Throughout the years, many aspects of the music industry have changed, and one of the biggest changes has to do with artist management. The artist managers’ goal towards the artist remains the same, but now their approach is different, and they need to be much more resourceful, informed, and have an understanding of this whole digital era. Besides that, artists managers are currently facing a new challenge: the COVID-19 pandemic.
Before the COVID era, the music industry was doing really well – especially the live-music industry. Pollstar was projecting a $12.2 billion in box office revenues for the live-music industry in 2020, but this projection basically changed overnight when the country went into lockdown. Pollstar now forecasts that the live-music industry could lose almost $9 billion this year.
Tips for Weathering the Pandemic
This is definitely an unprecedented time, but music business managers are doing their best to help their clients make the most of their financials during this time. Here are some of their recommendations to their clients:Â
Focus more on your expenses than your income; while being in quarantine, it’s important to manage the expenses and stick to a budget.
Double-check your royalty statements; make sure that there’s no money out there that’s owed to you.
Focus on things that are under your control, such as playing and writing music. When you write a song, you own that copyright and you can generate money from it.Â
The Bright Side of COVID-19
There are many artists concerned about this entire pandemic situation and their future in the industry, and that’s completely understandable. Until recently, what was saving the music industry was live concerts, but as we know, this is not an option at the moment. However, I believe artists need to stay positive and also see this moment as an opportunity. This might be the moment to grow as an artist, work on unfinished tracks, innovate, and even learn more about the industry they are in. You never know what tomorrow holds, so use your time wisely.
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