You are here

Practical Music Business Tips

Getting Ahead In The Music Industry By Sam Boydell
Published August 2024

Practical Business Tips

A successful composer shares his secrets for getting ahead in the music industry.

Some moments in life have a profound effect on you — even though you might not realise it at the time. Early in my career, I was invited to a local music educational workshop. Around 50 musicians turned up and, after a brief intro, we were shown various rooms, each containing a guest who would teach us on their chosen subject. The door labelled Improving Live Performance had a 49‑strong queue. The door with Understanding The Music Business written on it had one person queueing. That person was me.

The guest and I were shocked, but also saddened. “This is why so few people make it in this industry,” he said. Now a music label owner, he explained how his band had a strong enough following to be playing the Woodsies stage at Glastonbury, but that after everyone had had their pound of flesh, they were taking home less than minimum wage each year. Seeing an opportunity to do a better job than the major label supporting him, he went away and built his own label.

Whether it’s Miley Cyrus or Hans Zimmer, your favourite artist understands that they are a business. Using everything I’ve learnt these past 15 years, I have created a list that will provide you with practical ideas to increase the chances of you developing a successful career in the music industry.

1. Understand that you are a business

Start with the basics. Developing a brand aesthetic with a unified business and a comms strategy, and build a strong (working!) shop front that represents that. Examples could be as specific as Disclosure’s ‘drawn face’ or as general as Ludovico Einaudi’s simplicity.

2. Find your competitive edge

USPs are important in all business and in music. Think of this as a challenge to be different to what’s already out there. That could mean embracing new sounds and new technologies, in the way that artists such as Colin Stetson or Björk have done.

A business that has multiple income streams rather than one large one will always be better protected if one falls...

3. Diversify your income

A business that has multiple income streams rather than one large one will always be better protected if one falls, in addition to having a larger growth potential overall. Don’t just release tracks: make music for libraries and TV, create a side business or start an online channel.

4. Identify industry trends and get ahead of them

Like all these tips, this goes for your sound as well as your business. Take sampling instruments, for example, and the impact this has had on the industry. For instance, check out the stories of Slate + Ash or the founders of Spitfire Audio as examples of businesses that set trends and, in turn, feed their work as composers.

5. Invest wisely

Of course we want all the newest plug‑ins! But do you have a strategy to balance the books? Start small and grow your studio (and prices) at the same pace as the work coming in. Bear in mind that hardware equipment can be resold later, whereas software usually cannot. Secure the job first, then when buying a piece of equipment calculate a two to three year product life. Could it help becoming VAT registered beforehand?

6. Invest in yourself

Personal growth is just as important. Invest in your own skills and knowledge, not just in equipment. For example, could a deeper knowledge of AI give you a competitive edge?

7. Continually build relationships

Find people you respect and get to know them. One of the joys of this industry is working in collaboration on something great. Try meeting people outside music, such as software developers, game designers and animators.

8. Be proactive

Saving the most important to last, you’ve got to get yourself out there and make things happen, because they very rarely land on your doorstep and certainly never come fully packaged. In particular, when we think about diversifying, often you have to get deeply involved and get others on board.