The music industry looks glamorous from the outside but it's almost scary to see how little people know about it sometimes. Not understanding the industry is not that big of an issue for a fan, but it could be disastrous for an up-and-coming and sometimes very naive artist. If you're an aspiring artist, you need to know as much as you can about the music business. If you don't, some unscrupulous executive will be more than happy to take advantage of your lack of knowledge. Let's take a look at some of the biggest myths about the music industry.
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1. If You Sell a Million Records, You’re Rich
Most artists make their money from their performances, not from record sales. Artists keep only a tiny fraction of what they make from their record sales, and that’s before they’ve paid people on their team. The average artist only gets about 10% to 15% on every record sold, sometimes less. From this amount, a percentage has to go to their lawyer, manager, and their accountant if they had the foresight to get one. And you still have to pay the IRS. This means that you could end up with way less than $100,000 from a platinum-selling record.
An even worse myth is thinking that you only need one hit to make it. However, there are countless stories of artists who had one or even multiple hits and still went broke. Artists make even less from singles than they do from records, so if you don’t have a strategy to monetize that hit and turn it into a career, you’ll eventually struggle.
2. All You Need is Talent
Being talented is only one part of being a successful musical artist and is not even a prerequisite. As harsh as it may sound, having a big Instagram following and a polarizing personality might give you a better chance of getting a record deal than being talented. This doesn’t mean that talent will get you nowhere, but you need to have other things to go with it if you want to stand a chance. In most cases, you’ll need to work on your image and your live performance as well.
Having good live performances is very important and most successful artists are great performers. Artists who are bad performers, on the other hand, get criticized for it, don't bring as many people through the gates, and rarely succeed over the long term.
This is why you need to spend a lot of time rehearsing and polishing your live performance if you want to get noticed. One thing we would suggest is that you book music practice rooms - like the ones Pirate Studios offer - to regularly work on your act. They have music practice rooms all over the country with all the equipment you need to perfect your performance. This is also a great place if you want to work on new pieces with your team.
3. There’s Only One Way to Make it in the Music Industry
You should know, however, that there is more than one way to be successful in the music industry. If you have genuine talent, there are ways that you can monetize it. You’re a great musician, for instance, you could always work as a session musician or be part of a live band for one or multiple popular artists.
If you’re a great vocalist, you could become a backup singer. You could even do commercial work or work on Broadway if you're ready to learn acting. If you're a great writer, then know that these are some of the most well-paid people in the industry. Writers can work on multiple projects at once, and, if you work on enough big ones you could end up receiving royalty checks for the rest of your life.
Don't assume that you have to be a lead singer or that you can't make it in the music industry because you don't have the "look". Instead, look at all the opportunities available and find yourself a good agent who believes in you.
4. You Absolutely Need to Have a Major Record Deal
You don’t necessarily need to have a record deal to be successful in the music industry. With streaming technology, it’s easier than ever for artists to get their music out there and make money from it independently. You can also book your own shows and work as your own booking agent/manager. And, you’ll get to keep most of your record and ticket sales.
Lots of people are impressed by the major deals some of these artists are getting, but it’s not all roses. First of all, getting a contract means that you’ll have obligations, and not all artists like to be constrained. You’ll have to show up for performances when they want and sometimes be pressured to release music when you don't feel like it, or the label might shelf you indefinitely if you aren’t profitable for them. So, don’t assume that the only way to succeed is through a label and consider going the independent route as well.
5. You Don’t Need a Record Label to Become a Star
With that being said, not everyone will benefit from being independent. If you're a truly special talent and have everything it takes to be a megastar, only a major label will be able to get you there. Plenty of artists make it independently and some make a lot of money, but none of them can get to the level of a Taylor Swift or Katy Perry.
These people have entire teams behind them that deal with production, marketing, image, and public relations. Major labels give artists access, which can be very difficult to get as an independent artist. How many independent artists end up performing on late-night shows or at the Super Bowl? Exactly. So, if your goal is to become the next Justin Bieber, then you might need to have a major label backing you up.
These are just some of the most widespread myths and misconceptions about the music industry. It’s your responsibility to learn the truth about the music business before you start so you don't end up getting exploited.
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