I was asked tagged on Facebook today. A musician was asking about the cost/benefit to signing up to Spotify. It's a common question among musicians. “Do give it all away for free?”
The answer is a personal philosophical one. But I feel like I can help. Answer these two questions first.
- Are you interested in making money in the short term, for the next 2 to 3 years?
- Or are you interested in building a long-term Fanbase?
If you only care about the short term, don’t share your music on streaming services. Raise your CD prices. Sell them for $20 a pop. Tell your listeners this is the only way they can hear your music. You will probably do pretty good for the next 2 to 3 years.
But remember. Do not keep a lot of CDs in stock. Buy only as many as you know you will sell. Print on demand is best. Eventually you won’t be able to sell your CDs But you're looking for short-term money, so who cares!
If you’re looking to build a long-term career, release your music on streaming. Raise your CD prices to $20 a CD. Again, don't buy too many CDs. Print on demand just like above.
But instead of focusing on selling music, tell people that they can listen to you for FREE on Spotify or whatever streaming service they prefer.
BUT if they want to support you as an artist, buy your CD and other merch. Because THAT is how you make a living.
Streaming is now a way for people to sample your music, decide if they want to own it, and listen all the time.
You will sell about as many CDs with this strategy. Bu you also build a long-term fan base that is more passionate for the music you create.
