Strategies for market share and listener retention in the attention economy of music
For artists and creative individuals, it may seem odd to think of listeners and fans in terms of a competitive business concept, such as “market share”.
However, adopting this perspective is the only intentional approach to go beyond simply uploading your music online and relying on luck to attract listeners.
In the attention-saturated economy of the music industry, market share is no longer solely determined by sales. It also depends on the ability to capture and retain the limited resource of listener attention. Maintaining listener retention is crucial, as without it, your next release could potentially be a flop, even after a previously successful one.
To effectively gain market share as an independent artist or label in the music industry, it is crucial to truly understand your music and your target audience. You need to identify who would be interested in listening to your music and find ways to share it with them. Understanding your music and how it resonates with your audience is key to standing out in a saturated market.
The problem with attention in today’s music industry: listener retention
While there are various reasons to employ alternative methods for attracting and retaining a fanbase, disregarding the significance of platforms such as Spotify in your distribution strategy is likely unwise.
Currently, Spotify has a library of over 100 million songs, and adds approximately 40,000-120,000 songs daily. In a market where listeners have access to such a wide range of music, the challenge for independent artists and labels is not only about visibility, but also about creating a lasting impression in the minds of listeners.
Merely gaining followers on digital service provider (DSP) platforms, although not an easy task, often fails to make a lasting impression on unfamiliar listeners.
Therefore, it is crucial to prioritise building familiarity as a key component of your strategy.
This article delves into the mechanics of attention in music, overcoming market saturation, and the strategic pursuit of niche vs. mass market to grow your market share.
Understanding music attention and listener retention in 2023
Music consumption is not just about listening; it is also about discovery. The excitement of discovering something new and what is currently “trending,” along with the technology that amplifies this behaviour, has led many artists to adopt a “quantity” strategy. They aim to release as much “content” as possible to maintain a presence in the minds of potential listeners.
Platforms like TikTok and Snapchat are speeding up the turnover of music. As a result, creating a timeless song is becoming more challenging because younger generations don’t develop long-term relationships with songs.
Instead, they prioritise quickly discovering the next big thing. Fans frequently switch between new offerings instead of committing to artists they have formed special connections with.
However, there is still hope when we consider how people connect with influencers. Platforms like Patreon demonstrate the effectiveness of “fan retention” platforms in helping true fans navigate through the noise and easily find the creators they feel a special connection with.
With the deluge of new music released daily, the battle for attention is fierce. Your market share is determined by how effectively you can rise above the noise and maintain the attention of your audience. This requires not just producing music but also creating an ecosystem around your brand that keeps listeners coming back, also known as listener retention.
Overcoming music market saturation
Saturation makes it challenging for individual voices to stand out. Overcoming this starts with identifying your unique selling proposition. This means understanding what sets your music and artist persona (collectively referred to as your “brand”) apart. It involves crafting a compelling and authentic narrative around your brand, one that resonates with listeners on a personal level.
However, none of this is possible until you have fully tapped into the source of your unique artistic expression and perfected the way you use music to closely represent that source.
In a world where we are increasingly immersed in digital realities and collaborating with AI to automate various aspects of our lives, the value of human elements becomes even more significant.
If this theory holds true, our individual and unique expression will play a crucial role in achieving success.
However, it is also important to recognise the significance of imagination and make-believe. As human beings, we are inherently fascinated by wonder and enigma. These tools enable us to create an artistic persona that doesn’t necessarily need to divulge our entire personal story. Find out more about developing an artistic persona and how it can enhance your journey in the music industry.
Strategies for standing out
Distinctive musical signature
Having a recognisable sound that listeners can immediately identify helps to cut through the saturation. However, there is a delicate balance between presenting a sound that is relevant to a broad audience’s tastes and bringing something unique and personal to the music. Some artists rely too heavily on a “tried and tested” sound and fail to stand out because they sound like they are imitating another artist. On the other hand, some artists create music that is too different from the commercially successful sound that appeals to a specific demographic, making them sound amateurish and as if they have not yet discovered their professional sound.
An artist must develop their sound in a way that careful takes their unique and innovative aspects and balances them with production styles and sounds that are relevant and expected from by their target audience. This is a difficult for an artist to achieve on their own, and it’s helpful to work with external music producers, or industry experts who understand their target audience to build a commercial product beyond their art.
Visual branding
Strong visual elements that complement your music can make you memorable and shareable. However, many artists in the music industry tend to focus on less important aspects like social media photos, logos, and album design. While these things are indeed important, their significance lies in how they portray your artist persona.
