From Product to Brand: How To Monetize Your Brand As A Musician

Many musicians often struggle to comprehend that the industry they operate in is centered around branding, and consequently they end up venting about issues such as being unrecognized, deceived, or controlled by labels and record companies. Labels and companies prioritize brand-building, whereas most musicians focus on promoting their music and achieving greater exposure. These objectives are fundamentally distinct. For the purpose of this discussion, we will use the terms "product" to refer to music, "Brand" to refer to the musician, and "investors" to refer to labels.

Marketing and promoting a product can be an effective way to generate revenue for a brand or PR company. However, investors are often hesitant to invest in a product alone due to the inherent risks involved. Questions arise such as the potential for product failure, the size of the market, and the likelihood of achieving profitability solely through a single product. Instead, companies tend to allocate their resources towards building a strong brand that can sell a variety of products. By using a product to generate revenue while simultaneously creating brand awareness, companies can maximize their potential sales. A brand has the ability to sell more than just a single product, as seen with Coca-Cola selling Fanta, Chivita, and other products.

In order to succeed, musicians must view themselves as a brand and prioritize leveraging their music and content to cultivate and nurture a dedicated following of fans. These fans are individuals who are deeply connected to the musician's personality and artistry. They are willing to go to great lengths to offer unwavering support (time, resources) to watch their shows and stand by them through thick and thin.

How To Monetize Your Brand

However, simply having an audience listen to your music is inadequate to attain financial stability in the music industry. Relying solely on music streams to fund expenses such as production and marketing costs, management team fees and personal expenditures is often insufficient. Therefore, learning how to monetize your brand is essential. Musicians and creators must seek alternative methods of generating revenue through their brand. Some ways to achieve this include:

1. Merchandise Sales: Generating revenue through the sale of various merchandise items, including clothing, accessories and other branded products, has the potential to be a profitable income stream.

2. Touring: Organizing live performances and touring can generate substantial revenue through ticket sales, VIP experiences, and merchandise sold at concerts.

3. Brand Deals and Endorsements: Collaborating with brands that align with your brand values and securing endorsement deals can provide significant financial opportunities.

4. Starting a Company Aligned with Your Interests: Following the example of artistes like Rihanna and her cosmetic brand Fenty Beauty musicians can establish companies focused on their other passions. This allows them to diversify their income streams and capitalize on their personal interests.

By leveraging these strategies, musicians and creators can expand their revenue streams beyond music streams alone, ensuring a more sustainable and prosperous career.