A Solution to the Harsh Facts of the Music Industry

Throughout the second half of the 20th century, the typical dream for songwriters and musicians alike was to write and perform amazing music, get signed to a major record label, and make millions of dollars. Unfortunately, even platinum selling records and lavish worldwide touring rarely puts a million dollars into the pockets of the lucky 1% (of major label signed artists) who accomplish this feat.

The music industry has shifted to an entirely different business model in the last five years. The digital revolution has increased the competition for the entertainment dollar. DVD's, video games, and the Internet are just a few that can be held accountable. As major labels and the RIAA (Recording Industry Association of America) attempted to fight off the digital revolution, they should have joined the opponent in the onset. And thus the downfall of the major labels began.

What does this mean for the songwriter and/or musician? One must enter the industry with a completely different mindset. Do it yourself. Look to achieving success through your own business strategy, rather than being at the mercy of one of the five major recording labels

Maintain a dual-focus, "Be a great musician and a street-smart entrepreneur at the same time." There is no need to live up to the "starving artist" image when there is money to be made. Besides, it's easier to write songs without a growling stomach.
What if you still desire the fame and worldwide distribution a major label can bring to an artist's act? Still seriously develop your music business independently. Most majors aren't picking up acts unless they have already proved themselves. If you have developed your own image and audiences have really taken to your music, then you are less of a gamble, and thus more attractive to a major label. The cheaper your act is to develop, the more money you make.
One article is not nearly long enough to outline all the necessities of promoting your own music. However, I hope it has encouraged you to seek other resources to learn more about developing "your business."