As a music industry worker, you know that music merchandising is a big part of your business. You need cool shirts, hats, and other items for your fans to buy if you want to make money. But what about the other side of a merchandising business? What are the risks and rewards of physical and digital merch sales? In this blog post, we'll examine the stakes of music merchandising. We'll highlight some of the benefits and drawbacks of the ways to sell your merch. So if you're interested in learning more about music merchandising, keep reading!
Things to consider when selling music merchandise
When selling merchandise, the most important thing for music artists is to ensure that their products are high-quality and will appeal to their fans. It's also important to price the items competitively to encourage fans to purchase them. Additionally, it's beneficial for artists to offer a variety of merchandise items so that there is something for everyone.
In what ways can an artist sell merchandise physically?
There are a few ways in which music artists can sell merchandise physically on tour and at gigs. The most common way is to have a merch table at each show where fans can purchase items such as t-shirts, CDs, and vinyl records. Another way is to offer meet and greet packages where fans can purchase items autographed by the artist or band. Other less common options include holding pop-up shops and selling products at music festivals.
What are the advantages of selling physical merch at live events for artists?
Selling physical merch at live events gives fans a tangible way to show their support for the artist. Fans can purchase merch and wear it or display it as a sign of their fandom. This helps to create a sense of community among fans and encourages them to return to future shows.
Second, selling physical merch helps artists make money from their live shows. This extra income can help offset the costs of putting on a show or help fund future tours. Finally, selling physical merch can help promote the artist's brand and give fans something to remember the show by.
What are the disadvantages of selling physical merch at live events for artists?
The pandemic has been a challenge for artists who sell physical merch at live events. With venues closed during lockdowns, followed by delays in merch delivery due to staff shortages, or even canceling or delaying events due to team members contracting Covid-19. The decline in live music events has directly impacted their ability to earn an income from merch sales.
As venues reopen, many require social distancing measures that make it difficult to sell physical goods. For artists still selling merch at gigs, venue commissions may also need considering. Some venues may take a cut of up to 30 percent on merchandise sales from artists, making it far less profitable for musicians to go on tour.
How can artists create revenue from selling merchandise digitally?
One way music artists can create revenue from selling merchandise digitally is by developing an online store where fans can purchase items like t-shirts, hats, and other branded merchandise. Other ways to generate revenue digitally include online tipping, selling merch during livestreams, and selling membership subscriptions to exclusive content or areas on their website.
Artists can also create and sell virtual goods, such as online games, avatar items, and NFTs. So many artists are looking for new and innovative ways to monetize their music and art, and NFTs (non-fungible tokens) offers a unique opportunity to do just that. By selling NFTs, artists can allow fans to purchase a one-of-a-kind piece of digital art or music, which they can then use, trade, or sell as they wish.
What are the advantages of selling merch digitally for artists?
There are several advantages to selling merch digitally for artists. One of the primary advantages is that it allows artists to reach a wider audience. Additionally, it makes it easier for fans to access and purchase merch, and it can help artists build a closer relationship with their fans. Finally, selling merch digitally can be more cost-effective for artists than traditional methods, such as selling merchandise at concerts or online stores.
What are the disadvantages of selling merch digitally for artists?
Selling merch digitally can mean there is no physical product for the customer to hold in their hands. Many people who purchase merch from artists want to be able to hold and touch the product they are buying physically. They want to see, feel, and tangibly experience the artist's work. When you sell digital products, there is no way for your customers to do this.
So what now?
The key is to never loose track of what works and what doesn’t depending on your projects. Managing accounting becomes once again the highlight in this situation. And what better than a software dedicated to all music accounting? Find out how we can help you here at Reprtoir!
