Every artist now and into the foreseeable future will want to make money instantly from their music when they drop it. I also understand that without a significant amount of revenue from your music upfront, you can't continue to pursue music at scale. The problem is we have to put some new systems in place.
Many will say, "I don’t have the time, and this is too much." However, since the beginning of the recorded music industry, music has always been sold for a flat fee. It only took a hiatus from 2000 till 2016. Now it’s time to do it again but digitally.
The Locations We Need
Media Outlet (Instagram, TikTok, YouTube)
Market Place (EVEN)
The Product We Need
The average purchase from a customer on EVEN is $25, so we’ll go with a $25 digital music listening experience.
The Followers We Need
100,000 across the board for this to work but preferably on one platform.
The Viewership
Many platforms will only allow 10% of your followers to see your content. So, let’s say 10,000 followers see your content.
The Conversion Percentage
We only need 1% of our following. 1% is the instant number. 3% is the magic number when fans love you!
The Final Outcome
100,000 Engaged followers = 10% viewers (10,000) x 1% conversion (100) @ $25 = $2,500
How Do We Get Them to Convert?
It’s called a CTA, call to action. Tell the viewers what you want them to do!
I Need More Money Than That!
Charge more or give more value. Increase your engagement and value in your content to increase viewership.
How Do We Increase Viewership?
Quality visual + Quality record = Valuable content = Views
How Do We Increase Engagement?
Make relevant content that suits your authenticity and POV on life, plus respond to comments on your content. Analyze the comments as well; they are the key to relevance.
How Do We Increase Conversions?
(Quality visual + Quality record) + Valuable product + Clear call to action = Conversion
How Do We Get Viewers to Follow?
Give value in the form of your talent and your story or journey, plus let your personality shine authentically on a consistent basis. This means you’re now entertaining people, which is what you are… an entertainer.
I’m an Artist, Man, I'm Not Trying to Do All of That!
Well, move out of the way because you’re taking up space! Either be the entertainer that you are or move!
Check this out!
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If You Get This Right
You can scale your operation. Though 1% is the bare minimum, many people move to 3% over the course of 90 days as promotions increase and UGC takes over. This means more money to fuel the process.
Continuing to Focus on Streams
Puts you a bit behind the curve, so step out on faith and let’s get back to this slangin’ but… digitally!
Conclusion
If you were looking for a new way to move this music for more money, the new age is here, Streaming 2.0! By embracing these strategies, you’re not just surviving in the music industry; you’re thriving. Adapting to these modern techniques means you’re no longer at the mercy of traditional revenue streams. You’ve transformed from an artist hoping to make it big to a savvy entrepreneur who knows how to maximize their earnings and impact. Welcome to the new era of music monetization!
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