Formula Explanation

Thank you again for checking out the fun little tool.

Field Explanations

Desired Income – This is the dollar figure of how much you want to make in a year.

Price Per Album/Mixtape – If you charge for your album download. Also, you can enter average from income from streams. (Spotify rates = $0.00408 per stream. Source September 2015)

Average Cover/Ticket Price Per Show – Average cost to attend your shows  or see you perform.

Average Price of Merchandise – Average cost of merchandise you sell. Ex. Hats, shirts, etc.

Total Number of Song Plays Needed – The number of songs you would need to hit in one year to reach  your target income. Does not take into account potential deals and sponsorships that might come about.

Songs Released Per Year – Total number of songs from all albums, singles and mixtapes.

Average Plays per Song – Average number of plays per song you need to hit in order to reach income target.

 

*Note on Total Number of Song Plays Formula

Based on averages from Budi Voogt’s “The Artist’s Guide to Getting More Fans (on Social Media)”

This is calculated based on a .5% conversion of Song plays to followers. Then, a 10% conversion of those followers into “Super Fans”. “Super Fans” are those that will each buy and attend all of your merchandise/concerts. Extended from the 1000 true fan formula.

ROUND(Income/.005/.1/(Album+Show Price+Merch))

*This is meant to be fun and give you actionable goals to reach for.