You have seen them on TV, and heard them on the radio. They are music superstars. Everyone at some point has dreamed of getting rich and being a music superstar.
But there’s several ways to get rich in the music business!
The first way to get rich in the music business to be be a songwriter. Most of the hit songs you hear on the radio today are not written buy the artists. They are written by songwriters. And they get get paid VERY well if the song becomes a hit. Kenny Rogers writes lots of songs for other well known artists. Why do you think he is so freaking rich? It’s because he gets paid royalties. Kenny Rogers makes millions a year writing songs for other musicians and also releasing songs of his own. He’s one of the most wealthy men in the music industry today. So if you want to follow in his footsteps, you don’t need to be a famous musician, you just need to get out a pencil and start writing some songs. Some will be flops, and some you can sell for some good profits.
Another person who is getting rich in the song writing business is Pat Green. Some of you may know him and some of you my not. He has released several CD and is making a fortune in the country music business. He also writes songs for other country artists and he’s getting very wealthy from doing it.
Song writing makes money from the proceeds of each song they write, almost like a producer (more about producing in a minute). But songwriters make more money than the producer.
The second way to get rich in the music business is to be a producer. No every song in the music business requires “writing music”. Some music from rap artists and other genre require “producing”. It’s not song writing in the traditional sense, but because it’s not music. It’s “beats” or just weird “sounds” like is often heard from rap artists, and other artist such as Beastie Boys, Beck and they like. Most pop music is “produced”, not “written”.
One of the most famous producers is the well known Scott Storch. He produced songs for many famous artist, and is most famous for turning his $70,000,000 fortune into a a negative fortune. Scott Storch is now flat broke and has a warrant out for his arrest.
Other famous rap/hip hop producers are Timbaland, Dr. Dre, Rick Rubin, Mannie Fresh, among others. So if you want to get rich in the music business, but don’t have any musical talent, get into producing. It can make you very rich, and you don’t need much knowledge of the industry.
Another way to get rich in the music business is to start your own record label. This not not a difficult thing to do and is probably the most exciting way to make money in the music industry. But the main problem with with making money in the music industry with this avenue with the speed at which things are changing. It’s not like the old days where if you wanted to heard a Michael Jackson song you had to go out and buy the record. Now we have computers and downloadable digital media. This can really cut into your profits as a record label owner. It’s also a blessing because it’s make promoting your bands easier. You simple release you bands music in digital format for .99 cents.
So if you want to get rich in the music business, pick which avenue excites you the most and go that route. It’s a great way to make a fortune doing something you love.