45: The MusicPreneur Business Model Explained w/ Scott Page

scott_Fotor

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

Episode Time Stamps:

Introduction: [1:25]

Secrets of the Musical Mind w/ Roger Moisan [6:15]

The MusicPreneur Business Model w/ Scott Page [32:43]

Maestro's Podium

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?

 

Secrets of the Musical Mind - Roger Moisan

 

About the author, James

Leave a Comment





×
Are you a MusicPreneur?
Join the Tribe Today.