The business of music is business, but the Music Industry is much bigger than what we normally think of when we say Music Business, which to most people means recordings and concerts. While the core music industry revolves around recording, licensing, publishing, and live performing via concerts and tours, there are quite a few other music sectors offering excellent career opportunities, as we’ll find out.

Musicians and the music industry have been around for a long time. Bach worked for the Church, Mozart composed and performed for Kings and Queen, Beethoven and Liszt introduced the idea of concerts for the listening public, which at the time was met with skepticism. Jazz musicians of the last century played for ballroom dances, and of course, the invention of recording and microphones, and finally, digital media brought new opportunities for musicians to earn their keep.

The adoption of digital music technology (MIDI), file downloading, and then streaming over the internet have revolutionized the music business over the last 25 years. Artificial Intelligence (AI), Augmented Reality (AR), and Virtual Reality (VR), as well as Non-Fungible Tokens (NFTs) might hold even more promise for new music applications and outlets. Throughout the torrent of technological and societal changes, musicians have always found a way to keep a roof over their heads and feed themselves and their families.

Indie Music Academy shares tips and strategies on how to build an audience and monetize your music.

For the aspiring music careerist, the music industry of the 2020s presents new opportunities, but it helps to keep a longer-term perspective. Understanding where we’ve come from will help you to see where we could be headed, and researching your future role in the music industry is no different from researching other career paths. Since nobody knows the future, anything is possible. Finding your niche in the music industry takes a strong commitment to long-term learning and self-improvement. There are no shortcuts.

We usually think of the music industry as the business of composing, producing, performing, and licensing or selling music. As you will see, the music industry is much more than that.

Music is everywhere. It’s in films and TV shows, on the radio and the internet, in games and sports, in advertising, malls, stores, restaurants, elevators, theme parks, cruises, and hotels.

Every time we hear some music in the background, someone had to compose, arrange, perform, and record it. Music, as an industry, is integrated into many other industries. The music industry itself is part of the larger business of entertainment. Music has its own subsectors. We’ve seen that recorded music alone is estimated to be worth $20+ billion globally, and the live music and concerts industry is currently valued at between $13 billion in the US alone.

Then there are music products, such as instruments, amplifiers, microphones, studio recording equipment, and even band uniforms. Music Therapy is a fast-developing field. Music education, music publishing, sheet music, music for films and video games, music for advertising (jingles), music for visual media, karaoke, music software, merchandising, and music streaming; music is a sizeable industry as a whole and is incredibly diverse in all its parts. As an industry, it’s also projected to grow in the future, as the global economy also expands.

Watch this video for some good tips on what it takes to be a music teacher.

You might ask: What’s the difference between the music industry and the music business? Sometimes these terms are used interchangeably, but there is a difference. The music business is but one sector of many in the music industry. The term Music Business equates to music management, as applies to performing, composing, songwriting, producing, recording, publishing, licensing, and the legal aspects thereof. The music industry is actually larger than this.

Action Step: If you are considering a career in the music industry start right now by surveying the industry as a whole. Then, consider where you would best fit with your specific interests and skills. You might fit in multiple sectors, and that’s a good thing, because you will have more opportunities to build your career.

Successful people in all industries seem to have a special ability to look around corners to see what’s coming next. It’s important to read books, follow industry news, identify developing trends, and put aside time to think. Learning all you can about business, not just the music business, from any sources you can, is highly recommended. The most successful people in business tend to be well-rounded and can pull useful knowledge and inspiration from various sources.

Current trends include a rapid increase in music streaming revenues due to increasing subscriber base. As of 2022, streaming revenues in the U.S. now account for 84% of total recording revenues, according to the Recording Industry Association of America® (RIAA).

Other growing trends include the importance of social media analytics and data mining in music marketing; artists co-branding with outside products and services; e-commerce solutions to merchandising and ticketing; dynamic ticket pricing; the use of artificial intelligence (AI) in all aspects of music production, sales and marketing; virtual reality (VR) and even holograms for remote concert viewing; music education distance learning, NFTs, and so on.

