There is money in the music industry, let no one lie to you- Guru

Ghanaian musician, Guru has debunked the popular opinion that there is ‘no money’ in the music industry.

Guru, whose real name is Maradona Yeboah Adjei, shared his insights on the importance of taking advantage of the business side of the music industry.

According to him, while fame is a given in the industry, understanding the business side is crucial.

“You are always assured of the fame, which is a guarantee. But the business aspect, that’s why we have the show and the business. If you understand the show, the show has become expensive. So you need to establish business-minded people, people who understand the business aspect of it.

“It is very important because it’s not just about coming on stage and performing. The business aspect as in being able to target the corporate entities. They pay a lot; so if you’re able to attract them, they will come for you. It doesn’t matter the type of music you’re doing.”

While there are certainly challenges facing the music industry in Ghana, there are still opportunities for artists to make a living from their music.

By taking advantage of live performances, brand partnerships, and digital streaming platforms, artists in Ghana overcome the perception that there’s no money in the industry and build successful careers for themselves.

The phenomenon of artists losing their finances due to the company they keep is unfortunately not uncommon in the entertainment industry.

In many cases, artists surround themselves with individuals who take advantage of their success and wealth for personal gain. This includes managers, agents, friends, or family members who mismanage funds, exploit the artist’s trust, or engage in unethical practices.

To mitigate the risk of financial loss, artists should prioritize building a strong support team of trusted professionals, such as financial advisors, lawyers, and accountants, who have their best interests at heart.

Artists need to educate themselves about financial matters, maintain a clear understanding of their earnings and expenses, and actively monitor their financial accounts to detect any irregularities.

Additionally, establishing clear boundaries and communication with those in their inner circle helps artists protect their financial well-being. Setting up legal agreements, such as contracts and agreements, also provides a level of protection and clarity in financial transactions.

Addressing the occurrence of artists losing their finances due to the company they keep, Guru highlighted the significance of empowering those around him.

“You need to empower your space. You have to teach them. I gave people around me a chance. As a young boy, you don’t know anything coming from Zongo; nobody cares about you. So I needed to empower my space, making sure that my friends were put into positions.

“Some became my personal assistants; even a cab driver who used to take me to the studio became my personal driver and later my personal assistant. I even brought in a friend who used to help me out with going to the studio, and he became my personal manager. So it’s all about trying to empower people.”

Guru

Maintaining financial independence and making informed decisions about money management is crucial for artists to safeguard their finances and ensure long-term success in their careers.

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