By now you’ve heard the news. Spotify is once again hiking up Premium prices and they’re still not paying musicians for songs with less than a thousand streams.
By all accounts, the company is going through it.
But you know who else is going through it?
Indie musicians, every day.
As a music PR and marketing company, who has been doing this over fifteen years, I understand the implications this has for both listeners and artists. This change impacts how fans consume music and, by extension, how artists connect with their audience.
We can’t control what Spotify does. But we can control how we react.
Here’s why musicians should care about this shift and how they can navigate it with a DIY approach.
The Price Hike: What’s Changed?
First things first. Let’s get the details all out in the open. Spotify’s recent price hike, outlined in Fortune’s latest article, marks a significant shift in the streaming landscape. This increase follows a trend of gradual rises over the past year, affecting individual subscriptions and family plans. For many users, this means re-evaluating their streaming service choices, which can lead to a drop in listener engagement for artists who rely heavily on Spotify’s platform.
Why Musicians Should Care
- Listener Retention: Higher subscription costs can lead to a decline in the number of active users. Fewer listeners mean fewer streams, directly impacting an artist’s revenue and reach.
- Market Competition: With higher prices, listeners may explore alternative platforms like Apple Music, Amazon Music, or even ad-supported versions of streaming services. Musicians need to diversify their presence across multiple platforms to avoid losing touch with their audience.
- Engagement Metrics: Spotify’s algorithm favors artists with consistent engagement. A potential drop in listener numbers can affect an artist’s algorithmic recommendations, discoverability, and playlist placements.
Adopting a DIY Approach
You know I love a DIY approach! To combat the potential negative effects of Spotify’s price increase, you can adopt a DIY approach to maintain and grow your fanbase.
Here are some strategies:
- Diversify Streaming Platforms:
- Be Everywhere: Ensure your music is available on all major streaming platforms. Use distribution services like DistroKid, TuneCore, or CD Baby to distribute your music widely.
- Engage on Other Platforms: Platforms like YouTube, SoundCloud, and Bandcamp offer alternative ways to reach your audience. These platforms also allow for more personalized interaction with fans.
- Strengthen Direct-to-Fan Relationships:
- Email Lists: Build and maintain an email list. This gives you direct access to your fans, so you can create a genuine connection through a platform you have control over.
- Social Media Engagement: Use platforms like Instagram, TikTok, and Twitter to engage with your audience. Share behind-the-scenes content, live sessions, and personal updates to strengthen your connection with fans. Bonus: use these platforms to get them onto your email list!
- Monetize Beyond Streaming:
- Merch: Sell merch through your website or platforms like Bandcamp. Unique and exclusive merchandise can generate significant revenue.
- Crowdfunding: Platforms like Patreon and Kickstarter allow fans to support your work directly. Offer exclusive content, early releases, and personalized experiences to incentivize contributions.
- Live Performances and Virtual Concerts:
- Touring: Whenever possible, tour to connect with your audience in person. Live performances are a powerful way to build a loyal fanbase and even make money.
- Virtual Shows: Host virtual concerts on platforms like Twitch and YouTube. These can reach a global audience and create unique engagement opportunities.
- Collaborations and Networking:
- Collaborate with Other Artists: Collaborations can introduce your music to new audiences. Partner with artists in your genre or explore cross-genre collaborations.
- Engage with Influencers and Playlists Curators: Build relationships with influencers and playlist curators to increase your chances of being featured on popular playlists and channels.
What happens next?
Spotify’s price increase and the reminder that they aren’t always on the side of indie musicians presents challenges, but it also offers an opportunity for musicians to rethink and strengthen their strategies. I’ve found over the years this is the thing that ends up moving the needle the most.
By nature, we’re complacent creatures. We’re tired. We want things to be easier. But these challenges and changes force us to rethink the way we do things and that inspires meaningful change.
By adopting a diversified and DIY approach, indie artists can mitigate the impact of these changes and continue to thrive in an ever-evolving music industry.
Embrace these strategies to maintain your connection with your fans, explore new revenue streams, and ensure your music reaches as many ears as possible.
If you want to talk shop, reach out! I’m always down to brainstorm ideas.
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