Music Business: Introduction and K.W.T.M.I.I.L

Dear Music Lover,

The acronym KWTMIIL represents - "Know What The Music Industry Is Like".

Have you ever wondered what goes on at the back end of a “blown” star or artiste? That is, the effort, work, branding, processes, structures and deals before the music we hear. My dear, a whole lot of planning and networking takes place at the back end. Thanks to the effective A&R’s, managers, tour managers, band, financiers, publicists, fans, industry top-guns and a whole list / team of required services.

In this age, an artiste cannot function effectively by leaving all the thinking to the label executives and just sing. Why? Music may be a passion for the artiste, but an understanding of the business side of it is key. The modern music industry has developed over the years. This has made it easier for artistes to understand different aspects of the business – legal, financial, educational, publicity and even the revenue streams from his/her art.

For this generation, the press and social media paved way for the distribution of music in different forms, creating innumerable sources of income. Consequently, artistes can make money off the following revenue streams:

·   Authentic internet streaming services / Digital music platforms such as Deezer, Spotify, Boomplay, Apple Music, Audiomack, Tidal etc.;

·       Hard copy sales of CDs (this is usually low and gives room for piracy);

·       Sponsorships, grants and endorsements;

·       Tours / Live / Private performances;

·       Radio, TV and Video charts;

·       Social Media;

·       Publishing;

·       Licensing;

·       Acting; and

·       Personalized merchandise and other means deemed fit by the artiste or label.

Although, these streams of income has amassed huge successes, there has been devastating setbacks over the years. In Nigeria, piracy, artiste credit / contribution to a major song, understanding of the artiste’s contract (legal drama) and majorly financial (split sheets or other appropriation percentages agreed upon are important because they state how much each music contributor would receive in royalties) are part of the major issues affecting the artiste's / labels revenue stream as applicable.

The major revenue streams are sourced majorly from two channels:

• Inflows from live performances and shows; and
• Inflows from recording royalties and composition copyrights.

In the same vein, to improve on the revenue streams and ensure longevity in the music industry, the artiste has to improve on three key areas of his/her art. Berklee Music School term it the 3 P’s, which comprise having a POWERFUL PRODUCT, PROPER PERSPECTIVE and PROFESSIONAL ATTITUDE.

• Powerful Product – this essentially is honing your art as an artiste. That is, knowing your onions. Let people not feel what your art is something that can be done away with a.k.a “kpangolo” music or art. This can be in form of an energetic live performance, evergreen songs, branding, etc. that has an impact on the audience or market;
• Proper Perspective – this is having the necessary skills to analyze the future of the music business and align your craft to it, as having a powerful product without knowledge and skill is analogous to putting the cart before the horse; and
• Professional Attitude – for any artiste to stay long in the industry, a key character expected in executing your art is respect. Not just respecting yourself, but respecting people you come in contact with in all your business dealings – art director, music director, manager, tour planner, fellow artistes, lawyers, finance guys, financiers, fans, just to mention a few.

In conclusion, the above summation spun off my interest in the back end activities of an artiste and how to help them grow their finances in the long term. I met with Bizzle Osikoya at a music and digital platform “Firechat with Bizzle” at Circle Mall, Lekki II, shoutout to the Dubem of Lagos! Bizzle suggested studying some music texts and this is a summary of one of the many texts. 

Stay tuned to my "Music Business" summaries on Saturdays and other aspects of Music Business as I understand it.  

Stay Safe this Covidian times! J

Aramide