There are two types of artists:
- The extroverted artist who loves to be in front of a camera.
- The introverted artist who is camera-shy.
For most artists, introversion diminishes on stage, and they can feel confident behind their “stage presence” or “stage act.”
However, in the digital age, there is a new type of “invisible” artist who doesn’t have an online or stage presence but still manages to build a considerable following and revenue.
When it comes to introverted artists who are not comfortable sharing themselves behind their music, the first thing to consider is whether they are working in the right genres to be accepted as faceless artists. Currently, this approach primarily works for certain electronic genres. Only time will tell if this will change. If you’re not confident in your brand package and how you’ll attract and engage fans, I wouldn’t recommend trying to be the first in your genre. Often, artists will have to overcome their introversion and learn to be more confident with their audience. This is where mystical and fantastical artist personas often come into play.
Pinterest is a useful tool to start collecting and building ideas for your artist persona. It can help you define what you want your persona to represent and provide inspiration from artists in your genres. These artists can serve as guidelines for aesthetics, scenes, and textures that are worth incorporating into your brand assets.
Targeted content
Creating content tailored to the interests of your intended audience can be more effective in capturing attention than casting a wide net. In other words, it’s important to stop writing/recording generic content without knowing who you’re speaking to.
Simply posting “hey guys, listen to my new release” is not enough. You need to tell stories through your content that resonate with the people who are likely to enjoy your music. This is how you attract interested followers, and a percentage of them may turn into fans.
Building a network of fellow musicians within your music scene or genre can give you an advantage every time you release new music, especially if you also support their work. Therefore, it is beneficial to focus on platforms like SoundCloud, Audius, YouTube, and Bandcamp, where you can follow and support other artists who can reciprocate the support. Having an additional 100 listeners from fellow musicians in your genre or scene can make a significant difference in terms of social proof and algorithmic exposure. This can also attract the attention of editors who can help introduce your music to new audiences.
Independent entrepreneurs have the ability to support and develop artists. Label services and music promotion services now offer support to independent artists in ways that were not available in the traditional music industry. Although I may not be the biggest advocate for some of these services, working with the right people can be more beneficial than attempting to handle music business tasks on your own. Your primary focus should be on your artistry.
Mass market vs. niche market
As a developing independent artist, it is important to understand your niche market. This involves considering various factors such as:
- Demographics that are most likely to resonate with the story you are telling (age, location, gender, etc.).
- Demographics for the sound you produce (there is no point in trying to attract outdated music to Gen Z, and vice versa).
- Degrees of separation from your current fanbase (or inner circle if you do not yet have a fanbase), such as “a friend of a friend”.
- People who enjoy certain movies, TV shows, or other cultural media.
- People who have similar music tastes to what inspires you, and whose music your own can be compared to.
While many artists may not explicitly describe their intentions as “trying to make everybody know about them,” not being specific with an intentional niche market means attempting to appeal to everyone by default.
The mass market may seem attractive due to its large numbers, but it is also where competition is highest. On the other hand, niche markets offer the opportunity to stand out and become a prominent figure in a smaller community. By catering to a specific segment, you can focus your efforts and cultivate super fans — a core group of listeners who will become advocates for your brand.
Building fandom from listener retention
What distinguishes a fan from a listener? One clear difference is that fans financially support the artist, while listeners are more passive in their engagement.
Fans also actively promote their favorite artists and try to introduce them to others who they believe would have a shared interest.
Fandom goes beyond simply enjoying music; it involves listeners personally investing in the artist’s success. Fans can provide a more reliable source of income and word-of-mouth marketing than any other promotional strategy.
Ultimately, our efforts to gain “market share” should result in a noticeable increase in genuine fans. Converting listeners into fans is the best way to ensure long-term listener retention.
One way that independent artists and labels can challenge major labels is by focusing on gaining attention share in independent channels and platforms, such as SoundCloud, Audius, YouTube, and Bandcamp.
Although these channels can sometimes be less lucrative and following can be a slow growth, gaining following on these platforms does give a true representation of highly engaged (and often paying) fans.
Conclusion
Market share in the music industry is primarily about capturing and retaining listeners’ attention in a world full of distractions. It involves a combination of tactics, including outstanding music production, strategic marketing, and fostering strong connections with your audience. To achieve this, it is crucial to understand the dynamics of attention, employ targeted strategies to overcome market saturation, and select the appropriate market focus. By doing so, you can cultivate a fanbase that not only listens to your music but actively supports and promotes it.