Music Budget: What You Need To Prepare Before Distributing?
No one likes to talk about money, and this is especially true for artists. However, ignoring the financial side of your music career can have serious consequences. Budgeting for your music is an essential part of the process, yet it is something that is often overlooked.
In this article, we will discuss the importance of the music budget and the key things you need to consider before distribution. By taking the time to prepare and budget for your music, you will be setting yourself up for greater success in the long run.
Setting a budget
For independent artists, setting a budget is crucial to gaining greater control over income and expenses. A well-planned budget empowers artists to make informed decisions and adjust spending accordingly. By allocating funds for upcoming music projects, artists can avoid going into debt.
It’s important to understand the different expenses involved in the distribution process, as the average cost can be around $1000 or more. With this in mind, artists need to determine how much money they can invest in their music career and ensure they can make a profit from it. Establishing a budget and considering the necessary expenses can help artists ensure their music is of professional quality and has the potential to generate revenue.
5 types of expenses
Typically cover costs related to studio time and equipment rentals for the recording process. While some independent artists may choose to record their own music, you need to ensure that the quality of the recording meets the standards set by streaming platforms. This can be especially challenging for artists without access to professional-grade equipment or recording spaces.
If you want to record your music at home, then the price for one recording rental in the US ranges from $30 to $100 for a 7 days rental.
And for the studio with full equipment, you can have the option of renting by hours or days. Normally, it would cost around $50/hour to $200/hour.
Mixing and mastering
Investing in the mixing and mastering of your music is an important step for independent artists. This will help ensure the quality of your song, which is a significant factor in whether the audience will enjoy it. Unless you have extensive knowledge in this field, it is not recommended to do it yourself.
When it comes to the cost of mixing and mastering, the average price ranges from $50 to $500 per song.
Distributing and manufacturing
The cost of distributing a song depends on the music distributor you choose. Some services charge as low as $9 per song, while others offer one-year packages that allow you to distribute as many songs as you want for a price range from $19 to $49, depending on the features included in each package.
To explore your options and compare prices, check out our article on the Top 4 Music Distribution Services 2023.
Physical distribution is another distribution option that some services on the market offer for independent artists. CDBaby is one of the popular options that provide both digital and physical distribution.
If you are interested in physical distribution, you can check out our article on CDBaby Review to know more about their pricing and other features.
Licensing your music is the way to make revenue from your intellectual property. However, to be able to get this, you will have to pay for it as well. Normally, the distributors will provide you with this service as well for $20 more.
Have a look at our article A Guide To Music Licensing For Independent Artists to understand more about this.
For artists that want to sell merchandise to the fans, this is another cost that you should take into consideration. The price of this can vary depending on the service you choose.
For example, the price to produce a t-shirt can cost anywhere from $5 to $15 per shirt. We suggest having a look at our article on Create Your Own Merchandise for this option.
Promote your music
Promoting your music is essential in today’s highly competitive music industry. Producing great music alone is not enough to stand out from the crowd and reach a wider audience. Without a solid promotion plan, your music may not generate revenue, making your investment in music a waste. That’s why it is crucial to allocate a budget for promoting your music, just as you would for your production plan. A good promotion plan can help you gain visibility, attract new fans, and ultimately grow your career as an artist.
Base For Music is a service to assist artists promote your music after the distribution process. Our flexible pricing structure is beginner-friendly, making it easy to get started. By targeting advertising campaigns across popular streaming platforms such as Spotify, Apple Music, Youtube, TikTok, and more. With Base For Music, you can elevate your music career to the next level and achieve the recognition you deserve.
Sign up for your free account with Base For Music now!
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