The Importance of Long Term Planning When Releasing Music in 2023
Some parts of the music industry evolves as fast as the 'Rona, and yet some sectors haven't left the Brill Building. In 2023, the industry will likely be shaped by the continued proliferation of tools for the artist to use, the ongoing impact of streaming services, the shifting role of social media in music promotion, and the evolving tastes and consumption habits of listeners. In this crowded ecosystem, it's more important than ever for the emerging musician to think long-term when planning the release of their music.
By planning for the long-term, musicians can create a consistent release schedule and build a loyal fanbase over time. This allows musicians to develop their social media repertoire on their preferred platform and connect with their fans on a deeper level, which can result in increased engagement and revenue streams.
Having a consistent release schedule can help the emerging musician stay top-of-mind with their fans and the broader music industry. This can help musicians maintain a steady stream of revenue and grow their fanbase over time.
Long-term planning also allows musicians to identify and capitalise on new revenue streams, such as streaming donations, live shows, and equitable brand partnerships. By planning ahead and being strategic, musicians can maximise their earning potential and establish a sustainable career.
Lastly, long-term planning can help musicians define their strengths for a sustainable career by setting realistic goals, creating a budget and financial forecast, and assembling a team of professionals to support their career. These steps can help musicians navigate the ever-changing music industry and establish a fulfilling presence in their community and broader industry.
Why?
How?
How to create a long-term plan? Well, one of the keys is setting specific, measurable, and attainable goals. This can include things like equitable streaming targets (I have 150 followers i want to be able to generate 600 organic streams in the first month), live show milestones (1 show every month for 6 months), and social media engagement targets (i want 15% of my social media following to click on my pre-save link).
Understanding your target audiences and their behaviour can help you tailor your message, your music, and your overall approach to better suit them. This helps you to reach your desired audience in a more effective way and build a fanbase that is more likely to be engaged and supportive. This is the quality over quantity approach, don't waste your time on Facebook and TikTok when your instrumental hip hop may be better served on Soundcloud, Discord and Youtube.
Another major key is learning from past experiences - this is crucial for long-term planning. By analysing past successes and failures, musicians can identify areas where they excel and areas that need improvement. This can inform their future planning and help them make better decisions. Additionally, this kind of hindsight will help to define a detailed budget and financial forecast, cultivating a deeper understanding of the costs associated with their projects and inform decisions about their career. This can help them manage their finances effectively and make strategic investments in their career. It also helps to anticipate and prepare for future costs, such as touring expenses, promotion expenses and marketing.
Lastly, long-term planning also requires building a team of professionals who can support your career, such as managers, agents, publicists, attorneys, and others. These professionals can help musicians navigate the industry, make strategic decisions, and capitalise on opportunities. They can also provide valuable advice and guidance, which can be crucial for musicians trying to build a sustainable career in the music industry.
Be Proactive!
Being proactive and planning ahead is an essential component of any musician's career, and it's never too early or too late to start. By setting goals and objectives, identifying target audiences, analysing past successes and failures, budgeting and financial forecasting and building a team of professionals, you can avoid disappointment or burnout by tempering your expectations and keeping your passion affordable.
It's important to note that, long-term planning is not a one-time event but rather a process that requires constant reviewing and adaptation as the music industry evolves. By being aware of the industry changes, new technology, and shifting audience preferences, musicians can stay ahead of the curve and adjust their plan accordingly.