The Musician’s Micro Economy: Part II
Let’s talk small. In my last post on the musician’s micro economy, I described how we should consider resources available to us as different forms of currency that can be used to improve our careers and more generally, our lives as artists. I also introduced the concept of the portfolio career, which is essentially a vibrant career that is the sum of many small projects, talents and skills—including performance—that all contribute to financial stability for the 21st century musician.
Now let’s explore what makes up a micro economy. Follow my logic; if businesses make up the economy (in the traditional sense) then micro businesses make up the micro economy. So now, let’s talk small. I mean, really small. Marcel-the-Shell-with-Shoes-On small. Let’s talk about how you can make your claim in the music micro economy by being excellent, by being focused and by starting out very, very small.
For many musicians, the word business makes us anxious, second only to the word taxes. It makes us want to run back to our practice room and play scales until we are calm again. Don’t laugh; you know I’m talking to you. Yet income, finances, taxes, and dare I say it—money—are essential to our everyday lives. So whether we want to think about it or not, money rears its green, ugly head in all parts of our career. The concept of the micro economy is applicable to all kinds of artists, but for musicians of the 21st century, it’s actually a way of life. Have you ever given thought to all the ways money influences your career? Whether it’s trying to purchase that new instrument, cashing a paycheck from a gig, travel costs for a gig, paying other colleagues fairly to perform with or for us, the list goes on and on forever. We need to make money and we need to spend it. That earning and spending is the most basic essence of what an economy is. Therefore, it’s not too far of a stretch to then think of individual artists as little businesses—micro businesses who specialize in creativity and art. We are micro-businesses in a creative economy.
I realize that I may have just lost some of you. I compared you to a business and you were like #bye. Just hang in there for a moment. The good news is that there has never been a better time in the history of the world to be a micro business in a creative economy. As you might have read on this blog, I’m fascinated with the millennial culture. After all, I am one myself. I’m constantly marveling out our rebellious nature, our determination to see ideas come to life, and the effect our sheer will has on society. Artists have always been a rebellious lot but millennial artists, those young people of the millennial generation from all artistic disciplines who identify as professionals in their respective art forms, are undeniably impacting the global society and economy in ways we never before thought possible. In the coming Tuxedo Revolt blog posts, we’ll explore how you can embrace the idea of being a micro business and also explore new platforms and marketplaces allowing the modern performing artist to grow their micro business. We’ll look at how small and excellent is the new model for the emerging artist professional.
Marcel-the-Shell said, “Some people say my head is too big for my body—I say, COMPARED TO WHAT?!” Marcel had the right idea. Another way of saying it might be though our size as a micro business is small (obviously), we can still have (and do have) an enormous impact on the world’s creative economy.
The Musician’s Micro Economy: Part I
In order for musicians to thrive in today’s economy, we have to first understand it. Even a basic understanding is essential if today’s musicians are to cultivate a viable career from their craft. You don’t have to have an advanced degree in economics to comprehend how the new economic landscape is shaping the careers of new generations of musicians.
A dictionary defines micro economy as “The study of how businesses, households, and individuals within an economy allocate limited resources.” I think musicians of all stripes can relate all too well to the bit about limited resources. But in order to make this more real to you—try to consider all the possible meanings of the word resources outside of just money. Practice time, planning time, energy, equipment, favors from friends and colleagues are all forms of resources that musicians commonly use as currency that is either spent or earned. For musicians, it is important to look at the term micro economy in a very broad sense and consider all the different activities we do that contribute to our overall career.
Do you remember those long lists of “music professions” that your well-meaning high school guidance counselor may have shared with you back when you first considered “going into music” (to your parents’ horror) as a profession? It listed jobs like: arranger, sound designer, composer, performer, copyist, music teacher, song writer, recording technician, etc. You remember those, right? You probably remember the sinking feeling you had of “Oh my God, how will I ever pick one of these?!” The good news is that you don’t have to specialize in just one area. Today’s musicians are expected to have basic skills in all these areas and many more. It’s the new Micro Economy that has placed diverse demands on musicians’ careers. The economy is reshaping our profession in ways we never thought possible even four to five years ago.
In this series of blog posts, we’ll explore numerous micro opportunities that musicians can pursue to build a portfolio career. You might already be doing some of them and there will be a few more you haven’t yet heard of. We’ll also discuss the many new markets that have emerged for musicians to either generate income from their music or help connect them to a greater number of potential audience members. It’s a whole new world out there for professional musicians.
Lastly, I’d like to put a disclaimer out there near the conclusion of the first post in this series—No one is telling you to let go of that dream of winning your big orchestra job, launching that solo career, or rocketing to stardom in classical music. In fact, it is my wish that you do make that happen for yourself. This series is for everyone else, for the thousands of other excellent musicians out there (some fresh out of school) who are trying to gain a foothold in “the business” at the onset of their professional career. This series is to help us all better understand our individual Micro Economy and how to best make decisions that will allow us to support the passion for music that we all share.