How to finance a musical career and have more budgets for projects
You want to produce an album, go on tour, offer more merchandising, and make a video clip? The problem is sure that you run out of budget. As we have seen so far, there are many ways to make money when you are a musician. However, the issue of financing a music career is much more complex. Here we are not talking only about selling or monetizing punctually; we are talking about sustaining its musical project for the years and decades to come.
This is an extremely important subject, and it is normal not to know how to approach it when you start your career! In this article, we will see several methods to use to finance your musical project without having to sell drugs or rob a bank.
Diversification of sources of income
Why not develop your musical start-up like a real entrepreneur, before approaching potential investors? Whether it is to do concerts or sell merchandising, the first source of funding that will allow you to sustain your career is for you to create it.
It’s up to you to create value and sell your products and services to your fans or pros. But still, consider all the options and do not put all the eggs in one basket. Monetize your music, multiple revenue streams and seize opportunities that will allow you to earn sustainably and then reinvest by Tencent Music investor relations. This is the heart of the professional music profession, so go for it! Of course, diversifying your income is a time-consuming and upfront investment process, so you’ll find more ideas to put together.
As you probably know, crowd-funding is a formidable method for financing your next product or project. You define the amount you want to raise, before which date and what are the different rewards according to the contributions, and go!
The service that hosts your campaign will take its commission but will provide you with everything you need to communicate and convince your fans. With this method, instead of looking for a handful of investors who will invest large amounts (grants, sponsors, sponsors), we will rather ask a large number of people to contribute a little bit by offering them rewards based on their contribution. This concept allows musicians to ask their fans to participate punctually in funding major projects for their career: EP, albums, clips, tour, etc.
The advantage is that it allows the artist to offer high-end offers that he would not otherwise offer his fans, giving them the opportunity to get even more involved. Moreover, it makes it easy to know if the project in question interests the current fan base, by setting up this pre-ordering system:
- If your campaign is a success, then you will have been paid before producing your album, merchandising or clip, which drastically reduces the risks
- If your campaign does not reach its goal, then you will know that this is not the right time to release such a product or that the offer is to be reviewed and you will have saved a missed launch.
However, it is important to understand that you will need to have an already large community before being eligible for this type of funding.