The short answer: Yes. In fact, music videos made up 8.6% of all advertising revenue during 2012. This may seem like a minor statistic, but it is worth exploring, because music videos are really about the video artist’s personal brand, and often make money on that brand. (See Branding Secrets: The Best Ways to Market a Music Video for a more in-depth look at this.)
In other words, they make money from creating and maintaining their brand as an artist. They may make less money if they go solo (even with a huge deal to perform on TV), but they could still profit if they manage (or are managed by) other artists to perform in the video, making the overall success of the video even more impressive.
I know it’s hard not to look at this graph and think, “What’s my brand worth?”
I know it’s hard not to see the obvious fact that my music video is getting a huge promotion.
Why is it getting a huge promotion?
A quick review of the economics of your music video promotion strategy will tell you…
The bigger your promotion budget, the better the success of your video, which is always good news because it means you’re making money off your music video.
You can do a lot of stuff with a good budget.
It’s not only the budget, but it’s the strategy to use it.
Music videos are a creative project, one that requires great creative thinking in order to make it look good (and look good on the big screen) for as large an audience as possible.
In my opinion, the best strategy in this area is a well-thought out strategy based on a clear idea of what you should be trying to accomplish, and a plan for how the campaign (the concept of the project) should be run.
How to Plan a Successful Music Video Campaign
It’s tempting to think that, “Oh, I’ll just take all my music videos and put them online, and then just do a video.”
That would be great, but it’s not possible because you need to have a clear understanding of how to optimize for the audience, and the most effective way to do that is to hire professional production talent to take care of it.
This is true of every single industry…
And that’s the key here: You need to hire some people to be in charge of making videos.