This list will continue to evolve, and while no one can see the future, we can say for certain that things will continue to change. Staying on top of industry changes means we don’t passively wait for the future to arrive, we create the future by looking ahead and being as prepared as possible to meet the demands of our industry.

Action Step: Make a list of business books and books about the music industry you’d like to read, and then find them in your local of school library or purchase online.

Begin by looking inward and asking some questions. Assess your likes and dislikes about your studies and daily activities. Take a personal inventory of your skills and interests. What are you best at? What are the things you need to improve on? How can you best reach your full potential in music? You might consider discussing all of this with a trusted advisor.

It’s difficult to look ahead and imagine what will excite your passions years from now, but you can try. Do your best to visualize what your future life will look like, your lifestyle, and the work you will do. People change, and your interests will evolve. That’s normal. Nobody knows you better than you. So, try to imagine your future daily work life, what you’re good at, and what would make you happy.

Also, think about where the future industry needs might lie, and how you could meet those needs in your work. People only pay money for something they need or want. If you are good at something, and there’s need for it in the world, you can exchange it for money, which will give you autonomy (freedom). Because it sustains you, you will grow to love it even more.

Bottom line: believe in yourself, your ability to learn and grow, and your ability to make your living in the music industry. Many have done so. You won’t be the first or the last to walk this path.

Cover the basics by learning to do quality work. In his famous book, Outliers: The Story of Success (2008) Malcolm Gladwell writes about the 10,000 Hours Rule as the key to success in any field. According to this rule, research shows that achieving greatness requires practicing a specific task 20 hours a week for 10 years. Whatever you are working on, if you can devote this enormous amount of time to it, you can become really, really great at it.

Being incredibly good at something leads to being able to earn your living at it. Always strive for quality in everything you do.

Nationally famous vocalist, songwriter, and producer Dan Shafer offers some advice on starting out in the music business.

The music industry requires highly skilled and trained creative people to fill the many roles available. Professionals often undergo long periods of training, earning degrees and certifications, and preparing themselves to meet a need. They cultivate and leverage a strong network of other industry professionals to find work. While some people say you should “do what you love,” it might not be the best advice. What you love today may not be what you will love five years from now. A better idea is to do what you are good at, and fill a need.

One of my favorite definitions of success is from legendary NCAA Basketball coach John Wooden:

“Success is peace of mind that is the direct result of self-satisfaction in knowing you did your best to become the best that you are capable of becoming.”

I like this definition because it’s about being as good as you possibly can be. He never mentions “winning.” It’s all about reaching your potential.

The upshot of all this is that you should figure out what you are good at, find out if and where the need is, and then become the best you can become at doing it. If you find the demand is small, or the supply is much greater than the demand, it doesn’t mean you shouldn’t pursue it. You’d be smart to find some other way to create an income from work, however.

Because it sustains your lifestyle, you should also come to love it more and more over time. This goes far beyond the simplistic idea of just following your passion.

Understanding that getting really good at anything takes time, let’s get more specific about some other things you can do to help you break into the music industry.

The following is a shortlist of recommendations for your next action steps:

Get to know the industry. Read books about music industry, follow blogs, read news items, maybe even enroll in a music industry course online, or attend a few lectures. Become a sponge for knowledge, and stay curious, especially about how the business works.

Find other people working in the industry to network with and learn from. Make friends with other music industry participants, as they can help you with valuable information and contacts. Find ways to collaborate with other, more accomplished people. Join online groups or go to a meetup to get in the loop, and meet new people. Network with the future leaders of the industry.

Here’s some tips on what to do and what not to do to break into the industry, and why you should network laterally and not network up.

Work on presenting yourself with professional quality personal branding materials, such as a resume, artist bio, or an EPK if you are an artist or band. If you have to, it’s worth spending some money to get professional quality materials. If you don’t “toot your own horn,” no one else will!

