Creative Music Product Pricing – Eight Strategies that Paid Off
These eight examples of creative music product pricing might just change the way you think about pricing your merchandise and services.
For many young and developing artists, music product pricing is usually the process of arbitrarily coming up with a number, slapping it on your product or service, and forgetting about it. However, as illustrated below, pricing is something that can be far more strategic. While you won’t be able to pull off all of the following strategies, these eight examples will get you thinking about price like never before.
1. Kid Rock rocks
As concerts are costing anywhere from $65 to $150, and as much as $300 to $1,250 on the secondary market, Kid Rock charged a low $20 for his “$20 Best Night Ever” tour. By taking the exact opposite approach of what other artists were doing, Rock created quite a buzz among fans and the media. In fact, the strategy apparently worked so well, rock is repeating this idea on his US city tour to support his album, First Kiss.
2. Wu-Tang Clan got a plan
Upon release of its double album Once Upon A Time in Shaolin, Wu-Tang Clan announced that it would release only one album (i.e. one single unit) that fans can pay to hear in art galleries, museums, and festivals. Since people, in general, love exclusivity, the group received bids for the album for as high as $5 million. The concept was that music should be treated as a valuable and respected piece of art, not something people download at no cost. Clever!
3. Nipsey Hussle does an impressive hustle
Unsigned rapper Nipsey Hussle pressed 1,000 units of his album Crenshaw and sold them at a price of $100 each. Under a campaign he entitled Proud2Pay, customers were also rewarded with concerts, priority access to new material, and one-of-a-kind gifts, such as an old rap notebook or signed photo. Nipsey’s intention was not necessarily to sell out the units to his target audience, but to attract the attention of a few big wigs in the music business. And it worked! Jay-Z swooped up 100 copies of the rappers music.
4. Prince creates a triple win strategy
On his Planet Earth album, Prince cut a deal with British tabloid The Mall on Sunday, distributing three million copies of his record in its Sunday edition for free (all it cost was the $3 price of the newspaper). Prince was paid a flat fee by The Mail, The Mail made money from all the advertisers that wanted the extra exposure, and fans got a free CD. Everybody won.
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Posted on June 11, 2015, in Music Fans, Music Industry and tagged Bobby Borg, Creative Music Product Pricing, DiscMakers, Hal Leonard Books, Music Marketing, Music Marketing for the DIY Musician. Bookmark the permalink. Leave a comment.