In the modern world, the stereotype that creative professions cannot bring financial well-being is firmly entrenched. Traditionally, profitable professions are considered to be economics, entrepreneurship, and law, but not musical careers. However, this article aims to destroy this myth. Creative professions can bring hefty fees, and we will convince you. With the comprehensive concepts of financial literacy and a true talent in the music field, you will be able to reach great heights and discover new potential sources of money.
Musical Career Opportunities
The music industry is not limited to just playing instruments and singing. There are many areas related to management, production, and organization. The most relevant profitable jobs in the music industry are the following:
- Music producer
- Beatmaker
- Tour manager
- Music publicist
- Recording engineer
- Business accountant
- Composer
- Content operator
Every creative person will find a suitable sphere of implementation for himself. However, no profession can bring you a decent income if you do not learn financial literacy. Why is it important to study finance? This topic is widely disclosed in various sources and leaked into college discussions. Students face the need to write an essay on the topic of their financial cognition, precisely the “Why do we need to study finance” essay. Accordingly, it becomes clear that understanding how financial systems work is a prerequisite for career development, especially for those whose music entry-level jobs are low now. Work smarter, not harder!
In today’s competitive environment, talent alone will not be enough to excel in the music industry. Therefore, artists and economists must unite to obtain an expected result. The creativity of singers and composers, backed by the financial knowledge of economists, will ensure the success of representatives of both industries. Thus, both music and finance will benefit from such collaborations!
Career in Music as a Financier
Just as we don’t agree with the stereotype that creative people can’t make money, we also don’t agree that technically-minded people can’t excel in the creative field. People with economic, accounting, and financial education are highly needed in the music industry. Artists can sing, play musical instruments, and perform in public but are not always good at accounting. In this case, they need the help of a financial specialist. Let’s see three leading careers in finance and accounting in the music industry.
- Business accountant.
This work involves keeping records of all accounts of the artist. The accountant is responsible for the financial side of signing contracts, fixing expenses, and monitoring the compliance of income with expenses. Also, if your contract states that you are responsible for accounting during the touring period, you will have additional obligations. Namely, you will have to collect and account for finances at the concert venue, calculate the cost of tickets, count the expenses and profits from live performances, etc.
- Booking agent.
This profession takes you further from accounting and is more about organization and management. Your responsibilities will include finding a venue for live performances and concerts and searching for lucrative contracts and cooperation agreements. Also, booking managers often take on financial responsibilities during tours. You also have to take care of booking a hotel room for the performer, compiling a rider, and handing it over to the company that organizes concerts.
- Publishing manager.
Among your tasks will be to monitor the strict enforcement of copyright and promote the artist’s social networks. You need to carefully ensure that the material of your musician is not used by pirated services without paying taxes. Also, the social image of the singer is vital for promoting creativity. Your responsibilities will include monitoring articles and information about your employer and finding the best strategies to promote your content.
Conclusion
You won’t feel a shortage of finance career opportunities in the music industry. If you are a true professional in your field and motivated enough, there will be no barriers to your success. Creative people often need the help of financial experts to plan their budgets wisely. You do not need to change your profession or take a low-paying job. The music industry opens up a vast horizon of job opportunities for financiers!
The music industry also offers a huge variety of careers for financial professionals. Stick to what you do best. If you are a born organizer, choose the career of a booking agent, but if you have always dreamed of opening your recording studio, be sure to try yourself in that area.