360 Record Deal
Lyor Cohen, ex Def Jam Records executive developed the concept of 360 Record Deal. This deal assumes that a record label, takes a piece of the revenue from all income streams generated by the artist. Artists take some time to take off in terms of the popularity of the music produced, and this deal formation aligns the interests of the artist with those of the label in the long term path to success. Below we will give insights to some individual pieces from the pie chart of 360 Record Deal which can perfectly fit independent artists as well.
Merchandise
Nowadays, when your favorite mainstream artist releases an album or an EP, often we see a clothing line is being dropped in parallel, which includes and is not limited to: hoodies, t-shirts and accessories. In most of the cases the designs and styles are very simplistic and are just direct representations of the album cover design. Moreover, material composition is not top quality either. Independent artists with a much narrower audience reach are seen to be designing more complex and higher quality wearable art pieces. This is happening due to the fact that some listeners are straying away from the mainstream media and want to feel special emotional connection with their indie artist.
Physical Records
Vinyl records make up only 10% from the total music industry sales, however many indie artists are releasing special issues of their EPs and albums on vinyl. These usually are limited run, beautifully designed projects which can help artists to build unique relationships with their listeners, by giving them sense of tactility and interactivity. Developing collectible music pieces is a good idea, and if you are wondering where to sell them, make sure to check out Bandcamp.
Live Events
Performing live gives an artist or a producer, an extra layer of legitimacy. Be it a small-scale local event, or a large scale festival- live is the best way to connect with the crowd. During the pandemic, as most of the venues were closed, most artists launched live events from their homes. Launching live events online will help artists to build their initial listener audience and to get their records heard internationally.
Image captured from the Blue Print interview of Lyor Cohen by COMPLEX.