How to Avoid Going Broke as a Musician in Africa

Konnected Minds Podcast

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21d ago 13:26

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The music industry operates on complex relationships where managers typically earn 20-30% of an artist's income, though superstars like Beyoncé likely pay their managers a salary instead of a percentage. Management provides critical value by handling business negotiations, shielding artists from industry difficulties, and fighting for opportunities while the artist focuses on creating music.
• Manager compensation (20-30%) is fair when they're actively contributing to an artist's growth and success
• Managers protect artists from negative feedback and industry challenges that could affect creativity
• Buying music catalogs means acquiring complete ownership rights versus licensing which maintains artist ownership
• Companies purchase catalogs because classic songs continue generating revenue for decades through streaming
• Artists must develop businesses beyond their music career to ensure long-term financial stability
• Successful examples include Olamide's record label, Reggie Rockstone's merchandise, and Rihanna's Fenty empire
• Even top artists don't simply live off their catalogs – they develop multiple revenue streams
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Watch the video episode of this on YouTube - https://linktr.ee/konnectedminds

Chapters

1. Manager Compensation & Artist Protection (00:00:00)

2. Buying vs. Licensing Music Catalogs (00:03:16)

3. Building Post-Career Businesses (00:07:25)

4. Learning from Successful Artist Entrepreneurs (00:10:06)

5. The Necessity of Multiple Revenue Streams (00:12:15)

136 episodes

#Entrepreneur #Business #Self-Improvement #Lifestyle #Personal Development #African Business #Podcasting Education #Derrick Abaitey #Ghana #African