How much does an album cost to be made?
This is a question that YMA is currently investigating as many have been unveiling plans to release EP’s and Albums in the near future and everyone wants to know how big their war chest should be.
The answer appears to vary as many people take different approaches, some people go for the personal touch of writing all their material which cuts down on costs to hire a songwriter or three to write them.
Some want to work with industry producers which really hurts the hip pocket for they charge top dollar and they deserve that amount based on their track record.
Some just go to their local studio to record their songs and whilst the facilities may not be five star the music is guaranteed to get out there when you complete your tasks and the producer does theirs.
Earning a profit from record sales is tough, Aria Taylor once told people her royalties for a certain time period were barely enough for three boxes of KFC’s $1 fries and others are struggling to pay off the amount of money thrown in to make their EP or album of their dreams.
Several thousand dollars (even into five figures) is expected to be needed if you want the perfect album and crowdfunding may be the best way to achieve this, what is important to remember is that you have to make yourself a good investment to people and that means throwing people lots of treats for their money while making sure the treats don’t overwhelm profit.
Also take into account that crowdfunding places do take a cut of the total raised so make sure you expand your goal a little to account for fees.
Offering different levels of funding is one way to get interest for you can cater to many peoples budgets and desires, $1 may get someone a Twitter follow, $5 may get regular emails and Twitter follow, $20 plus P&H could allow people to get emailed, twitter followed and perhaps a past EP, $50 may offer all the previous plus a song dedicated to you on YouTube.
It sounds complicated but it has been done successfully many times and there is no doubt that if you think it through you can get to your goal and then set off to record the EP or Album of your dreams.
YMA will continue to report on this topic as more information to create a successful strategy comes to hand.