Music expert, Steve Osagie, has explained why many music artistes go broke even after releasing hit singles or albums.
In a recent chat, Osagie explains the perceived success and wealth of the music artistes fade away easily because they lack substance to sustain wealth and fame.
“My fears are that a lot of artistes coming into the industry now do not understand the business of music. They are just doing it because they want to ‘blow’. Other people are into it because they see people making money and they want to go into it too. They may be talented but they have not taken their time to understand the fundamentals of the music business. My take is that people are going to have great music hits but they would not make money from it in four, five years’ time,” he began.
Continuing, he said, “There is nothing wrong with being a one-hit-wonder. There are people who have made a living from their one hit. Being able to sustain oneself and have a successful career should be the goal. If you have a one-hit-wonder, it has created a big awareness for you and your brand. You should then think about where else you can take your brand, music, and sound to. What’s really important is having a long-lasting successful career.”
He added further that lack of education about any business one ventures into would have adverse effects and is likely to make one poorer.
“The main thing is to have a plan and understand the music industry and the music business. That education is very important. If you do not understand the music business, you can spend hundreds of thousands, even millions, and if you are not signed with a publishing administrator who collects your royalties for you, you may make no penny from hit songs”, he said.
Speaking further, Osagie disclosed that as entertaining as making music could be, many creatives get carried away with the wave while they fail to realise that there is more to music than dropping hit songs.
He added that it takes due diligence to clearly distinguish doing music from doing the business.