For some time, a theory has existed in the music industry that, for an artist to have a sustainable if not particularly lavish career, they must have at least 1000, 'true' fans. Here we look at the reality of the math behind this idea.
Guest post by Bobby Owsinski of Music 3.0
The “1,000 True Fans Theory” was proposed by Wired magazine’s “senior maverick” Kevin Kelly back in 2008 and states that all an artist needs is 1,000 true fans to maintain a fruitful, if unspectacular, career, thereby relieving the artist of the need for some of the nastier things in life as a regular job. True fans are sometimes called superfans or uberfans, depending on whose theory we’re talking about.
The idea is that if each of the 1,000 fans bought $100 worth of product every year (the figure equals an arbitrary full-day’s pay), you’d have an income of $100,000, which, even minus expenses, can still represent a reasonable living for most artists. The trick, of course, is how you expand your fanbase to that magic 1,000-fans number (providing that you buy the theory in the first place, of course).
Like most theories on such things, the detractors of the 1,000 True Fans theory point out several relevant issues. They are:
Guest post by Bobby Owsinski of Music 3.0
The “1,000 True Fans Theory” was proposed by Wired magazine’s “senior maverick” Kevin Kelly back in 2008 and states that all an artist needs is 1,000 true fans to maintain a fruitful, if unspectacular, career, thereby relieving the artist of the need for some of the nastier things in life as a regular job. True fans are sometimes called superfans or uberfans, depending on whose theory we’re talking about.
The idea is that if each of the 1,000 fans bought $100 worth of product every year (the figure equals an arbitrary full-day’s pay), you’d have an income of $100,000, which, even minus expenses, can still represent a reasonable living for most artists. The trick, of course, is how you expand your fanbase to that magic 1,000-fans number (providing that you buy the theory in the first place, of course).
Like most theories on such things, the detractors of the 1,000 True Fans theory point out several relevant issues. They are:
- The $100,000 amount is the gross income and doesn’t take expenses into account. Expenses for any creative endeavor can be quite substantial and must be accounted for in any income assumption.
- Even if you reach the magic 1,000-fan number, that doesn’t mean that each will spend $100 per year. That’s true, but remember that $100 is an average number. Some fans might spend $500, while others might spend only $20. Of course, you have to present them with the products and the opportunity to spend money. If you put out a single release and don’t tour, it’s unlikely that you’ll hit your target. If you’re touring, and a true fan attends three shows and brings five friends, that could easily account for $100 right there. And if you release two albums, a deluxe box set, and newly designed T-shirts, hats, mouse pads, and coffee cups, there’s an even greater chance that the true fan will just have to have whatever you’re selling.
- Today we have a worldwide marketplace, so 1,000 fans don’t necessarily have to reside just in the United States. Again, this is true and can lead you to believe that developing your fan base is a lot easier than it really is. Don’t forget that true fans in developing countries might enjoy your work yet not have the wherewithal to purchase anything from you. Also, postage and import taxes make international sales difficult as well.
- You can expect some attrition of your new fans. Hopefully, the attrition of your fanbase will at least be offset by new members, and perhaps even grow some in the process.
- Other artists are competing for the same fans. There’s always competition in the marketplace for every dollar, sale, and item. You must differentiate yourself and your product from your competition to make the choice easier for the fan. For sure, you’ll lose some fans during this process, but if done well, you’ll make that number up, and more.
