I have sat on many panels as a guest lecturer and observed many others in my day. However, this particular day the guest lecturer was Louis Svitek of Wuli Records.
Wuli Records, distributed by Fontana/Universal Music Distribution, is responsible for discovering last year’s American Idol, Lee DeWyze. As I was discussing SWOT analyses with various students, Svitek entered the room with an aura of equanimity. He walked in with his guitar and computer. He said, “I’m Louis.” I greeted him and asked if was going to play guitar. He said, “No, I’m gonna educated today!”
Just a reiteration, I have been impressed by many, but this guy had something special about him. The topic of discussion for the night was on Independent Record Labels. There is massive information regarding how to start and operate and independent label. However, Svitek presented a very feasible approach to the technique.
Nowadays, major label jobs are gone due to Internet; Major labels have downsized immensely. Independent record labels are the status quo of the business. A student posed a question, “What can I do to quit my day job and primarily start working in the business?” Svitek opened by saying, “Hey guys, just so you know, I still have a part time gig. I run audio at many different venues in the Chicago area. If you really want to be around this stuff find an internship at your place of desire” This is exactly what I preach when I sit on panels, “Please do not quit your day job.” Most people entering the music business want that magic button, which will allow them to quit their day job tomorrow.
The most impressive presentment by Louis was his outline of his marketing plan for depicting the release date. He stressed that the music needed to be good, completed, and first single needed to be selected. Although simple to follow, his marketing plan was very comprehensive. His marketing plan was segmented into different timeline phases (6 weeks, 4 months, and 6 months). Historically, it took two years to break an act. Svitek suggests if no upward activity occurs within 6-8 months of release, consider working another single, revise marketing plan to reach target market, or revisit finances to see if act is worth the continued investment.
Here are some additional highlights from his lecture:
- · Before commencement, get consultation from a good entertainment attorney.
- · Must have a marketing budget of at least $20-30,000 USD-Do not need all at once.
- · Have an EPK (Electronic Press Kit) and One Sheet prepared for artist’s prospective gigs or radio play.
- · Procure Eblasting company (His suggestion is to use AlmightyMusic.com) By the way and a little FYI, Don’t ever do a blast on the weekend-Do it on Mondays.
- · Get on iTunes= estimated 64% of all digital distribution sales
- · Look into obtaining licensing deals for main singles via music supervisors and ad agencies.
- · Register with ReverbNation= Wuli Records obtained 7000 followers in two weeks
- · If existing artist, NEVER forget your fan base=they will buy upcoming albums
- · Use Jango Radio
- · Maximize social network tools such as Impressions on Facebook and Twitter (Tweet upcoming events-free promotion)
- · Use Google Analytics to aggregate
- · Get a good publicist
- · Marketing with the Street Team (Posters-Learn & Use QRCodes on all promo material)
- · Scanners by SquareUp.com (Take 2.7 percent per transaction) at show.
- · Base projections on from a realistic approach. (5000 CDs @ $10=$50k). These are realistic numbers to an investor, but be prepared to give a lot of free goods. Plus an independent can survive from these numbers.
- · If searching for an investor, Svitek put 25 business plans together and pitched them to 25 different people, then got 3 bids
- · Let the investor make a higher percentage and make his money back.
His closing words were, “You have to take a risk. It’s all a risk. If it’s what you love-do it!
“Do the Research!” Then do it!
Thank you for reading
Ricco Lumpkins
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