For decades, the driving force behind the music industry has been the direct sale of recorded music. Vinyl, cassettes, CDs, legal MP3s… it’s all been a very simple business (in theory, anyways): record music, package music, sell music.
Today, more and more artists are opting to give their music away for free. I’ve posted on this topic before, and I stand by the opinion that it depends on your situation, your goals, and your strategy.
If you do decide to go this route, however, it’s vital that you have strategic reasons for doing so. “To gain exposure” is not enough. “Exposure” doesn’t pay your bills. “Exposure” won’t help you pay for recording that next album. “Exposure” won’t fix your van if it breaks down on tour.
Let’s take it out of the music world for a second…. You know those crazy ‘door crashers’ that big box stores have, where they sell products at ridiculously low prices (sometimes almost free)? They’re commonly known as ‘loss leaders,’ and for the most part, they work. Why? Because loss leaders not only get you into the store (so you’ll buy something more expensive), but they also get people talking about the brand, all of which leads to an overall increase in sales.
Essentially, giving away your music for free acts much like a loss leader. If you’re going to take this approach, you HAVE to have a plan as to how, specifically, you’re going to capitalize on the benefits of free music. A big box store isn’t going to sell a $100 product for $5 JUST for the exposure… they’ll have a strategy as to what else they’re hoping to sell to make up for the lost revenue.
More importantly, though, they’ll be prepared for those other sales (having enough in stock, displaying them properly, advertising, etc) and you should be too. If you’re hoping the $0.00 price tag on your album will bring more people out to your shows, make sure you have plans to tour… but more importantly, make sure you know how to reach those people who downloaded the freebie when you DO tour. Seems obvious, but it’s an important point that’s often overlooked.
Free music for your fans changes the fundamental approach to your career – namely, you’re going from a ‘direct sale’ to an ‘potential indirect sale’ – so realizing that potential is vital to success. There’s a big difference between giving something away for free and hoping for success, and giving something away for free because it’s part of your overall strategy.
