What Are the Chances of Success in the Music Business?
As AC/DC said, "It's a Long Way to the Top (If You Wanna Rock 'n' Roll)." Your odds of success in the music industry are slim, but by broadening your scope and adapting to current trends, you can increase your chances.
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Geography
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According to the documentary, "DiG!," 9 out of 10 bands fail and 85 to 90 percent of records released don't recoup their overhead costs. The odds are against you in terms of commercial success as an artist.
Significance
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Album sales are on the decline, according to Rolling Stone. In 2000, the top 10 albums in the United States sold 60 million copies, as opposed to 25 million in 2006.
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Geography
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You can better your odds of making good connections, meeting the right people and developing relationships by moving to a major music center like New York, Nashville or Los Angeles.
Considerations
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There is no set path to follow in the music business. There are many options. You may be more successful in marketing and promotion than in fronting a rock band, for example.
Expert Insight
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Your success depends on your outlook. According to Steve Bussey, owner of GeoSynchronous Records, success doesn't necessarily translate to fame and fortune, but sometimes the mere joy of getting your music out there.
Adapt
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Music business professionals need to be aware of new trends and be constantly evolving just as music is evolving, according to Tom Delonge, guitarist for Blink-182, in an interview with Guitar Center.
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