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How to Make Money in the Music Industry

The advent of the Internet has changed the terrain of the music industry. CDs are no longer being patronized as the source of music by which fans can listen to their favorite music. Then, how can a musician or a band make money in the music industry because of these changes?

Read this article to have an idea on how to make money in the music industry.

Since the advent of the Internet, the terrain of music industry has changed dramatically. One of the first signs of evolution of the music industry was the bankruptcy of Tower Records which has been the predominant music store around the world. People are no longer buying CDs but instead are tapping on the Internet to get their favorite songs and videos. Now, with this changing terrain in the music industry, what more is left for the people to make money in the music industry?

There may be a steep decline of people who buy music CD for their consumption and it seems those involved in the industry has fallen in a deep pit where one can no longer support himself being an artist or part of the music industry. But for those whose work are related to the music industry, they should not despair since with the closing era of CDs, there are still some opportunities for them to make money in the music industry.

Below are tips on how to make money in the music industry today:

The Grateful Dead Did It, Why Can’t You

Long before the demise of CD consumption, the legendary band Grateful Dead has done things a band would never do. They were selling merchandise items in their gigs and concerts. They had t-shirts, own CDs and what-could-have –you that any fans can remember the band with. Today, this marketing style is already being adapted by many different bands all over the world. This is making money in the music industry and at the same time advertising one’s band.

Go Where Music is Now: Online

With the inevitable death of purchasing CDs, one can get their music now in the form of mp3 which are usually found in the Internet. It is a good marketing strategy for a new band or musician to put their/his music in the Internet so that a base of fans can grow in time. One can exploit program sites such as iTunes, Rhapsody and eMusic. They can put their music there and then give a link to their websites from where one can find all their total music creation.

Tour

If there is one other way to make money in the music industry, this is touring. It is sure money especially if you already have a huge fan base.

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