Here are 3 eye-opening music business facts that affect your income as a songwriter and music business entrepreneur.
It comes down to principles of supply, demand and output. Here are the facts:
1. An average of 120,000 tracks are uploaded every day to the internet (Music Business Worldwide May 25, 2023)
The supply of music is growing year after year.
In 2022, the average was around 93,400 tracks uploaded per day (Ibid), which shows an increase.
This could be due to more people uploading their music for sale online, or could be the same artists uploading more songs.
Either way, it’s obvious that there is a lot of supply when it comes to listening to music.
That’s why it’s more important than ever to have a solid release strategy and plan in place when you go to put out music.
How will you stand out? Proper planning helps figure that out.
2. Over 95% of Americans listen to audio more than 4 times per day (SXM Media)
The demand for music and other audio is huge.
Over 315 million people listen to audio every single day (Ibid).
That’s great news for us as music creators.
Think about how excited you would be if one of the songs a few million of those people heard in a day was yours.
It’s possible and can be probable if you work hard, apply yourself and pay attention to fact number 3.
3. 10,000 hours is the time it takes a person to become an expert (Malcolm Gladwell)
What does this fact mean for you as a songwriting music business entrepreneur?
As a songwriter, have you put in the time to have a mastery skill set. People whine and moan about “what does that even mean.”
But the truth is, deep down, we know what it means.
To have a mastery skill set means that you have it engrained in the fiber of who you are.
You know this for a fact because you have spent the time doing the thing you are a master of.
You can’t be fooled.
Aspiring to work hard and matching that aspiration with hard work and drive is what separates the wanna-bes from the doers.
If you want to have success at songwriting and music business entrepreneurship, put aside the time to work on your skills and craft every day as part of your regular habits.
This will become a part of your routine, and you will soon realize that the simple act of daily repetition has gotten you further toward success than anything else.
Do it. Sit down now and work on your music. Write a song. Make a plan. Do it.
Conclusion
Now that you have worked on your music today, you can feel good about your accomplishments.
Tomorrow, you will wake up feeling good about yourself and will feel encouraged to do more, to be more.
Write us a note and let us know how it’s going for you.
Enjoy these three music business facts that affect your income and get busy making your own way in the new music business.
Songpreneurs is here to help.
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