Top performers realize their brands and the products they either develop themselves or associate with are vital to their long term success and can ultimately outpace their music income by large multiples.
Artists and entertainers at all levels, for the most part realize the power in their content. They understand that their music and content is the driving force in their careers. Many however do not know where to start when it comes to selling products.
The power of branding and audience is not limited to superstars only. Many up and coming artists and mid market artists have grasp the power of leveraging their notoriety in diverse fields. This may include endorsements, digital products, physical and more.
The opportunity for artists to go beyond their content is truly unlimited, yet one cannot do everything. So where to start?
Art is not what you see, but what you make others see.
– EDGAR DEGAS
Lets take a look at:
- Rick Ross – Alcohol Brands including Bellaire, Wingstop, other ventures
- Kanye West – Adidas, Donda Clothing, Home Decor
- Nappy Roots – Craft Beer, Atlantucky Brewing, Collaboration Brewing.
- Master P – Food Products, Ice Cream, Rap Snacks, many more.
Some of the biggest names in hip hop make much much more money in ventures outside of music. They understand the power of leverage and audience.
One observation is they pick something they are passionate about, something they can bring value to.
Beyond this they understand the need to diversify their income streams. Beyond merchandise. Beyond show tickets.
Each of the above mentioned artist have an understanding of control and diversification. Music careers are often dictated by the label to which an artist is signed as well as trends in music tastes. The margins and control are usually better in products outside music. This is not always true, for example the margins in food can be tight however the ownership and control of the brand is almost always stronger.
Furthermore, artists can create equity in their own brands and products unlike music which usually ultimately owned by recording labels.
Additionally, brands can last much longer than music careers giving artists longer term wealth generating power which is more under their own control.
So how do upstart artists start diversifying their offerings?
I have put together the following list of considerations regarding product income streams every artist might consider early and often in their career:
- What is a business or product outside of music that interests you? One you are happy to study, learn, experiment, and discuss.
- What kinds of products and production do you have access to? Is anyone you know already selling a product you like that you can make a unique version of and market?
- Who is your ideal brand sponsor? How can you position yourself to become an ambassador?
- What is a product that relates to your music or content and may be a good fit?
It may sound daunting but barriers are often self created. You can get started in products as simple as water, cosmetics, supplements, or accessories. Many of these type items can be produced via a private label agreement.
In the alternative you can calculate your current reach, audience, and target demographic as well as project your growth based on trending numbers around each release and take this information to pitch brands you may want to market or affiliate with.
In short, don’t wait to get started selling products. Start sooner and build your product brands alongside your entertainment brand. With a strong strategy the overlap can be quite complimentary as well as create long term wealth through solid business.
ZEB CHANDLER
A guy putting up content for you, your brand, and your future.
