Nick Matsakis from the Academy of Sound Engineering shared key insights on how to succeed in this vibrant industry.
We've heard and seen stories time and time again of artists who had millions of fans buying their music and easily selling out venues, only to end up in poverty because they lacked basic financial acumen.
The proverb Many are called, but few are chosen That quote resonates when you look at the lives of talented artists who never make it to the highest levels of the entertainment industry.
Changes in music
Making it in the music industry is not for the faint of heart, and most artists lack the technical savvy and business acumen to sustain whatever success they achieve while in the spotlight.
Nick Matzukis, co-founder and CEO of the Academy of Sound Engineering, shared key insights on succeeding in a vibrant industry.
Sound Engineering Academy is one of the country’s leading institutes in the field of music production, audio and video.
The music landscape is evolving faster than ever before, creating exciting new opportunities for artists and their fans around the world.
But it also raises the challenge of ensuring that the value of music is properly recognised, and that those who invest time, effort, resources and talent in creating and presenting music can be assured that their work is not exploited or used without their consent.
According to the International Federation of the Phonographic Industry's (IFPI) World Music Report 2024, the music industry offers huge opportunities for growth and success for artists.
In sub-Saharan Africa, the industry has grown at an average rate of more than 24% per year over the past three years, making the region one of the fastest growing in the world.
Below are some key insights the Matzukis shared to help artists who want to make it in the industry.
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Music
It all starts with human talent, but that talent usually needs to be honed. Creating something from nothing is not easy, but it is an important foundation.
Without musical talent, the journey ends there. Talent can and should be taken to the next level.
As part of this, it's essential to be able to communicate in the language of music (reading chord charts certainly helps).
Business Knowledge
This may sound boring to an ambitious 18-year-old who wants to become a star as soon as possible, but it's essential to know how copyrights, contracts, and royalties work.
You need to understand the complexities of copyright for musical compositions, sound recordings and music videos, each of which has a long stream of royalties.
For example, mechanical copyright royalties occur when a song is reproduced (including on streaming sites), while performance copyright royalties occur when a song is performed live or on the radio.
Understanding these basics will help you protect your music and maximize your revenue, but there's much more to learn.
There are many stories of famous musicians who died impoverished due to a lack of knowledge about how the music industry works.
education
Gone are the days when musicians had to learn the hard way. Formal education programs such as the Academy of Sound Engineering offer the ultimate entertainment education, providing a comprehensive understanding of the industry that covers everything from technical production skills to music law, music knowledge to music marketing.
Even if that person is a “successful” person or already working in the industry in some capacity, taking the time to learn and understand these aspects can help you avoid common financial pitfalls and build a sustainable music career.
Maximize your online revenue
Social media platforms are also a great way for aspiring artists to grow their audience.
Your content can go viral and garner widespread attention, but if you don't understand the business and technical aspects, you'll be shouting it into space.
Diversifying revenue streams is also important: in addition to streaming income, artists should consider merchandising, sponsorship, and endorsement opportunities.
For example, you can earn additional income by selling branded merchandise or entering into sponsorship deals with companies.
Finding the way
Musicians need to become familiar with how to use professional studios, understand live set-ups, and operate the professional equipment used in the entertainment industry. Previously, the labels handled all that for them.
However, these days, most companies only sign artists who have a track record of professional releases.
This means that aspiring artists who are active on social media platforms like TikTok, YouTube and Instagram, and who know their way around a professional studio or home laptop setup, already have an advantage over those who don't.
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