Hocking My Guitar: How the Music Industry is Funded

Starting a career as a musician is indeed considered to be a lucrative career. Bands get paid a considerable amount of money with their songs, concerts and other gigs. This is the reason why a huge number of promising artists are planning on taking the music industry in hopes to start a successful career. Before one decides to dedicate their entire life as an artist, having to some extent knowledge how the music industry is funded can give them an overview on what to expect with regards to their finances. Let us consider what goes around the music industry and how they are funded.

There are a lot of factors that need to consider when one plans on starting a career in the music industry. First off is the band acquisition itself. If you are a solo artist, you can save a fair amount of time and resources with instruments. Time however is the issue as you will be the ones composing and making your tracks. Mixing tunes and beats requires good and reliable software while at the same time requires a competent mid-range computer in order to do the work.

It should be noted that musicians will also require their very own managers to promote and introduce them to other artists and music companies. Managers don’t usually offer their services free of charge and will often times require a pay cut that is subtracted from their total earnings.

Once you’ve completed an album, you will need to spend money in producing labels and the production of your music through CDs. Marketing your album will require resources as well and one cannot simply rely on word of mouth. As your album sales goes up, the need to do tours often arises and this adds to another extra layer of finances.

During tours an artists will need to pay for a number of factors including booking agents, managers, lawyers, business managers or accountants. There is also an option to buy or rent van or tour bus. Buying or renting a trailer will require fuel, vehicle repairs and of course a driver.

Accommodations are also an important part of music tours and this need to be schedule and sometimes paid in advance. You will be paying for hotel rooms during the day for the tour bus driver, vehicle insurance, tolls and food. For the actual concert itself, you need to invest in guitar picks, drum sticks, drum heads, instrument repairs. This is necessary if you prefer playing with your own instruments making you feel at home.

During the concert or tour, artists will also be paying for the merchandise, lighting, onstage production, wardrobe, taxes and, in some cases, medical bills. Another thing to note is that bands will also have to pay taxes in every state they perform. Furthermore, taxes in some states or counties are higher compared to others making it important to check them in advance to avoid overspending your budget allocation.

There are indeed a lot of factors that makes the music industry whole. Money is one of the most important resources that need to be supplied.  A huge number of newcomers in the music industry were able to get a head start with the help of cash advance loans allowing them to perform without worries. If you plan on starting a career as a musician, consider looking for backup resources as well.