While some have the opinion that music is a luxury for the rich, history has proved otherwise. There are many genres of music such as jazz, blues, tango, and more which originated from a marginalized portion of society. Music is something that we all enjoy and plays an integral part of our everyday lives, however many of us disregard it as a real career or investment opportunity.
It’s true that as a musician, it’s difficult to shine on the global stage and it takes a lot of training, networking, and sheer luck to “make it”. However, though there’s only so much room at the top of the music food chain, there is still plenty of opportunities in the local scenes to not just make a decent living, but also have a lifestyle full of passion and fun. There are also less direct ways to make a profit thanks to your investment in music- are you ready for all the options?
Boost Your Productivity
An album or subscription to a playlist service doesn’t have to be a great expense, however it can bring magical effects to those thrive in musical environments. Whether you are a designer who is inspired by the right tunes, or an accountant who needs a beat to get through tax season, your investment in the music industry can bring you plentiful returns, even if they are not in the form that you expected. An increase in yield of whatever you are doing, whether for your own financial gain or that of your employer, is always a welcome change.
Start a Music-Based Business
You don’t have to be a musician to benefit financially from people’s love of music. There are many business opportunities created in this field, from equipment rental, recording services, music lessons, or even musician management. Some might aspire to attend a music production school that offers diplomas in analog and digital recording and engineering, and assist musicians in attaining their dreams. All of these ideas require an initial investment of time and money, whether for education, equipment, or marketing, however the payoff can be definitely worth it, as you spend your time in an industry that you love and make a salary with which to support yourself and your family.
Become a Promoter/Investor
Many bands starting out have little funds to put into promoting themselves and their music. They often look for record labels for help in getting recognized. However, if you would like to take a more active financial role in the success of an up-and-coming band, you can invest in their band, just like you would into any startup business. Give them the money for branding, recording, touring, and more, and see how their work gains value and recognition in the music scene. Now consider the revenue a large-scale concert could raise- as a primary investor, this could mean a return on your primary investment into this project. It could be a very risky move, from a financial perspective, however, if it is your passion and you want to be involved in the music industry, this might just be the best way for you to do it.
The music industry is like any other, and there are always lucrative ideas to be pursued. Just because it is an art-based field, it doesn’t mean that you should step back from taking advantage of the money to be made when investing correctly. Whether in a minimal way, like purchasing an album that inspires you to be more productive, making it the core of your business, or searching and supporting talent in a more involved manner, music can become your livelihood. What sets the music industry apart from others is the passion behind it, and that’s something you can be a major part of.