The value of music diminishes further with each passing year, but merchandising lasts forever. Let’s look at why merch matters more than ever.
The value of recorded music is at an all-time low. Anyone making livable wages from music alone in 2021 is doing so through a combination of luck, talent, and utilizing every distribution method available to them. Artists are no longer looking for one paycheck for their music every month, but several. Musicians may make a little from physical sales, then a little more from streaming. There are also digital sales and revenue generated from music videos and other album components that exist on various platforms around the globe. The number of revenue streams varies from artist to artist, but the low payout rarely does.
It’s no great secret that most musicians making a living in music today do so largely through merchandise sales. You can include ticket sales if you want, but generally speaking, merchandise is where artists make the bulk of their income. A single shirt sold for $20 at a concert can generate more revenue for an artist than 10,000 streams of any single song on any of the leading streaming platforms. The sale of a sweatshirt can do even more.
While most musicians do a fair job of creating and making merchandise available to their fans, many are thinking too small when it comes to the possibilities of their brand. The digital age provides many opportunities for artists at every level of success to have robust merchandise options at little-to-no cost upfront. Some companies even offer print-on-demand merchandise. Those same businesses will also manage your online store, ship the merchandise, and allow you to set the price based on what you believe fans are willing to pay.
In the Music Biz update, host James Shotwell explains the growing importance of merch and identifies areas where many could do more to boost their bottom line. He also explores the growing online marketplace and provides examples of musicians who are already making big sales through various creative merch endeavors. Check it out:
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