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That famous artist you love probably isn't as rich as you think
- Even the famous, billionaire, Taylor Swift has acknowledged that focusing on songwriting alone will not build a musician's career in 2024. Artists must navigate social media, design cost-efficient tours, and the complex legal and financial bureaucracy whilst breaking even. In the streaming era, revenue depends on many factors including complex copyright rules and even the hitmakers who dominate TikTok are getting paid next to nothing. Many musicians diversify their income getting gigs teaching art, or waiting tables or stocking shelves. Most record labels offer advances, which they expect to recoup over time, given to artists depending on the length of the agreement.
- Recording an album can be eye-poppingly expensive, eliminating 75% of aspiring artists. Live shows are key to building dedicated fans, but touring is hardly a guaranteed money-maker due to rising costs. In 2024, musicians need to be social media influencers promoting themselves as well as their music, with social media savvy only going so far due to erratic algorithms and the crowds of other talented musicians also on social media competing for attention.
- For those such as Raye, breaking even is the best that can be hoped for. For many others, being the CEO of their company, understanding every single facet of the business, diversifying income, and being lucky is the only route to success, which remains a relative term.
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