Top 5 myths about the music business

If you are involved in the entertainment business, you have probably heard a few tales. The following is a list of some of the top myths about the music business.

1. People in the music business will help you with the kindness of their hearts.

Facts:

The music business is called the music business for a reason. It is a business that happens to sell music. Businesses are in business to make money. They are not in the business of making ART, however they will sell it. You can find a handful of good Samaritans willing to help for free, but generally, if helping doesn’t benefit the other party, they won’t help.

“People (not counting loved ones) will help you if they think your art will make them money. They won’t help you if they think your art won’t make them money.” -David Naggar, Esq. Of The Music Business Explained in Plain English-

2. Since the economic downturn, people no longer buy music.

Facts:

People are buying music, but they are not buying it in the same way as before. CD sales may have gone down, but individual track sales are up. If you’re still a non-believer, just check iTunes sales records. Apple has reportedly sold $ 10 billion and counting.

3. Music superstars have won and are making tons of money.

This is one of the biggest myths in the entertainment business. When you see Sean Kingston or Lady Gaga on TV, you may think they are living a good life, but in reality the amount of money they bring home is actually dependent on the terms of their contractual obligations, as well as their management skills. the money. . Simply put, if you spend more than you earn, you are likely to go broke sooner or later.

I need examples:

MC Hammer

Marvin gaye

Michael jackson

Nelson Willie

Toni Braxton

Billy Joel

George Clinton

Isaac hayes

Jerry lee lewis

Ron Isley

You need more? The list goes on.

The fact is, all of these artists have seen the ups and downs of the music business. Micheal Jackson, the “King of Pop”, even had his financial problems. No “superstar” is exempt. Good money management skills are needed to maintain a “superstar” lifestyle.

4. You can become a celebrity overnight in the music business.

This is one of the most common myths about the music business. People think you can sign a record deal and then all of a sudden you magically appear on magazine covers and receive Grammy Awards. All this talk is bullshit. At the end of the day, it takes a good deal of work, dedication, passion, perseverance, and strong working relationships to achieve “success” in the music business. NOBODY HAS BEEN SUCCESSFUL OVERNIGHT; however, some people have achieved their goals faster than others. Artists like Wiz Khalifa, Kanye West, and Eminem spent years building their reputations and brands to become the people they are today. That’s why working smarter and not harder is essential in the music business.

5. Talent trumps work ethic

In today’s music business, talent still counts, but work ethic counts more. An extraordinarily talented person with an average work ethic will generally not do as well as someone with an extraordinary work ethic and average talent.

A strong work ethic, most of the time, means you can be consistent, which is of the utmost importance in the music business.

Why?

A word. Marketing. Being able to consistently offer high quality to the consumer is paramount. This is where work ethic trumps talent. A person who is able to consistently deliver a satisfying product to the consumer is, in Charlie Sheen’s words, a WINNER! Due to our increasingly short attention spans, having someone or something constantly in our faces helps to rate the product, the service or the person. Ultimately, this results in people getting paid!

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