Music Business Myth Busters

Article: http://lefsetz.com/wordpress/2014/05/28/myths/   Author: Bob Lefsetz   In the last episode we talked more about record labels and how to score that elusive “deal". This week we dig into some music business mythology. Blasko uncovered an article written by the ever so controversial Mr. Bob Lefsetz simply titled “Myths” on his Lefsetz Letter Blog. We discuss each point in detail from myth to reality.     Sales count.It’s no longer whether someone buys your album, but whether they listen to it, that’s the relevant metric that everybody seems to ignore as they trumpet irrelevant SoundScan numbers. Want to know if an act is truly happening, check their TICKET COUNTS!   Social media builds careers.This would be like saying a baseball player’s statistics make him a star. No, it’s what he does on the field. Social media is a way for fans to stay in touch with their musical heroes. Music always has been and always will be the epicenter of any career. In other words, if you’re good enough, you don’t have to tweet, you don’t have to maintain a Facebook page, your fans will spread the word and keep you alive. But you must have your music on YouTube and streaming services, you’ve got to make it easy for people to access it and listen to it.   Publicity sells tickets.If this was so, Miley Cyrus would sell out. But she doesn’t. And she’s gotten more press than anybody. It’d be like expecting Kim Kardashian to fill arenas.   Terrestrial radio is forever.It is the dominant listening format, it’s still the best way to break a record. But if it’s so big and powerful, why can you not name the number one record?   Record companies care about art.They only care about money, it’s a business, and if anybody tells you different, they’re lying.   Google Glass is the future.It breaks the number one rule of fashion, it’s dorky! Wearables will play a part in the future, but they’ll be relatively hidden, accessories. Only the geeks at Google could miss this. In other words, give a nerd a billion dollars and he’s still a nerd.   Selling out is cool.No, credibility is cool.   Raising a ton of money on Kickstarter means anything other than the money.It’s not about money, but how many pledgers there are. And in most cases, especially music, the number of people ponying up is miniscule. They’ll support the artist, but they won’t help grow the artist’s reach/career.   Sound quality counts.If it did, no one would be wearing Beats headphones. They sell because they’re a fashion item. By APPLE aligning with a laughable enterprise built on momentary hype they are squandering brand equity.   Email your questions/comments to Blasko at [email protected]   Follow Blasko on Twitter and Instagram: @Blasko1313 Follow Mike Mowery on Twitter and Instagram: @Mikeoloop   Mike is opening his knowledge base of the business to aspiring musicians! Join his webinar “Sixty Days To Signable” available now at signup.outerloopcoaching.com     Use the code: mentalflag to get $30 off your next order at ArtistFlags.com Learn more about your ad choices. Visit megaphone.fm/adchoices