MusicPreneur.Com

45: The MusicPreneur Business Model Explained w/ Scott Page

The MusicPreneur Business Model Has nothing to do with getting in good with an executive at Sony.

 

Scott Page

Founder of Ignited Network. Designed specifically for artists to connect with their "super fans."

60-70% of artist's revenue is from their super fans: people who spend at least $100 per year on the artist via albums, shows, merch, etc.

Preneur Problem: What to do with all the social media platforms?

  • Social Media is not simply a tool. It's your entire business.
  • Whoever owns the audience wins. Power of super fans.
  • Platforms change their algorithms constantly. Ignited is a social media platform where artists have direct control over how they interact with their fans.

SPACE

  1. Story
  2. Plan
  3. Army
  4. Conversion
  5. Education

Story: What problem are you solving? (Creating a "rally cry")

Plan: Google "The Lean Canvas"

Army: The influencers and people who surround you. "Early adopters" who are your advocates and who are engaged with what you're doing.

Conversion: "Funnels" building trust with consumers who

Education: You must learn how to do these things. Spend 2 hours per day reading blogs, following people, learning the tools and tactics, etc. to learn how to think like a business person.

You can't make money selling music anymore. The new model for MusicPreneurs is subscriptions, memberships, etc. "Creating a lifestyle, then find people who desire that lifestyle and will pay you for it."

What did Scott learn from his days with Pink Floyd that translate to the modern MusicPreneur model?

  • It's a totally different time.
  • So many more options to make and distribute music than existed in the 80's and 90's.
  • The last artist through "the system" is Drake.
  • You must be in the media business, or you're going to be out of business.

Shelita Burke is a perfect example of the new MusicPreneur model.

  • She built her audience by engaging directly with them, not catering to the whims and desires of the labels.
  • It gives an unprecedented amount of leverage when cutting a deal.
  • The challenge for the MusicPreneur is finding and engaging with the audience.

We're not in the "music" business, we're in the "connecting" business.

The power of Google: You can find anything you want - for free.

HIGHLY recommended links: hubspot.com, copyblogger.com, leanstack.com, growthhacker.com

Scott's Pink Floyd page on Ignited Live. http://ignitedlive.com/superfan/iamscottpage

The most important thing any artist can do today:

Get educated. Think like a businessperson. When you're creating something, think about the purpose. How will it serve your audience?

 

About the author, James Newcomb

I'm a full time MusicPreneur. Every now and then I play music. Send me an email at maestro@musicpreneur.com!

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