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.