Key success factors in the music industry entail those things that form the basis or the foundation of becoming successful in the music business.
Therefore, I am going to reveal in this article, those key success factors in the music industry, and hope you read it to the end to acquire the knowledge.
Whether here in Nigeria, or anywhere else in the world.
Key success factors in the music industry.
Basically, the key success factors in the music industry are to have the money to finance a musical career as well as know how you are going to invest that money in the right way. Technically, I have broken these 2 key success factors into:
- Raising the CAPITAL to finance your music career.
- Possessing the TECHNOLOGICAL-KNOW-HOW of the music business.
1. RAISING THE CAPITAL TO FINANCE YOUR MUSIC CAREER.
I keep telling upcoming musicians, over and over again, that MUSIC IS BUSINESS.
And if you don’t possess a business mindset, there is no way you are going to become a successful musician.
As a matter of fact, when anyone is starting out as a business person, the first thing he must have upfront is the capital to purchase goods and services.
Now let’s look at the definition of CAPITAL.
WHAT IS CAPITAL?
Capital is wealth in the form of money, or other assets, owned by a person or organization, or available for a purpose such as starting a company or investing.
Therefore, when relating this to the music business:
The Audio Studio Recording, Song Promotion (Online and Offline), Shooting Of Official Music Video, etc will require a musician to invest money.
Back in the days, before the Advent of the internet. The first thing upcoming musicians would fight to get was; someone to sponsor their music career or a record label to sign them.
And to achieve this, they would record a series of demos, perform in gigs, etc. All in the hope that a sponsor or record label will notice their talent.
To the point of deciding to invest in them.
But it’s relatively sad that upcoming musicians of this digital age think that; there is a way to become successful without having to spend money.
That is why most of them use free music apps to record songs and upload them to free music platforms; like Audiomack. And then collect links they share on social platforms, and yearn for streams that will contribute nothing to their musical success.
And of course, this low-quality production is one of the reasons online music consumers refuse to listen to or download music from upcoming musicians.
My dear friends, low-quality song production, and free online music promotion; will never help you to become a successful musician.
I bet that on my life.
Because, this low-quality music production should be the demos you pitch to sponsors and record labels, in order to convince them you have the talent.
And once they are convinced of that, they can decide to provide the CAPITAL that will be invested in your music career to make you become successful.
2. POSSESSING THE TECHNOLOGICAL-KNOW-HOW OF THE MUSIC BUSINESS.
First and foremost, let’s look at the terminology of TECHNOLOGICAL-KNOW-HOW.
WHAT IS TECHNOLOGICAL-KNOW-HOW?
If we go by the definition of Know-How, it simply means, the knowledge and skills that human beings require; in order to do something accurately and correctly.
This, TECHNOLOGICAL-KNOW-HOW means, the knowledge regarding the use of specific technology. Or a way of doing something more efficiently and effectively.
Relating this to the music business then, TECHNOLOGICAL-KNOW-HOW of the music business is the knowledge a musician requires; to make music and promote it effectively in order to become successful.
Any upcoming musician who fails to acquire this knowledge will end up making one mistake after another.
And if care is not taken, they will give up on their musical career, when the industry seems too hard for them to fit in.
HOW TO GAIN THE TECHNOLOGICAL-KNOW-HOW OF THE MUSIC BUSINESS.
As we already know, the only way to acquire knowledge in life is through education.
And we have 2 kinds of education:
- Formal education and
- The informal education.
Formal education is the one we learn in school, from our teachers.
And until you graduate with a degree, you will never be able to land a good job or employment; as a source of livelihood.
On the other hand, informal education is the one we learn at home from our parents and guardians.
But then, this digital age has added a third form of education for us. And that is the Internet Education.
And the means of getting internet education is by reading online articles, watching video tutorials, enrolling in online courses or webinars, etc.
Good enough, the internet is flooded with millions of music industry articles and tutorials, an upcoming musician can read and watch to gain the TECHNOLOGICAL-KNOW-HOW of the music business.
Here at 9ja Freestyle, we are committing ourselves day in and day out; to provide the articles, tutorials, podcasts, etc. that will enable upcoming musicians to possess the TECHNOLOGICAL-KNOW-HOW of the music business.