THE MUSIC AND BUSINESS
The music business has two elements, Music and Business. These two are intertwined and necessary to obtain success. There cannot be a music business without music. However, the time has shown that there cannot be proper exploitation and revenue generation from music without the business aspect. The highest chance of success an artist has is to mix the creativity of the music with the organisational side of the business. In this day and age, talent is not enough to keep one successful in the music industry. This explains why we have had overnight sensations that disappeared as quickly as they rose.
There is a big difference between music and the business of music. Most artists are only concerned with the music aspect, and whilst that is not a problem, it becomes one when they are not surrounded by people who understand the business of music. Music and business are two different forms and utilise different practices. Although the lines may blur and look similar, failing to note the difference may cost you your career. The decisions made in the business aspect of music can have lasting effects on you, your music and your career.
As an artist, whilst you may not necessarily need to understand the business of music, especially if you have an informed team with you, it is important you know some basics. As much as possible, understand the art of business, accounting and bookkeeping, intellectual property, fundamentals of contracts in the music industry, the revenue streams in the industry, and networking. These will better understand the music business and all it entails and help you make informed decisions.
A lot of artists leave so much money on the table because they are not aware of them. The more informed you are, the better you can exploit your art. You do not need to know about every side or aspect of the music business. Understanding the basics is a good starting point. The more you familiarise yourself with the industry, the jobs and the roles of different players and people in the industry, the more you understand how it works, and the better/more informed decisions you make.
Always treat your music as what it is, a business. If you fail to treat it as such, there will be little or no profit for you. The music is your art, which can generate streams of income for you. To do that, you need to understand and respect the business side. Understanding the business of music has enabled less talented artists to be successful and more relevant than their contemporaries with vast talents.
Unfortunately, you are not going to succeed by your art or talent alone. The music business is far too advanced for that. Take courses, attend webinars, read books, increase your knowledge, and surround yourself with people who understand the industry. Yes, it will cost you, but hey, if you will not invest in yourself, who will? By having a team that understands the music business, your chances of success are higher.
Lastly, stay up to date with all you need to know about African music at SOA, right here.
