Once a music artist or band reaches a certain level of success in their career then they need to look to maximizing potential revenues. This is what the 'Maximize Stage' of Artist Development is all about.
Video Highlights:
0:10 - The Maximize Stage (difficult second albums!)
0:28 - Sponsorship and Endorsement deals for musicians
0:46 - Consolidating your live music career
1:01 - Musicians and bands as 'Cash Cows'
Transcript
You got to the fifth stage in the sequence, this idea of Maximizing. This is the typical difficult second album stage if you are a recording artist. What you find here is that this is the stage where you look to maximize your revenues as an artist. At this point you are starting to do endorsement deals or sponsorship deals. You are adding new products outside of just your typical recordings and live shows. Maybe you are having VIP levels that people can buy so they can meet you after the show for example.
At this point you are consolidating. The whole point of this stage is to consolidate and to not move back. It's like snakes and ladders. You want to continually working to move up to the next level. Artists at the Maximize Stage are normally referred to as 'Cash Cows'.
What you'll find is that a manager will often have three artists in their roster.
They'll have an artist who is at the Validate Stage, who is just starting to build their career and as a manager they are helping the artist Refine their career.
They'll have an artist that is maybe getting their first hit. That's a really exciting time for a manager whose artist is getting their first hit album. It's a great buzz to see your artist becoming successful.
And then they'll have what is called a 'Cash Cow'. This is an artist who has maybe been around for a little while who can pull in good audiences, sell-out tours and have successful albums.
Many artists will stay at this stage or they will go back. It is often difficult to stay at this stage and keep your music the same. You really have to go to the next stage.
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If you missed the first video in the series you can find them here:
Stage 2 - Validation for Musicians
