How musicians can make it in the ever-changing music industry

We’ve seen and heard too many stories of artists whose music has been bought by millions of fans and who easily filled venues dying as paupers because they lacked essential financial acumen.

The saying that many are called but few are chosen reverberates when you look at the lives of talented artists who can’t all make it to the highest level of the entertainment industry.

Changes in music

Success in the music industry is not for the faint-hearted. Most artists lack the technical knowledge and business acumen to sustain whatever success they achieve in their time in the limelight.

Co-founder and CEO at Academy of Sound Engineering Nick Matzukis has shared key insights on how to make it in the vibrant industry.

The Academy of Sound Engineering is one of the country’s leading institutions in music production, audio and video.

The landscape for music is evolving at an unprecedented pace. It brings new and exciting opportunities for artists and their fans worldwide.

However, it also presents challenges to ensuring that music’s value is properly recognised and that those who invest time, effort, resources and talent in creating and releasing music do not see their work exploited or used without consent.

According to the International Federation of the Phonographic Industry (IFPI) Global Music Report for 2024, there are massive growth and success opportunities for artists within the music industry.

In sub-Saharan Africa the industry has grown at an average rate of over 24% per year for the last three years, making the region one of the fastest-growing in the world.

Below are key insights that Matzukis has shared to help artists who want to make it in the industry.

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Musicality

Everything starts with a person’s talent, but that talent usually needs to be honed. Being able to create something out of nothing is not easy, but it is a critical building block.

If a person does not have musicality, then the journey stops here. Talent can and must be taken to the next level.

As part of this, it is essential to be able to communicate in the language of music (and reading chord charts certainly helps).

Business knowledge

While this might sound boring to an 18-year-old who is ambitious and wants to become a star as soon as possible, knowing how copyright, contracts, and royalties work is non-negotiable.

The complexities of copyrights in music works, sound recordings, and music videos, each with its own long list of royalty streams, must be understood.

For example, mechanical royalties are earned when your composition is reproduced (including on streaming sites), while public performance royalties are earned when your music is played live or on the radio.

By understanding these basics, a person will be able to protect their music and maximise their earnings. But there is much more to learn than just this.

There are too many stories of famous musicians who have died paupers due to a lack of knowledge about how the music business works.

Education

Gone are the days of musicians having to learn the hard way. Formal education programmes through the likes of the Academy of Sound Engineering provide the ultimate in entertainment education, a comprehensive understanding of the industry, covering everything from technical production skills to music law, from musical knowledge to music marketing and everything in between.

Even if a person has ‘made it’ or is already working in the industry in any capacity, taking the time to learn and understand these aspects will prevent common financial pitfalls and will help build a sustainable music career.

Maximise online revenue

Social media platforms are also great ways for aspiring artists to grow their audience.

Content has the potential to go viral and attract broad attention, but if you do not know the business and technical aspects, you will be screaming in space.

Diversifying a person’s income sources is also important. In addition to earnings from streaming, an artist should consider opportunities in merchandising, sponsorships, and endorsements.

For example, selling branded merchandise or partnering with companies for sponsorship deals can provide additional revenue streams.

Know your way around

Musicians must learn how to use professional studios, understand live gig set-ups, and be comfortable working with the professional equipment used in the entertainment industry. In the past, labels used to take care of everything.

But today, it is very much a case of them only signing people with a track record of professional releases under their belts.

This means that aspiring artists who are active on social media like TikTok, YouTube, and Instagram, and who know how to work a professional studio or a laptop setup at home, will already have an edge over those who do not.

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