Time to Pivot: Adjusting Your Music Business Strategy
In these times of self-isolation, it’s important that artists, managers, and other creatives know how to pivot. Moderator Johnny Goudie sat down with Cris Flores (LORO Management), Louie Carr (Own Path Media Group), Morgan Davis (Ovrld) and Reno Dudley (KeyzStreet Music) of the Austin Managers Collective to talk about ways artists can pivot, adjust their music business strategy, and continue making money and growing their fanbases from home. Watch the full webinar here.
A few key takeaways:
Take this opportunity to focus on the business admin side of your music career. You know, the computer work, the ‘boring’ stuff. You have the time to dig deeper, learn a few new skills, and venture down the rabbit hole of ‘YouTube University’, where you can learn how to do anything from ProTools to Photoshop to Quickbooks, and more.
Get your digital house in order. Is your bio up to date? When was the last time you updated your website? Are you actively engaging with your followers on social media? Focus on all of this now, and you’ll be ready to go when it’s time to start booking again.
Unless you’ve already got a loyal fanbase online, now is not the best time to be releasing new music. Most of the music industry is at a stand-still – including the media you want to cover your release. Instead, start planning your release strategy. At the minimum, you want to prepare for 3 months of promotion. Do some research and figure out which blogs, writers, and influencers you’ll reach out to when things settle down.
Saying no to new releases doesn’t mean you shouldn’t be creating content. Hopefully, you have a bit more free time, so pause for a moment and let the next idea come to you. Once you get creating, figure out how to monetize it. Patreon and other subscription models are a great platform to encourage continued engagement from fans and supporters.
Need additional income, but can’t shell out for new merch? Raw Paw’s Community Drop Ship and Fine Southern Gentlemen’s Austin Will Survive programs allow artists to create & sell new merch online, without having to pay for any inventory upfront.
Think of your live stream as a TV channel rather than a concert, and structure your performances accordingly. Livestreaming will not replace all income lost from tour cancellations, so don’t purchase a bunch of new gear that you don’t know how to use. Get creative with free apps like TikTok, and give followers a glimpse into your personal life and who you are.
Forge personal connections in times of isolation. Go live on IGTV, and invite another artist to join in the conversation. Take cover requests from fans in exchange for donations. Walk us through your home studio. Practice some new songs and engage with your fans in the comments.
We’re all in this together, and these times will end! Stay positive and productive. If you’d like to speak with one of our mentors, sign-up for a virtual artist consultation here.
