So many friends are passionately involved in creating and performing music, yet so many musicians don’t know how to navigate the business of music. Every now and then an idea sparks a revolution in thinking and helps guide people towards their dreams. Kevin Kelly, the founding executive editor of Wired Magazine, wrote a famous essay on the topic in 2008. This article has been linked to thousands of times and has inspired countless musicians to move their careers forward. The main premise suggests: if a band, business, or creative pursuit can gather 1000 true fans, they can make a living off of their art.
This idea was spawned when record sales plummeted due to online file sharing. When the traditional music industry formula failed to produce the record sales of the past, many artists and record companies lost their income. The money needed to foster new talent also disappeared.
Without the investment and support of a large record company, an artist is now a small business. Like any small business, you need long term customers if you want a career. If you do the math on how many album sales, t-shirt sales, concert tickets etc a true fan might purchase, a thousand fans will generate $100,000/year of income. This puts the onus on the musician to make sure all the pieces required for success have been developed. While this is admittedly a huge task, it is a realistic one for the motivated artist. This concept has stood the test of time, as several artists have proven the principle to be true. You can read the article below:
http://kk.org/thetechnium/1000-true-fans/
It’s well worth a read. In addition, here is an interview with Kevin on the topic.