Another day, another dollar. Or at least dreaming of another dollar. Let’s face it, becoming a full-time, bills paying, putting money in savings musician is tough.
It’s even tougher when you don’t have a plan to get where you need to go. In today’s video, I wanted to talk about dollars and sense and how to make chedda in the music industry. It’s a taboo subject, but it sucks even worse to wake up in 2, 3, 5, 10 years and wonder where all your time and money went and why you don’t have much to show for it.
Making Chedda In The Music Industry
Takeaways
You need a number. It doesn’t matter what that number is. It can be $500 or $500,000, but you need to know your number.
You need to sell something. Again, doesn’t matter what it is as long as it’s good and provides value in someway to your fans.
You need to divide the 2. This tells you how many music widgets you need to sell in order to hit your number and live in paradise.
Music Business Homework
In the comments below, talk about your number. Then talk about your products. And finally, tell us how many of those products you need to sell to hit your number.
In the examples in the videos, making $50,000/year selling a $10 album, you need to sell 5,000 of them. That means you need to reach out to 5,000 paying fans all over the world through the Internet, live shows, touring, marketing, advertising, radio, whatever to hit your goal number.
Let’s chat in the comments and make something kick ass happen in your music career.
-Greg
P.S. Are you a member of the New Music Economy yet? We just relaunched our sales page and have packed a ton of valuable resources to help you become successful in the music industry. Check it out here.
Tags: business, entrepreneur, greg rollett, making money, Music Marketing, Video
Leave A Reply (7 comments So Far)
The comments are closed.
wintet
443 days ago
My number is 50K. I have made 8.12 cents so far this year. I don’t need to
Reinvent the wheel. I get that now.
Matthew Kocel - Om Shaman
443 days ago
My number for this year is 50k. If I continue selling my CDs at $15 each that is 3566 units.
Raising the price to $20 makes it 2500 units.
This is not counting revenue from my live events, and online digital download sales.
I have a DVD that is about to go into production mode and am now working to develop T shirts, live recordings and video for my sales funnel.
Thank you for the great content and sense of direction!
Paula Gallo
441 days ago
I’d like to start with $5k more a month. A realistic goal to once the music is completed. Thanks the the NME it’s possible.
Music Marketing Chris
441 days ago
Nice post Greg, I think this goes to show that its much better to sell higher priced products to reach your number.
Once you know that, the game is working out how you can add massive value.
I like the idea of selling a cheap album on the front end and then upselling with an in house show.
- Chris
Vman
438 days ago
It’s so great you remind me stuff I studied at university:) Never thought of my music this way. I am working on something very potential so I set my goal for 200k for gigging and music sales only. PS You obviously know this but some people might not – if you sell a CD for $10 you have to deduct all the production cost. So the numbers in your calculations should be higher.
brandon jordan
430 days ago
I got no product available “right now” but I am 3 songs away from my record going into mixing
and I just had two photo shoots that will produce at least one t-shirt as well as a fan designed t-shirt that is being designed around the music video I am currently editing on Final Cut. I have stuff in my refrigerator that is older than this band but I would like to make about 20K from this band this year. I will only have 6 months to make that 20K cuz summer is when i will play my first shows, release the album and have merch for sale.
I think i can sell 1000 records, sell 500 shirts and I get to my goal.