Are you like me in that you sometimes wonder how today’s music artists are making a living? I mean, seriously, it seems as if music these days has become ultra-digital and disposable. But one of the key things to remember is that mainstream music SALES may be suffering badly (unless you’re an uber-powerful or popular artist like a Jay-Z, 50 Cent, Rhianna or Gaga). And truthfully, we don’t even know what their bank accounts are looking like these days, or if they’re experiencing the continuous slump. But have no fear…the Future of Music Coalition is here!
The Future of Music Coalition has put together an exclusive case study on the many different ways that today’s music artist can and does make their money. Upon interviewing 80 different musicians and composers, FMC found some information that aspiring artists might want to pay attention to, including 42 different streams of income (potentially) for artists, information from dozens of financial case studies, and whether artists are benefiting from the many advances in music technology.
There’s definitely some good information for artists experienced and aspiring alike to use. But one of the biggest drawbacks here is that there is not much of a presence of how Hip Hop artists make their music. As a Hip Hop head, I’m pretty sure there are artists in Hip Hop that are very much on the DIY tip, trying to make a living out of this music thing, but they don’t seem to be included here. I’m definitely gonna go back through the study to see if this is the case. But if it is, it’s pretty sad.
Other than that, be sure to get your hands on the Artist Revenue Streams study right here. Hopefully it can do something for you and your career in music!