Thursday, February 11, 2010

Alternate Business Models for the Musician


Today's post is more of a short summary of an enlightening article by Mike Masnick entitled
"The Future Of Music Business Models (And Those Who Are Already There)" originally posted @ TechDirt

Mike's main framework for his article is his formula of "Connect with Fans (CwF) + Reason to Buy (RtB) = The Business Model "

This framework is substantiated by a number of different examples, that can be paraphrased into the following points:

-STOP FIGHTING music piracy-- as an artist you should post your music on your site for free-- use this to your advantage as an advertising tool
-- One approach is to release the music in conjunction with tour dates: in order for the fan to download the music they must click through a series of info about your group and dates

-Make your webpage interactive: let fans connect and share through phone apps, text, & posting content-- such as videos or pictures they've taken at your shows
-Some artists have posted their music in forms that allow fans to remix songs through web apps-

-Offer REAL incentives to buy your merchandise-- such as special bundles that include things of real value for fans- such as your signature, limited edition releases, etc. etc.
-Some artists have gone as far as offering tiered packages in which the fan buys personal time, or interaction with the group-- this is a great idea and can be rolled out through social media as a marketing piece

-Consider fundraisers in which you auction yourself or possessions in a way that raises awareness for your group or your person

The Clutch point of this article is with the new tools offered by Web 2.0 and social networking- there are many unique and creative ways to raise money and fan awareness-- stop fighting the new technology and embrace it. Thats where the future is headed. no matter how hard anybody tries to stop it. BE CREATIVE. BE PERSONAL. BE PERSISTENT.

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