians and producers dependent on record sales. After all, illegal downloads still eat into profits, with the Recording Industry Association of America (RIAA) reporting that piracy caused music industry profits to fall from $15 billion in 1999 to just $8.5 billion in 2009. In order to survive in this environment of piracy, musicians must think outside of the box, taking advantage of social media, mobile technology, merchandising and, of course, live performances. Together, these elements can spell great profit, even in an age of iTunes and illegal downloading.

Offer VIP Packages for Concerts

Critics of social media may complain of young people wasting their lives behind computer screens, but the truth is, music fans still love attending live shows. You still can profit handsomely off of traditional concerts, but if you're looking to amp up returns on your tour, consider throwing in VIP concert options. These could include special meet-and-greets before or after shows, or even private performances for your most dedicated fans. Many will gladly pay two, three, even four times the going rate for your concert if it means getting up close and personal.

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Wednesday
Dec052012

Playing Profitable Shows as a Band: The 25% Rule

A recent article by Last Stop Booking highlighted the fact that touring is now more important than ever. If you have the time, I highly suggest reading through the article to get a basic feeling for how you should be planning your tours as a band.

I’d like to add some tips/ideas to that post by going farther than just giving ballpark numbers and touring radiuses to go off of and instead dive into a profitable tour itinerary that just about any new indie band can use as a template.

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Tuesday
Jan112011

How Artists Can Profit From File Sharing

FACT: people download music for free.  

Sean Parker of Napster fame recently stated in an interview, “you look at the data, somewhere between 4 trillion and 10 trillion songs are illegally downloaded every year.  And we’re looking at maybe 4 billion or so legal downloadeds per year.”

Music will always surface on file sharing platforms and consumers will continue to download music for free, but recordings are even more important for artists than ever before.  There is a new purpose for recorded content; artists will no longer generate revenue directly from recordings, instead this will be the entrance point for consumers into a the brand.  Great music will generate revenue through merch or ticket purchases, or lead to sponsorships as major brands seek out artists to enhance the value of their own product. 

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Wednesday
Oct142009

The Lottery Model, The Free Culture Model, The Click Control Model

Q: What happens when you put a lawyer, an economist, a business executive, a government bureaucrat and an artist into a locked room?  A: The business executive assaults the economists, the lawyer sues the executive, the bureaucrat falls asleep, and the artist writes a song about it.  This is the copyright debate.

Over the last couple of years, and as a background task, I have tried to make sense of the copyright / copy restriction debate.  Is more or less copy restriction better or worse for rightsholders?

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