by Jared Navarre, founder of Keyni Consulting
In the past, music labels were in the business of discovering bands. They browsed indie releases or sat through showcases in crowded clubs looking for the next Nirvana. And when they found a promising band, music labels would pluck them from obscurity by refining their sound and sharing it with the world. But not anymore.
Today, bands struggling to gain a foothold in the music scene are forced to accept the reality that no one is coming to save them. Labels used to build careers, but now they just place bets. When bands don’t do that appear with numberslabels are not interested. The ‘care’ part of artist development is a thing of the past.
Fortunately, today’s bands have the tools they need to build a significant following without using the resources that labels once provided. Through Instagram, Discord, YouTube and other channels, artists can build brand ecosystems that reach fans directly, which they have found to be a better alternative. If you can really build momentum yourself, why would you give away half your rights and your identity for a few playlist placements?
Leveraging identity and connections to build the ecosystem
A band’s brand ecosystem is based on its brand identity, which is much more than just the music. The brand is what people connect with before they hear the song. It is the presence that the band projects into the musical universe.
Defining a brand identity requires defining what you stand for. What will you look and feel like as a band? What will you sing, talk and post about? The clearer you are about these issues, the easier it is to build a loyal fan base.
Once a brand identity is established, bands can begin orchestrating the direct-to-fan connections necessary to drive loyalty. Through this outreach, social media has changed the equation. Social platforms allow bands to connect and interact with fans around the world, rather than just those who can attend a live show.
Building a healthy brand ecosystem requires the right connections. Bands need to talk to their fans, not just at them, by bringing them in and showing them that they matter. Bands that want a loyal fan base, rather than just a large following, will have to put in the work to create an authentic connection.
Diversify income to keep the band alive
When labels were responsible for keeping bands alive, music was the central currency. Bands wrote, recorded and performed in exchange for money.
For bands building their own ecosystems, music is not enough. Streaming won’t pay the bills either, as sources newly report artists who use Spotify to stream only earn a few dollars per month. And those who don’t reach at least 1,000 streams per year won’t be eligible for royalties on the platform at all.
To make enough money to survive in the new music reality, you have to think like a business. Bands that don’t diversify their revenue streams with merchandise, revenue-generating platforms like Patreon, custom drops and synchronize won’t last. To survive, change the music in the starting point and then generate money with everything around it. You have to accept that music is only part of the job.
Technology can be used to assist with diversification and other business activities. AI, data analytics, automation and other technological advancements are all part of the modern music toolkit that allows bands to expand their reach and make smarter decisions.
Giving fans an experience
One of the most critical elements of the band ecosystem is the fan experience. Releasing music – even great music – is no longer enough. Fans want an experience. They want access.
The ecosystem must provide the story, the chaos and all other elements surrounding the music. Fans want to be in the middle of it. They want to feel like they are part of the process and not just consuming the product.
In the days when labels drove the process, moving units was the goal. As bands try to take over, they must learn how to build experiences for their fans. They can’t just drop music and disappear; they must always be active creators who are constantly showing up, posting, engaging, and performing.
What role will labels play in the future?
While the brand ecosystem model has developed into a viable option, it remains to be seen whether this will be the only option available to bands in the future. Labels can evolve in a way that keeps them relevant, but it requires them to stop trying to own the artist and start supporting the ecosystem.
Labels that decide not to change are left behind. Artists don’t wait anymore. They have found a way to create infrastructure, financing and connections without the handcuffs that labels expect from them.
Jared Navarre, founder of Keyni Consultingis a multidisciplinary entrepreneur and creative strategist with a proven track record of launching, scaling and exiting businesses in the IT, logistics, entertainment and service industries. Navarra is also the creator of ZILLION, an immersive music project that combines story, multimedia and live performance into a cohesive storytelling experience.
Related
#modern #bands #replacing #labels #brand #ecosystems #young #starters