3 Tips To Get Funding For Your Music and Use NFT Tech To Your Advantage in a Crowded Marketplace

Contrary to what most people think, making music is expensive. Raising funds for your music is a long and hard route. So how can artists get music funding?

The music industry has gone digital, making many processes and activities–such as funding–easier and faster today than some years ago. It will increase new emerging musicians and the songs these artists release each day. According to Spotify, about 60,000 tracks are uploaded on the platform every day.

The industry has become more competitive with time, and artists who still think releasing a good song is all they must do to succeed will have to rethink their approach.

Quality music is not enough in the industry today. You should know how to back your quality music with proper marketing and excellent timing to make it popular. Explore fundraising, how to build a dedicated fan base, and relevant technologies like NFTs to give your music career its best chance at succeeding.

Knowing Your Fundraising Options

Picture this: you spend a lot to get some studio time and when the song has been successful. You spend a lot on instruments, equipment, band, and a production team when going on tours. It requires some funding, and as an artist, you should know which types of funds are available to help push your music career:

#1: Music Label Option

The most popular option for any upcoming artist is signing onto a music label. These organizations are set up specifically to assist musicians in creating songs, marketing them, and building connections; connections with industry players and fans. Labels invest in upcoming artists, usually with an included agreement of getting a percentage of the musician’s royalties from songs.

#2: Art Grant and Scholarship Option

Many arts societies have scholarships, grants, and funds created to help independent artists. It would help if you researched which one will work you out, as these organizations have certain criteria.

On a mental note, though, many others are also applying for these grants, so you should expect it to be competitive.

#3: Public Crowdfunding Option

As an artist, you always have the option of raising funds through the traditional crowdfunding method. You bring people together for an event geared towards convincing them to contribute to your career. You can incentivize these people by offering paraphernalia or hosting an auction at the event.

#3: Equity Crowdfunding Option

Equity crowdfunding is another way to raise funds to support your career. Although it is similar to the traditional crowdfunding method, contributors are promised a share of your success in this instance for a limited period. Your career becomes equity that these individuals own a percentage of according to their contribution.

Reaching Your Audience

Why make music if nobody is listening?

Every artist needs an audience that will appreciate the songs they make and be ready to invest in their career. That’s why you should have a clear idea of your target audience and plan to reach them with your music.

To have a firm idea of your target audience, you should first be clear on how you want to be perceived. Establish three keywords you want to associate with your brand and use them to guide your communication strategy.

Your promotion strategy plays a vital role. Share your song with your network, and encourage your audience to share it with other networks they own.

You can create targeted ads to precisely reach the people you have in mind, or you can look to go viral with some challenges associated with your music. With more than half of the world now on social media, it should be your immediate go-to for marketing yourself and your music.

Collaborating with other artists is also another way to make your big break. Most fans’ loyalty to an artist can get transferred to you after a successful collaboration. This strategy is essential in reaching different niches and getting the attention of editorial teams.

Taking Advantage of Technology

Technology is creating so many opportunities in our world today, so much that you’ll be shooting yourself in the foot if you keep ignoring it. Non-fungible tokens (NFTs) are one of the buzzing forms of technology, and deservingly so, looking at the kind of doors it offers to musicians. Take it from us: take this chance to get funding for your music.

The technology is undoubtedly a way to prove ownership of digital art based on blockchain. NFTs, help you establish digital contracts on your art to receive some percentage of royalties anytime that art is sold.

This percentage is set in the smart contract during creation.

This technology can provide you with additional revenue and helps your fans experience your music in different forms. i.e., digital art and videos.

It may take some time to learn about NFTs and become informed enough to take advantage of them, but this shouldn’t put you off. The last thing I must say is to continue experimenting and getting your first token minted as early as possible.

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