MUSIC OR MONEY?

A question many artists struggle, especially when it comes to managing their emotions around money.

Early in my career at a time I was booking gigs,  I used to get so emotional around money and quoting for my services. Dealing with venues, bookers, companies and the very awkward conversations around quoting thousands for our show in early stages.

A few years later,  I founded a music company and the problem continued.  I began to ask questions such as:

How much should I charge?
What is my service worth in monetary terms?
What is my hourly rate?
How much do I pay my staff?
What is a fair deal?

I meet struggling artists every day in my line of profession and one thing they all have in common is a belief around money.

It’s a sensitive issue for most people, but musicians especially as the average musician in Australia only earns 7,000-$12,000 per year on music derived income according to a study conducted by Earnst & Young. Not to mention the 40% of Melbourne’s population of musicians have experienced physical and/or mental health issues associated with their music practice (2017 melbourne live music census).

So then what causes this friction around money and ‘selling my art’ that affects so many musicians?

In order to understand the relationship between music and money, it’s important to understand money itself.

What is Money?

Money can be considered as energy currency or to be more specific, a currency we use to exchange values from one person to the next.

The market is made up of traders who each have something of value to offer.

Back in the agricultural days, before the monetary system was invented, farmers would trade their cows with vegetables. After a period, cows become increasingly common and so did vegetables, therefore local traders would have to stop trading as they no longer had a need or shortage of cows and vegetables.

So they invented the first coin, stamped it with a picture of a cow’s head and called it a ‘Buk’ to represent the VALUE of one cow.

From this point, coins were used instead of cows during local trades and were taken to the local market to purchase what was needed, i.e. bread, shoes, jewellery or whatever was of VALUE to that individual. Over time, the coin become the paper note (cash) which then become an Electronic Funds Transfer (EFT). It started as a very dense form of currency (the cow) and gradually evolved into a less dense, lighter electronic form (data transfer) which can be compared to that of energy.

So you see, money itself is just an energy transfer currency to exchange values between two people.

So then what is the problem for musicians when it comes to making an income with music?

After years of asking myself this one question, I discovered some profound principals and perspectives around money that totally changed my mindset. Since then, we have helped thousands of musicians transform their financial situation and most importantly, make an income using their talent, skill and new found knowledge.

So I’ve created a free event to help musicians break free from the ‘struggling artists’ mindset around money

At the event, you will learn how to:

• Breakthrough anyt limiting beleifs around money
• Confidently quote for your service or product
• Determine your hourly rate
• Approach new prospective clients (without looking desperate or pushy)
• Sell your merchandise from a stage
• Manage your emotions around money
• Apply wealth building principals (that I’ve personally used)
• Measure and track your expenses

& ensure your claiming EVERYTHING YOU CAN on tax  – you’ll be surprised how much can actually be claimed:)

With gratitude,

Steve Jaz

Discover how to turn your SKILLS and PASSION for music into a CAREER at OPEN DAY on 5-6 October

From mastering your craft to recording your next single or working towards a career as a musician, artist, producer or mentor, we invite to you USM OPEN DAY on 5-6 October to learn more about how we can help you take the next step in your journey.

Our team have worked with Berklee College of Music, Harvard University, JMC, Universal Music, Sony and several independent labels, agencies and venues in Australia and internationally for over 25 years and have produced, trained and mentored musicians across the world to become independent working professionals in today’s industry.

At USM OPEN DAY, you’ll discover how to turn your passion and skills into a career and be surrounded by a team of professional mentors, songwriters and producers who can answer any of your questions over this jam packed 2 day weekend.

Article: 8 Ways to Make Money with Music

0. Article Intro  1. Busking  2. Gigs & Touring  3. Sell Your Merchandise  4. Record & Release Your Music  5. Record & Produce Other Artists  6. Manage or Promote Events or Clubs  7. Mentor Other Musicians  8. Build a Music Business

RECORD & PRODUCE ARTISTS

What is a Music Producer?

A music producer helps musicians turn songs into musical productions and final recordings for sale. He typically has a bachelor’s degree and often works his way up for several years as an intern and assistant producer. He works with both talent and the production crew to ensure the most effective final product is recorded. Although some hard work is required, being a music producer can be an exciting and rewarding career.

Earnings Potential

Music producer pay varies greatly depending factors such as location, the level of success and number of clients. Some producers work in larger firms while others operate independently. According to a study by the Bureau of Labor Statistics, the average salaried music producer earns about $55,000 per year, whilst Ziprecruiter reports that figure a little higher at $78,838 as a national average in Australia. In the US, The Berklee College of Music indicated a low end of $25,000 for record producers in 2010, but top earners, like Columbia Records Co-President Rick Rubin, make millions of dollars.

Market Demand

Music producers play a critical role in the musical entertainment industry. They oversee the entire process of making music, and without them quality recordings would not get made for any artist. Producers are important to their firms, investors in their businesses, artists and the audiences that buy the music. In some instances, producers even keep the wheels of the music industry turning by managing relationships between the artist and music label to ensure a collaborative effort during the production process.

Expertise and Skill Required

Top producers help artists turn their talents into a creative musical product that satisfies the vision of the artist and the financial interests of the label. Typically, good music producers have at least 5 years practice in the field, have undertaken training either through a program, course or qualification in sound engineering. But the best producers have extensive work in the field working directly with artists on multiple projects, styles and audiences working with tight deadlines and release dates.

Article: 8 Ways to Make Money with Music

0. Article Intro  1. Busking  2. Gigs & Touring  3. Sell Your Merchandise  4. Record & Release Your Music  5. Record & Produce Other Artists  6. Manage or Promote Events or Clubs  7. Mentor Other Musicians  8. Build a Music Business

CLUB & EVENTS PROMOTER/MANAGER

Market Potential

Events within the Music Industry are vital for both artists and for admires. They serve as a home for like-minds to connect through a shared interest of art but also provide a platform for promising artists to gain valuable experience—performing at a higher level. In a report from the 2017 Melbourne Live Music Census, Melbourne has more live music venues per capita than any other city in the world with over 73,000 gigs annually, 553 live music venues and $1.42 billion spent in small venues, concerts and festivals.

Earnings Potential

Operating as an event manager can work well for individuals with a stake in the business and it can be a way to leverage and position your name or brand by hiring quality acts as either support acts or headliners. Based on recent job posting activity on ZipRecruiter, the Club Promoter job market in both Docklands Victoria and throughout the entire state of is not very active as few companies are currently hiring. People working as a Club Promoter in your area are making on average $37,700 per year.

Skills and Investment Needed

If being a club promoter is your passion, your best option is to find a club owner who can negotiate a deal with you based on the number of patrons you can attract through your own networks, channels and marketing strategies. An experienced promoter tends to lead into an event manager role as running a successful event requires a diverse range of skills including; project management, budgeting, scheduling, negotiation and vision.