Myths about the Business of Music
If you are studying towards a music business degree, or are considering it, then it is likely that you are already aware of some of the myths out there. If not, then you will soon come across it. So what are these myths?
Once You Get into the Music Industry, People Will Help You because They Are Nice
Remember that this is a business, and it isn’t about being nice, it is about being successful, which generally means making money. Artists make art, music business professionals sell it. Sure, there will be some people out there who are genuinely nice, but business will always come first. Hence, if someone decides to help you, then it means you have something sellable.
The Music Business Died with Digital Technology and the Economic Crash
This is somewhat true, in as such that sales of CDs has gone down tremendously. At the same time, however, vinyl sales have seen a massive revival. Also, sale of single tracks, and particularly online tracks, has risen massively.
People in the World of Music Earn Millions
Everybody thinks that people who are famous, like Lady Gaga or Ed Sheeran, look to everybody as if they have more money than they will ever be able to spend. In reality, however, what they earn depends on a huge variety of factors, laid out mainly in their contract. Not just that, however, superstars very rarely have good money management abilities. After all, their personal business is that of entertaining, not of managing taxes and investment, Plus, they often live quite lavish lifestyles, which means they can spend it all as well. People like Michael Jackson, MC Hammer, Marvin Gaye, Will Nelson, Billy Joel, Toni Braxton, Isaac Hayes, and Jerry Lee Lewis are all examples of superstars who literally lost it all.
You Can Become a Star Overnight
We often hear of models who were discovered walking down the street, musicians who were busking, or actors who were simply having a conversation. Those people do exist, but they are incredibly rare. To be a superstar, people have to work incredibly hard, for an incredibly long time. And they also need the support of those who are knowledgeable about the business of music.
Talent Goes Above Everything
Talent is, obviously, very important. However, work ethics are even more important. Once upon a time, people could get away with being “divas”, but that simply is unacceptable anymore. Today, those in the business of music are looking for people who want to work hard, who are humble, and who are appreciative of anything that goes their way. The reason for this is marketing. Talent has to be marketed, and if someone has no ethics, then no matter how strong the work ethics are, there is nothing that can be done. Consider, for instance, someone like Charlie Sheen, who seemed to have it all, but nobody now still wants to work with him due to his personal ethics.