Getting started in the music industry is expensive. That's why you've got to be clever about how you spread around the cash (or Visa). Still, that doesn't stop a lot of indie musicians, labels and "managers" from throwing money at all the wrong things. The list of bad music industry investments can be long, but here are my top spending pet peeves for struggling indie music types and why I think they're such a bad call. Looking for advice on good investments? Check out this article.
1. Black Tie Album Release Party
Album release parties are fun. They get your fans excited about the new music, and they give the press a reason to talk about you. BUT, your release party shouldn't be a budgetary blow out. The number of times I hear news of an album release party held by an indie label or artist that features a red carpet, photos ops, open bar and black tie requirements blows my mind. I can only assume that people who throw these parties believe that acting like they have big cash communicates that they have already achieved wild financial success in the music biz. What it really says is, hey, we have NO IDEA how the industry works and how to sell records. We'll be paying for this party for years. Good music sells records, not fake paparazzi shots.
2. Wardrobe/Cars/Flashy Nonsense
I once saw a man on Judge Joe Brown who couldn't afford to get his Porsche out of an impound lot. It turned out that the man had started a record label. He had purchased a Porsche and two Jags as company cars. He invested in a new wardrobe. By the time he landed in front of Judge Joe, he was broke and had failed to release a single record.
There is only one thing that will make people take you seriously in the music industry - working hard to release and promote good music. You can't fool people into thinking you are more accomplished than you are by buying flashy things. If that's your cup of tea, invest your money in promoting your music and spend the profits on the glitz. Otherwise, you're not in music, you're just kind of...shopping.
3. Gatefold Sleeve, 180 Gram Purple Vinyl
Vinyl is cool. I get it. I love it, too. But it's also really expensive. If you are on a limited budget, you need to treat it like the luxury that it is. If you sell lots of your album, you can always reissue a special edition on vinyl down the road or take your profits and invest in a vinyl pressing of your follow-up.
I know what you're thinking. Your fans really like vinyl, and you may sell more copies if you have a really special vinyl pressing. You're right. There may be some people who wouldn't have bought a CD or download but get wowed enough by your vinyl to plop down the cash. It just won't be nearly enough people to make it a worthwhile investment when money is tight.
And no, this rule doesn't just apply to 180 gram purple vinyl.
4. Star Power
This one is a common occurance in hip hop in particular, but it applies to all genres. Many, many of your favorite musicians are available to appear on your track - for a price. Usually a very hefty price. Hiring someone to, say, throw a verse on your track is not the same as collaborating with an artist. You're not going to get as much benefit from saying "featuring this famous person" as you might think. Unless there is a plan for co-promotion in place and your featured artist is as invested in making the track a success as you are, you're just one more musician trying to drum up attention for a track featuring a hired hand. You may catch a few more eyes, but in almost every case, you're just not going to recoup your investment.
5. Cheerleading
If you are paying someone to advise you on your music career, they should work closely with you, on your specific case, offering plans and ideas that are tailored to your situation. Don't pay someone to offer vague info or to be a music industry life coach. You'll only have to keep paying them to cheer you up after you didn't sell any records because you spent your whole promo budget paying them to be your self help guru. (Yes, music industry life coaches really do exist. I can't believe it either.)
If you are going to pay someone for music industry advice, for goodness sake, make sure they know about the music industry. Ask for more proof than a Twitter page describing themselves as an expert.
