Nick Matzukis, co-founder and CEO at Academy of Sound Engineering
There is no magic wand to make it in the music industry. A combination of talent, technical knowledge and business acumen is essential if aspiring young artists are to monetise their skills effectively.
According to the International Federation of the Phonographic Industry (IFPI) Global Music Report for 2024, there are massive growth and success opportunities for artists within the music industry. In sub-Saharan Africa the industry has grown at an average rate of over 24% per year for the last three years, making the region one of the fastest-growing in the world.
Here are my key insights on how to make it in this vibrant music industry:
Musicality – the ability to understand music is a must. Everything starts with a person’s talent, but that talent usually needs to be honed. Being able to create something out of nothing is not easy, but it is a critical building block. If a person does not have musicality, then the journey stops here. Talent can and must be taken to the next level. As part of this, it is essential to be able to communicate in the language of music (and reading chord charts certainly helps).
Know your way around a studio and live gig set up. Musicians must learn how to use professional studios, understand live gig set-ups, and be comfortable working with the professional equipment used in the entertainment industry. In the past, labels used to take care of everything. But today, it is very much a case of them only signing people with a track record of professional releases under their belts. This means that aspiring artists who are active on social media like TikTok, YouTube, and Instagram, and who know how to work a professional studio or a laptop setup at home, will already have an edge over those who do not.
You need business knowledge to earn your royalties. While this might sound boring to an 18-year-old who is ambitious and wants to become a star as soon as possible, knowing how copyright, contracts, and royalties work is absolutely non-negotiable. The complexities of copyrights in music works, sound recordings, and music videos, each with their own long list of royalty streams, must be understood.
For example, mechanical royalties are earned when your composition is reproduced (including on streaming sites), while public performance royalties are earned when your music is played live or on the radio. By understanding these basics, a person will be able to protect their music and maximise their earnings. But there is much more to learn than just this. There are too many stories of famous musicians who have died paupers due to a lack of knowledge about how the music business works.
Maximise your revenue online. Social media platforms are also great ways for aspiring artists to grow their audience. Content has the potential to go viral and attract broad attention, but if you do not know the business and technical aspects, you will be screaming in space.
Diversifying a person’s income sources is also important. In addition to earnings from streaming, an artist should consider opportunities in merchandising, sponsorships, and endorsements. For example, selling branded merchandise or partnering with companies for sponsorship deals can provide additional revenue streams.
Education is the critical golden thread. Gone are the days of musicians having to learn the herd way. Formal education programmes through the likes of Academy of Sound Engineering provide the ultimate in entertainment education, a comprehensive understanding of the industry, covering everything from technical production skills to music law, from musical knowledge to music marketing and everything in between.
Even if a person has ‘made it’ or is already working in the industry in any capacity, taking the time to learn and understand these aspects will prevent common financial pitfalls and will help build a sustainable music career.
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Author: T M from ByDesign Communications on behalf of ASE.
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