Starting a Musical Record Label in Nigeria is not easy, but it takes Business research and group of management who are ready to dedicate themselves to work together for the success of the business.Do you know that in few years from now, a Record Label business In Nigeria will be competitive? because people have been enlightened on how profitable is the business as well as majority numbers of people in Nigeria are music lovers. Below are ways to kick-start a successful Musical Record Label Business;
This step is the moment in which you learn about the business in deep details by setting goals in a written format on how the Record Label will be running; whether as a sole proprietorship or partnership business and also who will be specializing on tasks like production, marketing,etc. The amount of money to be paid should be written down. Getting your Brand Name Registered with Corporate affairs Commission of Nigeria (CAC) which may cost minimum of ₦100,000 is also important for a successful start.The
Funding is what makes a business boom. To get started,y you have to make sure that you have all the funds that will cover the start up and promotion aspect
The Music Production Tools:
The equipments is another essential tools needed to run a successful Record Label.
You must be able to study your competitors and get advise from an experience person on the field to know in deep details on how to runs it the right way. From there you map down the steps through a business plan for a successful move.
Studio should be included to save less expenses. Setup your own music studio for a better move.
Source For Artiste:
Your Records label can never be completed without having a good music artists that can serve music lovers with what the need with a good lyrics. Signing of Artists depends on the genres of music you will be focusing on.
Choose Your A Team:
At the first start, you are going to be the Chief Executive Officer (CEO) and The Artists Manager of your Label. The main work of a Manager is to build a close relationships between the artists and Brand which he also makes sure that the Artist work base on the rules and regulations of the label.
The below are lists of Some Specialists to start with and theirs work in a Record Label;
- A Publicity is needed which theirs work is to bring in the strategies to make the Brand known and also that of the artists to reach huge numbers of people through social media marketing (by managing your social media profiles) and distributing the productions information to famous blogs.
- Sales Team are responsible for the marketing of the brand and Songs.
- Music Producer is also included for the smooth production of the songs.
How To Start A Record Label With No Money
You can get a Record Label With No Money as far as you have access to Data.
I am talking about a Visual Record Label where you can create an account on music streaming platforms online with your brand Name and uploading your songs, EPs, albums, etc.
Here are the procedures;Create an account with your brand Name on streaming platforms like YouTube, Boomplay, Audiomack, itunes, etc.Find a talented artistes and offer to promote his or her songs to make him popular.Upload the Songs to your streaming platforms.Start earning once you reach the requirements.( Once reach the threshold of the streaming platforms’ requirements before getting paid).
Benefits Of A Record Label To Music Artists
A Record Label Exposes an artists to the wider world while building them a fan base. They bring to the music Lovers the music by producing and rising a talented music artists. As the Nigerian music industry is booming yearly with lots of talented artists with a great opportunity to make more money as a Record Label.
Role Play By A Record Label
A Record Label bring in an artistes that will entertain the audience.They promote artists to the wider world.They sponsor the production of the songs.
How Record Labels Makes Money
The Record Labels Makes money through the artists’ Songs by selling it for profits through online streaming site, licensing, performance Royalties and Tickets sales at Live Shows.
Frequently Asked Questions On Starting A Music Record
How much does its cost to start a music Record Labels in Nigeria?
The minimum amount cost in starting a successful Music Record Label business is in the range of ₦700,000 to ₦11,000,00
Is Nigerian Music Demandable?
Yes, Nigerian as a whole are Lovers of music. Sometimes Music Lovers don’t know what the want which you have to showcase its to them through advertisement.
Starting A Record Label is like Starting any other business which profits maybe not come within a month. You have to be patient and be consistent in the production of songs.Make sure you undergo an agreement between you, your artists and your team for a better move.
Marketing is the only magic that can make you a million Naira once you do it the right way.
By following the above procedures,I strongly wishes you a successful business ahead.