So much has been written already about the devastating effects that COVID-19 is having on our industry. Social distancing, whether suggested or mandated, means no live performances. No live performances means no money for venue owners, security and staff, ticketing companies, the artists and their teams. Without live performance revenue all of these individuals are without the revenue that normally pays their bills.
While some of the potential and actual legislation and ordinances put forward by government officials will look to help our industry, specifically bartenders, wait staff and other hourly workers, the musicians and their teams will likely not benefit from the same. As we have highlighted so often, the music industry has shifted in such a way where the majority of musicians who make a living via music depend almost entirely on live performances and the merchandise and sponsorship opportunities they afford them.
We, like the rest of the world, do not have an immediate solution to make up for the loss of income caused by COVID-19. However, our experience allows us to make a few suggestions specific to our musician friends and clients to help during this uncertain time.
1. Create more content. This should really be the primary focus of all artists right now. Take advantage of this odd period of time where the world is forced to stay at home to give your fans new content to consume. There is no doubt that people will be glued to their devices now more than ever. Fresh content can keep current fans engaged and introduce you to a new and bigger audience. Whether it is releasing new music, creating video content or streaming live on the ever growing digital platforms like Twitch, Mixer or Caffeine, keep active and keep in front of your fans. Maybe accelerate that release plan and delay that tour schedule.
2. Plan ahead. Hindsight is always 20-20 and it is far easier said than done to save money for a rainy day or a pandemic, but take this time to plan out the rest of your year. Plan financially as well as creatively. While very few people expected this type of event to occur on a global level, now that it is here, we can all plan for it to happen again. Get with your team, including your business management or financial planner, and figure out where you stand and how to maximize revenue for the future.
3. Review your current status. Remember those contracts you signed last year or the year before? This would be a good time to review them and see where you stand. Are you recouped? Have you delivered everything you were supposed to deliver to satisfy your obligations? Is it time to request an accounting or an audit to find the royalties that still haven’t arrived? Take this time to talk to your counsel and look at your contractual situation.
We are living in a crazy time right now. Focusing on what you can control rather than the unknown is solid advice for everyone at a time like this. For musicians and creatives, controlling their careers by following some of these suggested steps is a great way to start taking back some of the control that has been lost due to COVID-19.
PLEASE STAY SAFE AND CONTACT US WITH QUESTIONS, CONCERNS AND IDEAS.