In the modern music industry, being a successful artist requires more than just making great music. It requires a deep understanding of the business side of the industry. In this video, we speak with The Music Biz Major, who shares vital insights on how to secure your financial future as an artist.
The Truth About Money in the Music Business
The Music Biz Major highlights a common misconception among artists: that all the money is in the "music" itself. In reality, the money is in the "music business." This means you need to treat your music career like a company. The video points out that there are up to 30 ways to make money from just one song, but most artists only know a few [08:38].
Many artists are resistant to the business side of things, viewing it as "salesy" or "cringey" [13:23]. But a business mindset is what separates a hobby from a career. Just like a professional in any other field, you need a business plan and to do your research.
Five Essential Steps for Your Career
Here are some of the most important steps every artist should take to protect their music and grow their income.
1. Register with a PRO: You must set up an account with a Performing Rights Organization (PRO) like ASCAP or BMI. These organizations collect performance royalties for you. Every time your song is played on the radio, on TV, or in a public place, you are owed money, and a PRO makes sure you get it [06:24].
2. Understand All Royalties: There are four main types of royalties that you need to know about: mechanical, performance, print, and synchronization (sync). Sync deals, which involve placing your songs in commercials, TV shows, or video games, can be a major source of income [09:05]. The video also points out that you can earn royalties from merchandise, like t-shirts with your lyrics on them [10:29].
3. Copyright Your Music: To protect your work from being used without your permission, you should officially copyright your music. The video shares a story about a producer who claimed 100% of a song's backend royalties because the artist did not copyright it [18:45]. This simple step can save you from a lot of legal trouble and ensure you are getting paid for your work.
4. Use a Music Database: There are databases that you can use to learn about the business side of music. The Music Biz Major mentions a tool called Songview, a joint database from ASCAP and BMI. You can use it to look up who has registered a song and who owns the publishing rights [21:36]. This can help you learn from others and make sure you are getting paid correctly.
Summary
The journey from a musician to a successful artist requires a mindset shift from creator to business professional. By understanding the different types of royalties, copyrighting your work, and using the right tools, you can protect your music and build a sustainable career.
