In March of this year, Artist Revenue Streams co-directors Kristin Thomson and Jean Cook participated in a panel at South by Southwest called Brass in Pocket: Accessing More Musician Income. Drawing upon data collected through the Artist Revenue Streams project and the panelists’ personal experience, they talked about a handful common assumptions and myths about how musicians make money.
This week, the ARS team is expanding on the SXSW panel topic through a series of posts.
We’re starting by tackling the assumption that musicians are rich. This is a feeling that is reinforced by shows like MTV Cribs, by annual lists from outlets like Forbes and Billboard that publish figures about the most well-paid musicians, and even by musicians themselves who reference luxury brands in their lyrics, or embrace high-priced lifestyles. Naturally, the public begins to assume that musicians – especially chart-topping, highly visible ones – are rich, based largely on what they see on stage, read about online, or hear on the radio. And even when the musicians aren’t rich, some embrace the stereotype because it adds to their own brand’s value.
There are some musicians who are doing very well financially (at least in gross earnings), and we applaud their success. But, just like the US population, there are very few at the top. While there are a handful of musicians who are wealthy, the vast majority of working musicians in the US are middle class earners.
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