Reasons why musicians fail to make money

99% of musicians fail to make money; The percentage may sound high, but in such a competitive industry, making it to the top of the pack can feel like climbing the tallest mountain in the world. Making it to that 1% often seems like a combination of luck, timing, and talent. What are some of the reasons that talented musicians fail to reach the heights of their potential?
Lack of Commitment
Sure, making music is fun. Getting with a group of friends and creating something new can be addictive and rewarding. However, getting out there and playing music in front of uninterested crowds, getting repeatedly rejected by labels or an artist manager, and discovering years have passed without any improvement are all unfortunate outcomes in this industry. It may be easy to give up when certain aspects of the music industry don’t appeal to you. However, a lack of effort or commitment will only hold you back. Being committed does not guarantee success but sitting on the sidelines doesn’t either.
Poor Marketing
“Art's not food. It's a luxury, not a necessity. Somehow, you have to convince them that your art is different, and is worth paying for. And the only way to reach that is--here's an evil word--marketing.” Most budding musicians will have to dabble in many different types of marketing: viral, social, print, and word of mouth. For those who fear marketing or are simply lacking knowledge in this area, it is generally a good idea to hire someone else to take care of the marketing. That way, an artist is freed up to do more creative thinking.
Technology Surpasses You
For many artists, anything but the music can be viewed as a distraction. “Most musicians are just learning about the necessity of integrating technology into their budgets, touring, and media.” The music industry is struggling with its digital evolution, but the fans are embracing it. To ignore it entirely ensures that artists ignore a whole group of target audience.
Expect Too Much
Many new musicians believe that their talent will get them through. Unfortunately, the world is populated with very talented artists who never make it. It is important to not get too wrapped up in what is possible or how talented you are. By acting like a star and being difficult, an artist is impeding their own progress. Getting signed onto a record label is a big deal, but just because there’s a contract does not mean the label will pull out all the stops for every new artist they sign. Set realistic expectations and goals and focus on growing instead of becoming famous.
Only Understand the Music
The truly successful artists are either jacks of all trades, or employ specialists in business, marketing, accounting, and other areas to handle the aspects of the career the artist may not be familiar with. In fact, today, the best way to maintain control over a musician’s craft is to find a way to finance and run it without depending on a large recording label or manager. Artists can no longer think of themselves only as musicians, but as the product being sold. Understanding the business aspect of being a recording artist is just as important as making great music.

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