your followers aren't your fans

brought to you by Intercept Music​

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Today’s memo is a breakdown on the disconnect between followers and fans. We also have a new podcast interview with one of the top economists and analysts in music and media, Will Page. Let’s dive in!

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independence empowered for artists everywhere

That’s the goal of newly launched independent artist platform, Intercept Music. Under the advisory of legendary rapper Method Man, Intercept is on a mission to “emancipate” the independent artist.

It’s a tale as old as time. Artists and labels have often had to choose between their creative freedom and autonomy and access to marketing and distribution that would catapult their careers.

Intercept Music is quite literally intercepting this — offering fully managed advertising, promotional services, and the opportunity to sell merchandise through branded online stores.

As an artist or label, Intercept can help you unshackle your monetization opportunities, and as Method Man says, you get to “keep 100% of your shit.”

new pod: will page

Will is the author of Tarzan Economics, former chief economist at Spotify, and one of the best minds in the music industry. We talked about why music streaming services still charge $9.99/month, music touring, what a post-Spotify music industry may look like, and Will’s issues with web3! If you want to know what’s next in music, this is a must listen. Trust me!

Listen to the Trapital Podcast here:

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why followers aren't fans of your music

Coi Leray has all the co-signs that a rising artist dreams of:

• Signed to Republic Records
• Songs with Nicki Minaj and Lil Durk
• Performed on The Tonight Show with Jimmy Fallon
• Nominated for BET Awards
• Over 6 million Instagram followers

When artists talk about having “the machine” behind them, this is what they mean. The only thing missing here is a Coachella guest appearance and a British Vogue interview.

But last week, Leray’s debut album Trendsetter sold just 9,000 album units (around 13.5 million streams). That’s less stream last week than Fleetwood Mac’s Rumours, an album that came out 45 years ago! Leray’s numbers may be eye-opening, but it’s hardly a surprise.

Artists hear the same rhetoric often: “Build your social media following!” “Use it to promote your work!” “Be your own distribution!” But that’s reductive. Your followers aren’t necessarily fans of your music.

Not all followers are the same

On most social media networks, it’s impossible to segment your followers into different categories. Are your fans there because they love your music? Or because they like you as a person? Or do they find your posts entertaining? Do they follow because they find you attractive? Or do they love the Shade Room-worthy posts you share and don’t want to miss the tea? For some artists, it’s all of those combined, but most of the time it’s not.

The two most-followed rappers on Instagram are Nicki Minaj and Cardi B. They use their platforms effectively, but they are a reminder of why this follower-fan dynamic is often tougher for women in hip-hop—even the superstars.

The industry pushes them to be sex symbols. To be “marketable.” Yet this increases the likelihood that many of their followers are just there to double-tap on attractive photos. The social media algorithm will push that artist’s content to more users who live for those photos. The narrative that women in hip-hop half to work twice as hard has numbers to back it up!

Match platforms and clear call to action

In February, I wrote What Creators Get Wrong About Text Marketing. Those same struggles and solutions are relevant to social media:

“Text marketing worked well for SuperPhone founder Ryan Leslie because he had a game plan. He already understood the pyramid of intimacy. He knew exactly how to use his service. Here’s what he said in his 2020 interview with Earn Your Leisure:

For Ryan, that intent led to a 50% conversion rate. 17,000 of the 35,000 people who signed up for his email list bought the album for $10. That’s $170,000 in revenue. Ryan then used that to follow up and sell tickets for a concert. He sold 40,000 tickets at €60, which led to €2.4 million."

Social media isn’t quite as transactional (well, unless you’re Kendrick Lamar), but social content needs to be aligned with the music. If your primary goal with social media is to build your fanbase with more listeners and more fans, then your social media is your content marketing.

That said, every post can’t be “album out now stream my music.” But the more value you offer that’s in line with why people follow you, the higher percentage who will convert to true fans, listeners, concert attendees, and customers.

Coi Leray’s situation isn’t unique. There are many artists whose social media following to album sales ratio is similar, if not lower. And some of those with higher ratios may have fake streams or fake followers, but that’s another issue for another day! Social media will continue to be an essential tool for many artists to promote their work. But it’s a vanity metric that has its tradeoffs like any other platform.

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money moves

• Diddy named advisor and investor in Proto, a holoportation company​
• Stem raises $20 million to help artists make better strategic investments​
• Free $10K Bootcamp starts tomorrow to design better systems to achieve your goals
• In 2021, Drake’s catalog was streamed more than all pre-1980s music​
• ​The Publish Press breaks down the business of creators

coming soon from Trapital

Podcast: Isaac Hayes III, founder of Fanbase Isaac and I talked about how his company raised $6 million in crowdfunding, helping creators monetize, and managing his late father’s estate. Can’t wait. Drops on Friday!

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