The formula for success in this game right now is simple. Your following is your value. Period. Creating income streams from that influence then becomes just a matter of creating partnerships with other businesses or developing a business plan of your own.
Whether you know it or not, you are a business, And you can diversify your income in a number of ways from the attention your music creates. Lil Jon, has non-music revenue streams that create an added $11 million dollars to his pockets annually. He does this with a line of Oakley sunglasses, an energy drink, and a wine label. He’s not the only hip hop artists that gets the concept of this. 50 cent, Chamillionaire, Snoop and many others are like “fuck dying broke”, and have capitalized on their celebrity to make sure that they don’t end up being a sideshow act when they’re seniors.
Make great music. Give plenty of it away. Think of you music as your business card. Collect email address and communicate. Create media thats worth talking about and spreading. This is how your build value.
Read the entire article on Lil Jon. It’s a good read.