What can musicians learn from the pandemic?
The pandemic has been with us for almost two years now. For musicians, this means in most cases lower income, often an increasing psychological burden and often the feeling that the appreciation for their (own) art is not as great as they might have hoped. Some will also have lost faith in support from politicians. But what else do people take away from this exceptional situation – at best, even positive things?
Relying on streaming is not enough
Very few artists can live on their streaming income alone. While this is not a new insight, this fact was easier to ignore before the pandemic.
Only one source of income is not enough
Relying on one revenue stream as a musician can go well for a long time, but then it can suddenly come back to bite you in the ass. If you relied entirely on concert revenue, you were left high and dry during the pandemic. As an artist, you should always build up several pillars so that your income does not completely collapse when one of them disappears.
Be open to new things
Multiple pillars means openness to new technologies and revenue streams. Livestreaming can be an alternative or at least a supplement to concerts, you should at least read up on NFTs, there are more and more alternatives in crowdfunding, or maybe you can supplement your income by letting your music go viral on TikTok or by using it in videogames. Not everything suits everyone, but there are possibilities for everyone that you should not close your mind to.
Stay flexible and up to date
In order to be aware of these new developments, musicians, or at least their managers, should keep up with the changes in the music industry. It is also important to be flexible so that you can react quickly to developments. As with musical trends, it’s better to be there early than to try to jump on the bandwagon completely late.
Don’t just carry on as before
If the pandemic does eventually come to an end, don’t just pick up where you left off in 2019. Many new opportunities that arose during the pandemic will continue post-Corona. The world, as well as the music industry, is not the same as it was before, and this must be taken into account.
The musicians suffer – the industry grows
While many artists are going through hard times or even returning to their bread-and-butter jobs, many companies in the music industry are posting record sales and music start-ups are raking in millions. Put simply, the industry is doing great, while the musicians, without whom the industry would not exist, have been in crisis mode for two years. Similar to politics, everyone has to decide for themselves if they want to accept this or if they want to work for a change.