Overheard At New Music Seminar
New Music Seminar is taking place in full force today, here are just a few of the conversations happening on Twitter:
– Susan Boyle's sales are 97% physical.
– Music has a 10/90 rule — 10% of your fans will provide 90% of your revenue.
– Actually email is like a river – fans dip in an out of the information stream.
– Engagement makes money for artists, awareness does not.
– It takes 14 clicks to download music from Amazon without an account (12 on iTunes) vs. 4 clicks for typical torrent site. Streams take 1.
– Basically the music business today is where it was in 1967.
– Artists need to make sure they are easily findable on search engines.
– Primary focus of new artists needs to be finding a core fan base.
– 81% of all albums sold last year sold under 100 copies. But… there
were 5 tracks sold for every album.
– Even though it's now a singles market, many labels are still album-centric.
– Odds of winning the lottery are as good as a record deal and a hit. Actually the lottery has better odds…
– Artists, you may not want to hear it, but you have to look at yourselves as businesses.
– High awareness with low engagement is a hobby, not a business.