Rich Music, Poor Music

“What do the rich teach their children that the poor and middle class do not?” Oprah rhetorically asked the audience (Robert). In April 2000, Oprah brought author and millionaire Robert Kiyosaki on her show to challenge the way the audience thought about money. His book called Rich Dad, Poor Dad compared and contrasted the way rich people and the way poor people think.

For example, his poor dad’s advice for success was “go to school, get a good job.” Whereas, his rich dad’s advice was showed that school teaches you how to be a good employee, but “when it comes to money, going to school won’t make you smart” (Kiyosaki).

His book has sold millions of copies as a money myth buster.

The purpose of Rich Music, Poor Music is to pursue the ever changing truth about the paths to success in today’s music industry. This isn’t your grandmother’s music industry.

cassette tape scarf

SO…What do successful artists know that starving artists do not?

Myth #1

You need to sign a major record deal to make a living as an artist.

According to Kevin Kelly, hypothetically speaking if you have 1,000 true fans willing to spend $100 on your product, that’s $100,000 a year. Now, I don’t want to replace one myth with another. Click here to read the full article. He makes some very good points on the realities of that type of formula. If you feel like you’ve hit a wall and need help reaching 1,000 fans, then this article is a great place to start.

It is important to realize that the music industry business model is ever evolving. And the way we reach and connect with our fans evolves as well. We are part of a digital revolution. That means we no longer need permission to reach our audience and meet their needs. Check out this video, the proof is in the pudding. Tune in next week for Myth #2 “Once I get a publishing deal, I can finally quit my job!”

Works Cited

Cooper, Sarah. Cassette Tape Scarf. 2009. Flickr. 248. Cassette Tape Scarf. Web. 2 Feb. 2016. (photo)

Kelly, Kevin. “The Technium: 1,000 True Fans.” The Technium: 1,000 True Fans. Web. 02 Feb. 2016.

Kiyosaki, Robert. “Rich Dad Scam #1: Higher Education.” Rich Dad. The Rich Dad Company, 25 Jan. 2013. Web. 02 Feb. 2016.

“Robert Kiyosaki on Oprah – Why People Should Join A Network Marketing Company.” YouTube. YouTube, 15 Aug. 2013. Web. 02 Feb. 2016.

 

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