Top Tips for Managing Your Music Catalog
Music catalogs are a valuable asset for any artist or music company. They contain the rights to the songs, which can generate revenue through various channels such as streaming, licensing, and sync placements. However, managing a music catalog can be overwhelming. From registering songs to keeping track of royalties, there are many aspects to consider. In this article, we will discuss some top tips for managing your music catalog.
1. Register Your Songs
The first step in managing your music catalog is to register your songs with a performing rights organization (PRO) such as ASCAP, BMI, or SESAC. These organizations collect royalties on behalf of songwriters and publishers for the public performance of their music. Registering your songs with a PRO ensures that you receive the royalties you are entitled to.
2. Keep Track of Metadata
Metadata is the information about a song that identifies it, such as the title, artist, and copyright holder. It is essential to keep track of metadata for every song in your music catalog. This information is used by digital music services to identify and distribute your music. Inaccurate metadata can lead to lost revenue or incorrect attribution.
3. Store Your Files Securely
Your music catalog contains valuable assets, so it is crucial to store your files securely. Consider using cloud storage services such as Dropbox or Google Drive to keep your files safe and accessible. You can also use digital asset management software such as Soundminer or Basehead to organize and search your music catalog.
4. Monitor Your Royalties
Royalties are the payments you receive for the use of your music. It is essential to monitor your royalties to ensure that you are being paid correctly. You can use royalty tracking services such as Royalty Exchange or Songtrust to keep track of your income streams and collect payments.
5. License Your Music
Licensing your music is a great way to generate revenue from your music catalog. You can license your music for use in films, TV shows, commercials, and video games. Consider working with a music licensing agency such as Musicbed or Songtradr to help you find licensing opportunities.
6. Keep Your Catalog Up-to-Date
Your music catalog is a living document that needs to be updated regularly. Make sure to add new songs to your catalog and update metadata as needed. You should also periodically review your catalog to identify any songs that are no longer generating revenue and consider removing them.
Career and Education
If you are interested in pursuing a career in the music industry, consider taking the NYU x Billboard | Music Industry Essentials online course and certificate program. This program is designed for students who want to gain a comprehensive understanding of the music industry, including music publishing, artist management, record labels, and more. The course is taught by industry professionals and offers hands-on experience through case studies and projects.
Key Takeaways:
- Register your songs with a performing rights organization (PRO) such as ASCAP, BMI, or SESAC.
- Keep track of metadata for every song in your music catalog.
- Store your files securely using cloud storage services or digital asset management software.
- Monitor your royalties using royalty tracking services such as Royalty Exchange or Songtrust.
- License your music for use in films, TV shows, commercials, and video games.
- Keep your catalog up-to-date by adding new songs and updating metadata as needed.
- Consider taking the NYU x Billboard | Music Industry Essentials online course and certificate program to gain a comprehensive understanding of the music industry.
