Modern Musicians: Underrated Entrepreneurs
When you step into a brewery, restaurant, or any live music event, chances are you're about to enjoy the captivating melodies and rhythms played by talented musicians. What might surprise many is that the majority of these musicians are professionals who make their living by doing what they love - playing music. The music business has undergone a transformation, and today, these artists depend way less on album sales and more on live performances and merchandise sales to sustain their careers.
In an age where streaming services and digital downloads dominate the music industry, the traditional model of making money through album sales has significantly changed. Musicians, both established and up-and-coming, have had to adapt to new revenue streams to support their careers.
I see it firsthand; my brother-in-law David Henry is a professional musician making a living in this dynamic landscape.
The Changing Face of the Music Business
Not too long ago, musicians relied heavily on record sales to earn their income. This model created a superstar-driven industry where a handful of artists enjoyed the lion's share of profits, while many talented musicians struggled to make ends meet. However, with the rise of the internet and digital technology, the industry underwent a profound shift.
Streaming services like Spotify, Apple Music, and YouTube changed the way people consume music. While this provided listeners with more accessibility to their favorite tunes, it significantly impacted the revenue generated from album sales. The days of platinum records and massive royalty checks are now rare, even for well-known artists. I plan to pay Spotify $20 a month for the rest of my life and little to none of that makes its way to the artists I love.
Musicians as Live Performers
To compensate for the decline in album sales, musicians sustain themselves with live performances as a primary source of income. Whether it's a small gig at a local pub, a private event, a massive stadium concert, or something in between, getting paid to play live shows has become essential for musicians to sustain their careers.
Live performances offer a direct connection between musicians and their audience. We can all support them by paying to see them perform and buying merchandise that serves as a tangible reminder of the event. From t-shirts and posters to unique, artist-specific items, selling merchandise has become a vital revenue stream for musicians.
The Professionalism Behind the Music
Many casual live music consumers may not realize the level of professionalism that goes into each live performance. Musicians spend countless hours perfecting their craft, rehearsing, and fine-tuning their setlists. Live shows, even small ones, are meticulously planned, from stage setup to sound production, to create an experience for the audience.
In addition to writing new songs, recording, practicing, and performing, musicians handle all aspects of their business, including booking their own shows, managing their social media accounts and websites, creating and selling merchandise, accounting, identifying new opportunities, networking, and staying ahead of the ever-evolving nature of their industry.
They are, absolutely, entrepreneurs as well as artists. This multitasking is essential to making a living in the modern music industry.
Supporting Local Musicians
Next time you attend a live music event, take a moment to appreciate the artists/businesspeople who are pouring their hearts and souls into their craft. Supporting local musicians, whether through attending shows, purchasing merchandise, or simply spreading the word about their music, can make a significant difference in their ability to make a living doing what they love.
The music business has indeed transformed, and the path to success for musicians is no longer solely defined by record sales. Paid live performances and merchandise sales have become the lifeblood of most artists. As music enthusiasts, let's continue to support these talented professionals, appreciate their business acumen, and help keep the music playing in our lives.
The next time you're casually enjoying some tunes at a local brewery or restaurant, remember you're not just enjoying live music – you're witnessing the dedication and professionalism of musicians who have adapted to a changing industry, making their passion their livelihood.
Let’s all:
Pay the cover charge
Tag the musicians in a social media post
Buy a t-shirt or other piece of merchandise
If we don’t, there might not be live music for all of us to enjoy.
