Are Music Fans Craving Exclusivity?
Guest post by Marcus Taylor, founder of TheMusiciansGuide.co.uk – a website that offers resources such as music contracts for DIY musicians..
Unless you've been hiding under a rock, you'll most likely be familiar with Amanda Palmer's impressive KickStarter campaign (she's raised over $750,000 through the crowd-funding platform). At risk of being 'one more to add to the list', I want to focus on what we can learn from her and what the success of her campaign suggests to me about how music fans are showing cravings for exclusivity.
Amanda's campaign teaches us the importance of building an army over time, being authentic, and trying innovative and unconventional means of promoting music, but I think one of the most valuable lesson we can learn from Amanda is that fans are willing to pay a heck of a lot for something a little bit special i.e. something not mass-produced.
The problem is that most artists have adopted a 'mass-production mindset'. By default, we think "how can we create the same CD / MP3 and get it to the highest number of listeners?" or "How can we perform gigs to a larger audience?" and while exclusivity is nothing new to musicians (limited editions merchandise and private shows have been milked for decades), I'm beginning to think that the increased accessibility to exclusivity through online services like KickStarter.com and Stageit.com is increasing its demand. Even Twitter is having a significant impact on shaping fan's expectations – we now expect to be able to get to know the artists we love and interact with them personally and exclusively.
I'm not saying that you should go ahead and turn down the stadium concert to perform an exclusive streamed show from your kitchen, but what I am saying is that by focusing your attention on deepening relationships with a few fans, you may end up better off than if you try to capture huge quantities of casual fans.
From a solely financial perspective, if you had just 20 fans who were willing to pay $5,000 to have you play in their living room, you'll end up with more in the bank than the band with 90,000 casual fans who pay $1 to download their single. Of course that's an extreme scenario, and one of the ironies of focusing on deepening relationships with a relatively small number of fans is that it tends to increase the number of 'casual fans' anyway, but hopefully you see my point.
If you're not convinced that loyal fans will invest heavily in exclusivity, then why would 35 people pay $5,000 to get Amanda Palmer to play in their living rooms when they can go and see her for $20? Why would hundreds of her fans pay $200+ just to get a signed copy of her album & artwork? Those fans are not paying a premium for convenience; they're paying a premium for exclusivity, and a massive one at that.
You don't need a KickStarter Campaign to Offer Your Exclusivity
I have to give Chris Jackson full credit for this tip. Chris and I were having a Skype call last week when the Amanda Palmer story came into conversation. Chris made a really good point that lots of bands are rushing to create their own Kickstarter campaigns offering exclusive products and services, but exclusivity is something you can offer all year round, without KickStarter.
Sure, a sense of urgency helps, and Kickstarter.com sure does make it easy to set up, but why not offer living room performances and YouTube recordings personalised to specific fans as a service – in the same way that you offer regular gigs as a service? If there's demand for those services, you have an opportunity to supply and benefit from it. Make your exclusivity accessible without compromising its exclusivity and you'll be onto a winner.
As always, I'd be interested in hearing the other side of the coin and any arguments for why musicians shouldn't offer their exclusivity as a service. If you have any thoughts or anything you'd like to add, please leave them in the comments below – or you can contact me personally on Twitter @themusicguide.