[Manic Monday] Your Fans Are Your Monetization Strategy
I come from a corporate background, but somehow I really hate the word ‘monetization’. The word is somehow soulless in its way that categorizes everything into stuff that can make money for you, and those that cannot. As if, the merit of a certain idea, creation, program, strategy, or product, solely depends on how it can make money for you. And the people who are the object of monetization – the consumers – are somehow treated just as a factor, that they would mindlessly spend money for no reason. But of course, this is all in my head. The ‘monetization’ term is not a greedy capitalist term, but it’s a business term that we should get used to.
If you are a content creator, you should have some idea on your monetization strategy. In simpler words, you have to know how to make money from the content you create. It could be indirect or direct; it could be wholly dependent on a perception of value you convey to your target customers, or it could be dependent on bundling deals with other partners (i.e. get free content with every purchase of fried chicken). But if I ever hear a self-described “indie band” saying that they don’t want to advertise their music, or release CDs, sell merchandise or even charge for showcases/concerts because they aren’t “commercial”, don’t go complaining when you don’t have money to make ends meet. Remember, being true to your music doesn’t really mean you can’t make money from it – it just means that you might not make as much money as more popular pop acts.
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