In the last decade, the drastic changes within the modern day music industry involving business and marketing have led to many different strategies for revenual success. But one of the most popular business models is CWF+RTB, also known as “connect-with-fans + reason-to-buy”.
This business model has been highly debated for almost ten years. Trent Reznor, from the band Nine Inch Nails, came up with this concept to connect with his fans and is the epitome of someone who has been successful utilizing this model each time it has been attempted.
CWF+RTB is a smart way to engage fans with each other and within the music, but the only way for them to want to gain interest is if they are energized and excited about it. Providing free downloads with the exchange of an email address is a great way to create a fan database and keep them updated on information. Many people will argue that releasing things for free decreases the value of the music but in essence, if something is great, it will remain great regardless of it’s price.
An example of an artist that utilized this concept other than Reznor is rapper Tyler, The Creator. Once he reached a height of fame, he engaged his fans in buying packages that came along with albums not only for himself, but every artist he had on the Odd Future label. In 2013, Tyler made $100,000 alone off of his branded “GolfWang” socks. He then changed the game when he created the Odd Future Carnival with many popular artists on the line-up to preform, many Odd Future themed games and rides, a merchandise booth for selling of the OF clothing line, music from the various artists in the group, and artist meet-and-greets. By creating events or items like so, it gives the fans a feeling to be more connected and a special feeling for attending and acquiring limited edition and exclusive items and events.