When you finally start making money from your music, it can be very tempting to spend it all on one piece of equipment or a celebratory night out, but this isn’t going to help you grow. Instead, you need to have an investment plan in place to strategically spend your money in ways which will get your closer to achieving your goals and give back to yours fans but also help with the development of the music.
You need to know what you’ll be investing in, how much and the benefits of that investment because most emerging artists don’t have a lot of money to play around with, so every penny spent needs to have reasoning.
In this blog post we’re going to outline the most important areas that you should be investing your money, which will lead to growth in fans, streams and revenue.
1. CREATION OF THE MUSIC
The first place you should be investing your money is into the music itself. Far too many artists focus on spending money on a music video and merchandise but if the music isn’t strong enough, you won’t be in demand, so won’t be able to bring in an income from any other area and the money you invest into the assets is wasted.
Even if you’ve written the best track in the world, if it’s recorded badly, no one is going to want to listen to it, so there are two ways you can invest into the music creation:
In this day and age there are so many production software and recording equipment to use, so anyone can record, produce and master music from their bedroom.
This can be a fantastic investment as you’re not only saving money on not having to go into the studio and hire producers to do the work for you, but you’re also allowing yourself the time to create a product your proud of, rather than worrying that if you’re in the studio too long you could get charged more. You have complete control over how the finish product sounds and you also have the opportunity to experiment too.
Self-production also allows you to release music as often as possible, which means you can be collecting more revenue as there’s a higher chance your music will bring in streams if there’s more of it.
Below are a few recording softwares we’d recommend:
The only thing self-production requires is the skills and the time to produce and learn the craft. The skills part requires you watching YouTube videos, reading blog posts and listening to podcasts but all these resources are free and give you the chance to learn the skills immediately and in your own time. However, if you don’t have the time to learn these skills, then you need to outsource.
So, you don’t have the time or skills to self-produce, so instead you need to outsource to get your music up to the right standard. Going into a recording studio and hiring producers is expensive, however it’s essential for your growth and is the most strategic way to invest your money. These specialists will have the skills to make your music sound exactly how you want it, meaning you create a product that fully represents you as an artist and you feel is strong enough to put out to the market.
Having a high-quality produced track also means it will get picked up better by the Spotify algorithm, receive more radio play and potentially get a sync opportunity. All of these things are impossible if the track isn’t at a high standard, so invest the money and you will see a ROI, whether that’s financially or through forms of promotion, which will in the long-term lead to financial gains.
2. SOCIAL MEDIA GROWTH
With Facebook changing its algorithm in early 2018, getting your content out to your audience organically can be difficult, let alone reaching a whole new audience. Therefore, social media advertising is a fantastic way to invest into your overall growth as it gets your content in front of your already existing and target audience, whilst being able to keep to your budget and watch the engagement closely to see how well it’s performing.
With every post you should be experimenting with your content and the audience you’re targeting to through your ads, so to see which content has the best effect with each audience and each platform. We would highly recommend putting out visual content as it’s cheaper and has higher engagement. This can be anything from a short clip of your music video, to a behind the scenes shot of you at your last gig. Anything that gives the audience a taste of your personality and a sense of meaning, rather than spamming them with impersonal content such as your single artwork and a link to the track.
You don’t need to be spending lots, even just £10 here and there will guarantee engagement if you’re using the correct content. Create content which isn’t an obvious ad but adds value to your audience as once you’ve gained an audience’s trust, you have the attention and that means you can monetize that attention in whatever way you wish, such as ticket sales, merchandise or streams.
For more information on creating high performing social media ads, you can read our blog post 5 simple steps to promoting your music on social media – http://www.burstimo.com/promote-your-music-using-social-media/
As well as social media ads, you can look at investing into Google AdWords, especially YouTube TrueView, which is Google AdWords for YouTube videos. TrueView creates sponsored videos before a full YouTube video, meaning your music video can appear before a major vloggers latest upload. As long as your content is visually strong, YouTube TrueView is fantastic for engagement and overall growth for an artist.
3. CONTENT CREATORS
Humans are visual creatures, meaning we love taking in content through images and video. Artists should take advantage of this as it’s now easier than ever to capture this content. Take control over this and hire professional photographers and videographers to follow you on your journey, create fantastic artwork and also accompany you to live events.
Although everyone can take images on their phone, if an artist has an amazing track but the artwork is a fuzzy iPhone shot, you won’t entice an audience. Instead, focus on getting photographers and videographers to create high quality visual content for you, which you can push out to your fanbase via social media ads.
As we mentioned earlier, social media ads and YouTube TrueView are fantastic investment strategies for artists that want to grow their online presence and fanbase, however if the content isn’t strong enough, these ads won’t work in your favour. Therefore, outsource these photographers and videographers to create this content for you, to really see the impact on your ad investments.
These strong images and videos will also increase your chances of securing good music promotion, high follower playlists and also getting noticed by new fans, meaning the investment you make into these content creators will lead to more opportunities, so more ways of bringing in an income.
4. LIVE PERFORMANCE
People love listening to music and artists love performing it, meaning live events are beneficial for both the consumer and the creator. However, no one wants to watch and pay for a performance with poor audio, bad lighting and the instruments are constantly breaking. Therefore, you must invest into your live events if you want to see more money secured through ticket sales, merchandise and converting your audience into fans, which will lead to them investing in your further.
Whether this be on the lighting, your instruments or the sound equipment, it’s essential you’re spending money on your live events because if your performance is poor, word of mouth will get around and that could jeopardise your musical career.
You should really be thinking about your investment strategy if you want to progress in your music career, build your fan base and also start bringing in a strong income. We know this isn’t the fun side of being a musician, but it’s still a key part of a musician’s growth, so if you follow these 4 investment steps, you’ll find each investment has a strong ROI and will lead to an increase in revenue, ticket sales, fans and overall income streams.