Create high-quality recordings and music videos (for artists, bands, Songwriters, Producers). This means writing, arranging, and producing some great music. Learn all about the creative processes needed to get the best recordings you can. Upgrade your technical skills. Take lessons if you need to. Stay on top of new technological developments.

Protect your intellectual property using copyrights and by registering with a performing rights organization (PRO) like ASCAP, BMI, or SESAC. Learn about the legal aspects of the music industry. Not only should you protect yourself, you should also avoid infringing on others, which is easy to do unintentionally if you don’t know the rules. We live in a litigious society, and getting sued is never fun.

Watch this short video on the importance of owning your music.

Build a social media presence. Decide how you want your image to come across to fans, and carefully craft your online image and brand message. Build real followers, not fake ones, and engage with them in meaningful ways. Engage with your audience. There’s a lot you can do on your own to market your music and yourself. Just do it.

Watch social media marketing guru Gary Vee discuss social media and content creation strategies to build a huge online following.

Get your music on streaming platforms like YouTube and Spotify. You can use a music aggregator for digital distribution, like CD Baby, Tunecore, DistroKid, or AWAL. Start earning money from your music as soon as possible.

Get live performing experience. Get out and do shows, in order to learn what works with your audience and hone your stage communication skills. There’s no better way to test and improve your skills than being in front of your fans. They will let you know what they like and dislike.

Upgrade your gear. Whatever equipment you need to make your music and run your music business, find a way to get it. This means learning all about hardware and software options, live sound, digital platforms, costs, and logistics. Put the time into it to learn what your true needs are. Not having the right gear will cost you, as will buying equipment that you don’t really need. Learn how to use the gear optimally. It’s worth your effort.

Go work for someone else. Find an internship or a job that allows you to gain experience and contacts. Work for free if you have to. Learn the business from the inside. Working for others could also allow you to earn money you can invest in your own operations.

Since music is a business, learn all you can about business in general. Set up your business entity or register as a business in your city or state. Open a business banking account. Write a formal business plan. Think, communicate, and act in a businesslike manner. This shows others you are ready.

Take an entrepreneurial approach to your music career. Here’s a video explaining the 10 challenges every entrepreneur will face:

The above list of suggestions is a good starting point, but not necessarily complete.

You might decide to earn a degree or diploma in Music Industry Studies or some other specialization that attracts you. Consider finding a mentor. Focus your creative abilities in the direction you want your career to go, and observe where it takes you.

Here are some final words of wisdom.

Musicians have lots of skills which translate well to the industry, like creative problem solving, project management skills, focused learning, self-discipline, tenacity, leadership, and even public speaking. Some musicians are great at math and solving equations in their heads because of their music training. Harness your creative abilities and apply them to taking care of your business. Remember that everyone starting out will have initial hurdles to overcome. Even the most accomplished people had zero knowledge or skills when they first started.

The music industry is highly competitive, so prepare yourself to deal with repeated rejection. Getting rejected never feels good, but successful people understand that it can take many “No’s”

To get to a “Yes.” Rejection is a part of life and tends to make you stronger.

Adjust your thinking to avoid negativity, discouragement, and impasse, and focus on the prize. Stay as positive as you can while being realistic about the work you will need to put in. Develop solid strategies for accelerated learning and skill-building, while supercharging your network. Cultivate a love of your craft, and don’t focus too much on things like money or fame.

You will need a strong commitment, continuous hard work, along with focused learning to achieve artistic and professional growth. Write down your goals and hang them in a place where you will see them every day. Break your goals down into smaller, actionable tasks. Then put aside some time to work on those tasks every day.

Above all, don’t give up. It is possible to make a living in music. All you’ll need is a lot of hard work, some time, and a little luck. Others have done it, so can you.

Bass player Damian Keyes has 10 tips for starting your music career.