Educational Entertainment – How much does it cost to make it in music?
It is too broad a question to ask how much does it cost to make it in music or what are the exact costs of releasing an album. So many people discuss so many differing numbers in the number that it costs that equals making it in music. On one side, some of these numbers are correct but on the other side of it, they are correct for just that person, that band or that situation.
There are too many different elements that apply specifically and differently to every situation in a personalized way. In a sense it needs to be an educational entertainment approach. Think about the individual elements that apply to you where you can save money and on the other side of it, you will need to think about the things that might cost you a little more than someone else.
It is like saving for retirement. Everyones number is different. Everyone has different needs, different standards of living, different numbers and basing your number off someone else’s number that is looking to live a life nothing like yours, makes no sense at all.
I have a base number that I use as a benchmark and then try to bring it down with artists I work with that are looking for the larger scale investors and looking for a more defined level of music marketing, correct promotion and return on investment. That number sits at 500K for 2 years with a return of 25% interest on investment in 25 months for the investors and that same amount for the artist who at the ROI point, has more control than most artists.
This is also just a model and is effective with some, while not with others. It is not the new standard, but it is built off a comprehensive line item list that is realistic and well formatted.
In the end, every situation is different, every number is different and everything has to be that much more personalized to correctly execute a music business plan the right way.
So there is no solid answer on how much does it cost to make it in music. A better question to ask is to sit down with a music consultant, agent, label or investor and layout a specified plan based on trends, solid numbers and facts but also adding or subtracting the costs that will make that individual project succeed.
L
Loren Weisman is an accomplished music producer, author and music consultant. He is the author of “The Artist’s Guide to Success in the Music Business”, a book to help independent artists, musicians, bands, labels and managers achieve self sufficient and sustainable success. For more info on Loren and music consulting services, visit: http://www.lorenweisman.com
