Money Management: A Problem You Wish You Had

During the past couple of weeks, we have spent a lot of time talking about ways for musicians to make money in an industry where, in its current state, musicians are expected to give A LOT away for free. Maybe you’ve already adopted some of these strategies or you’re starting now, but in either case, you need to think about what to do with the money once you get it. (HINT: stretch limo with snowmaking machine and half-pipe should be at the bottom of your list, and stay there…pretty much forever). Generally speaking, you need to treat your music career like a business, especially when you have money coming in. This means budgeting, saving, and the use of spreadsheets for some light accounting work. If you really, really hate the idea of this, do it anyway and write “Hire Accountant” somewhere in your budget. 

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Go With The Flow...It Knows a Short Cut to the Bank

The debate over whether or not music/entertainment should be free (e.g., digital piracy, intellectual property) is often ruled by moral assertions. While either side of the argument has its merits, the pragmatic truth is that it doesn’t really matter. People have enough access to free music that if you’re abstaining based on moral objections, you’re missing the boat as you make your stand on what is sure to turn out to be a sinking desert island. Don’t think of giving your music away as giving away your blood, sweat, and tears, think of it as free advertising. If you don’t have a strong following, you can’t seriously expect to get one if all your potential fans have to pay for songs they haven’t heard yet. Especially while bands that they already know they enjoy are giving away their for free.   

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DIY Is Dangerous

If your band is just starting to pick up speed and you’re reading advice blogs (like this one) left and right because you want to harness your momentum, you might want to be seeking advice for booking agents as well. If you plan on doubling as a musician/booking agent, you not only have to be prepared to multiply your own workload, but your own liability with your bandmates if a show goes badly. You don’t want to hire just any booking agent, but before you go it alone, you should know what you’re getting into.  

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How to Spot a Paying Gig

If you’ve been playing out for a while, you’ve probably noticed that gigs don’t generally pay too much, if at all. You may have even paid to play when a worthy opportunity came around. You should never expect to be paid if you’re just starting out and/or don’t have a following, but there are ways to make decent money. The simplest and more generally applicable advice is to seek out situations where you will be the main attraction and hence, in a position to negotiate. Another common way is through merch sales, but it’s not quite as easy as having t-shirts made. When you’re offered a low-paying or no-paying gig, consider the venue and the type of crowd it will bring. A dance club on the weekend might always be packed and the attendees might have plenty of money but they aren’t likely to carry a CD and extra t-shirt around while they’re trying to get laid. You may draw a great crowd at your local dive bar but don’t count on your friends giving you a time when they are already getting your company for free. There is money to be made for playing shows if you know what kind of opportunities to look for and how to take advantage of the ones you get.

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'The Album' is Dead. Long Live 'The Album'

If you’re old to be thinking about music as a career, there’s a good chance that you grew up at a time when The Album was still an iconic point of reference in pop culture. You’ve probably fantasized about your debut being compared to Dark Side of the Moon in Rolling Stones or being called the definitive work of the Alt-Castrati genre in SPIN. I’m sorry to say that the odds are stocked higher against than at just about any other time period. This is largely because almost no one is buying them except for maybe the other people in your band. If you focus on producing an EP or single every two or three months, you’ll be able to keep people engaged while you slowly build your groundbreaking debut. But one interesting thing to think about is that until the 60s, The Single dominated music culture, so what will be the Internet-Age equivalent of The Album?

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Much a Blog About Nothing

Not all attempts at DIY marketing must be restricted to character limits or your number of Facebook friends. Blogging helps with publicity, keeping fans engage, search engine optimization, and much more. Many musicians understand this, but get stuck when deciding what to write about, given that it is nearly impossible to convey melody through text. Luckily, you can write about pretty much anything you want. It should be as closely related to your music and fan-base as you can manage but the most important part is consistency and showing any potential readers that you are actively advancing your career. So while I’d advise most or all to steer clear of erotic poetry and Pro-Am Golf commentary, the most important part is getting it done. You can write about the songwriting process, a recent tour, an upcoming show, the local music scene, or even a side-interest or hobby like cheesy horror movies or the Scandinavian woodworking community. You don’t even have to do much writing. A blog can be mostly photos or videos or written in short-form, whatever you're comfortable, as long as it's kept up to date. If you still feel stuck, check the blogs of some of your favorite bands for more ideas.

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Another Reason To Love YouTube

Even the soundest advice can be hard to take advantage of. Sometimes it’s hard to know where to begin and other times it’s even harder to summon the confidence to take the first step. For example, you may have read ‘somewhere’ about the lucrative possibilities that can come publishing your music. However the fact that you’ve never done it before and hence, have no portfolio to validate your work may be holding you back from even trying. One way to solve this problem is to sit down at your computer with a bottle of whiskey, a list of sought-after email addresses, and just go for it. A better solution is to build a portfolio by self-publishing through YouTube. YouTube content creators might not have money to pay you, but they do have a need for un-copyrighted material and a built-in audience. Luckily, you already have un-copyrighted material. You also desperately need an audience of any kind and “built-in” is probably the best kind there is.

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