With most artists known to lack the technical knowledge and business acumen to sustain their careers, Nick Matzukis, co-founder and CEO at Academy of Sound Engineering, shares key insights on how to make it in the music industry.
Matzukis underscores the importance of talent, technical knowledge, and business expertise for aspiring young artists to effectively monetise their skills in the music industry.
The International Federation of the Phonographic Industry (IFPI) Global Music Report for 2024 states that there are enormous prospects for success and expansion in the music industry for artists.
The past three years, the industry in sub-Saharan Africa has risen at an average annual pace of almost 24%, making the region one of the fastest-growing in the world.
He shares key insights on how to make it in this vibrant music industry:
Musicality
Understanding music is crucial for personal growth and skill development, as it is a critical building block for creating something from nothing.
He also emphasises the importance of enhancing talent by mastering the music language and reading chord charts.
Know your way around a studio and live gig set-up
Musicians must learn how to use professional studios, understand live gig set-ups, and be comfortable working with the professional equipment used in the entertainment industry.
You need business knowledge to earn your royalties
Understanding copyright, contracts, and royalties is crucial for artists. The complexities of copyright in music works, sound recordings, and music videos, each with their own long list of royalty streams, must be understood.
Maximise your revenue online
Social media platforms can help aspiring artists expand their audience, but without proper business and technical knowledge, they may struggle to reach their full potential.
Diversifying income sources is also important
Apart from the revenue generated by streaming, artists should ponder prospects in merchandise, sponsorships, and endorsements. Additional revenue streams can be generated, for instance, by selling branded goods or collaborating with businesses on sponsorship agreements.
Education is the critical golden thread
He reveals that formal education programmes like the Academy of Sound Engineering offer comprehensive entertainment education, covering technical production skills, music law, musical knowledge, and marketing.
“Even if a person has ‘made it’ or is already working in the industry in any capacity, taking the time to learn and understand these aspects will prevent common financial pitfalls and will help build a sustainable music career,” says Matzukis.
The Star