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Mark Chipello talks about the music industry and how you should manage your money to have the best chance of success with the least risk. He says that you should only use money from your music to finance your music business. Do not dump money you have saved up because that is very risky.
Transcription
To not go broke let your music income determine your recording budget. i believe this is one of the biggest things. People think that if they invest a lot of money into recording, that that would push them to the next level. And my theory is that you want to let whatever money you are making determine your budget. Because if your really out there and you are connecting and your songs are good, you are probably going to start filling some venues, making some money, and you know kinda its kinda like a barometer for where you are at. And if the songs are really great then you are going to make more money and you will have more money to record. And at some point its hard because if you don’t have that first CD to sell how are you going to generate income? Yea and i found that my first album did open doors for me. If i didn't have an album i wouldn't have been able to play at the places I’ve played. So to expand areas you can play. That first one yeah, definitely tricky, but i think the same thing in what you did on yours is you didn't go out and hire a producer for ten thousand dollars a track you know? You didn't put yourself in a position where you needed to sell five thousand albums to recoup your costs you know? So that first one i would just go modest on it because its just about the songs, and if people like the songs you know? But maybe for your second album is a good way to do it. if you do a really organic album and you’re really starting to make some waves in the industry, put aside a certain piece of each sale that goes to a record your next album fund. And if you are really doing well on that album you are going to have a good budget for your next one. And if its not really selling very well then maybe the songs aren’t quite as strong as you think or you’re not playing enough, so you need to kinda wait a little bit longer to write some better songs for the next one. So it will almost force, if you kinda stick to that rule that hey I’m going to take money from these sales into this, and wait i want more money than that, well then i need to work harder, sell more, or write some better songs you know? its kinda you know, its a tough rule, but if you error on that side there's not a lot of risk versus erroring on that side dumping a ton of money thinking that it will somehow make you all that money back.
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