Over the past decade, there has been a steady rise in the number of music production studios built in the country. After the advent of internet streaming services, musicians found a way to turn their music into a revenue stream from their home studio's comfort.
In today's time, "Har Ghar Me Studio, Ghar Ghar Me Studio" is a reality that we see coming to life. Setting up a home studio has now become an easy task but it's the latter part where most studio owners struggle. How do you turn your home studio into a business that makes a six-figure monthly revenue?
To answer this question, we spoke to Mumbai-based music producer and DJ Siddhesh Parekh aka NLYTN.
"The first step that you need to do is have a dream. Visualise yourself making music, try to see where do you see yourself in the music industry. What kind of music are you making, what kind of artists do you see yourself working with? The idea is to basically find your space in the music industry and a space where you want to be and then we make a trajectory towards your goals."Says Sid.
So once you set a goal, you set a timeline and backwards integrate a plan to reach your target. Sid says, "The next key step to running studio operations is to understand how to recover the money you have invested into creating the studio. For this, I advise setting up a revenue plan and then actively promoting the services that your studio offers. As a producer, you are not going to be making music 24 hours a day, so it is advisable to let other artists use your space and equipment for a nominal price. Even if the studio is booked for an hour every day, you still make a good sum of money."
Now you have a studio and you have a recovery plan, but to start a revenue stream, you need to promote your studio to the right people. " At first it is very important to make a community around your studio, specialists who work with you on projects. This support system helps you network and promote your business. It is also very important to connect with other studios in your locality so you guys can share leads, and services and even collaborate on projects." Says Sid.
The most important part about your studio comes at the end and is probably what will set you apart from other studios. Sid says, "In today's time, a studio should offer a wide umbrella of services for artists so that they can reach out to people. Our community helps us create end-to-end packages for artists. We offer bundle deals to artists where we make a custom plan based on the number of songs artists wish to create. This plan generally includes original sound production, artist-specific sample pack creation, sonic branding and basic promotional and release budgets."
"When you offer an end-to-end service to an artist and you are personally invested in the project, you know that the artist is going to work with you over a long period and the package promises a passive income. When we create certain projects that we know are going to get big numbers we keep a stake in the projects that bring royalties to the studio even 10 years down the line." He added.
"In conclusion, you need to lock a few artists on a long-term plan and work with them consistently on putting out new music. Eventually, as your team grows, you can get more clients on board and use your studio for more number of hours. If you are offering industry quality services and have even two or three clients locked, it is very easy to make a six-figure profit every month from the comfort of your home studio." Says Sid.
NLYTN is known for co-creating the first Indian Hip-Hop NFT along with Jay Kila and K-Nav. He produces all kinds of commercial and pop music for artists and at the same time makes and performs Bass heavy melodic dubstep as a part of his solo project.
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