Forward/Return ratios, expenses, etc.

[PeterD]

I thought I'd go back through all my Taxi-related expenses/experiences (just Taxi) since signing up in May, 2009.

Here's what it looks like, to date:
----------------
7 full memberships w/Dispatch ($2,443.00)

243 submissions, 10 of which are pending ... ($1,215.00)
54 Forwards
1 Library made contact in July, 2013 (18 songs singed exclusively)
33 Direct-to-Supe pieces (no confirmation of pieces used, if any)
2 Rallies, another coming up (approx. $3,000.00)

$6,658 invested ... Zero dollars accumulated.
---------------

The recent better news:

One of my songs sells nearly 100 units on iTunes since June, 2015 - $70
A compilation with a fellow member in a short indie film, Aug, 2015 - $100 (THANK you, Rebekah!!)
A 30 second radio ad for a local Jewelry store, March, 2015 - $500
A song of mine asked to be used in an interview opening sequence on Youtube, Sept. 2015 - Freebie, but contributed to iTunes sales

Granted, the Taxi experience is generally a good one and other avenues/relationships certainly branch from it. I'm told a forward/return ratio of greater than 6% is good. Mine being 23%, I am a lil disappointed more forwards haven't materialized into more deals. I've learned many ways to improve my craft over the past few years, but I will NEVER truly know what's involved in reading a Taxi screener's mind ... ever.

Your thoughts?

[funsongs]

I've got more questions than answers:
What would an alternative hobby/pursuit cost by comparison?
Would you be investing the same amount? Less, more?
(including your passion & personal satisfaction - how do you put a price on that?)
What makes it a leap from what you love to do to the scrutiny of it as a business?

For me - I'd be doing what I love about the creativity of music anyway...
why not go the little extra via an opportunity such as this?
It's about the journey & the relationships along the way... not just the end goal.
(Better odds than buying a lottery ticket, over which you have zero control? )

Nice to see you back on the boards, Mr. D.
We don't have to do this...
we get to do this.

3 cents worth - (edit: of natterings from a Newbie)
Cheers.

[PeterD]

I've got more questions than answers: I like answering questions!
What would an alternative hobby/pursuit cost by comparison? I suppose it depends ... Perhaps more, perhaps less.
Would you be investing the same amount? Less, more? That would depend on what the reward is. I've put in a very fair amount of time and effort, and had a much different outcome in mind - 6 years ago.


(including your passion & personal satisfaction - how do you put a price on that?) Again, that's up to the individual.
What makes it a leap from what you love to do to the scrutiny of it as a business? We only have a short amount of time to make life count. Maybe it should be spent on being productive, while enjoying it at the same time?

For me - I'd be doing what I love about the creativity of music anyway... I DO love being creative. I also like to get paid for my time.
why not go the little extra via an opportunity such as this? A little extra? I've put so much on hold in order to try to make this work. It doesn't seem to be working.
It's about the journey & the relationships along the way... not just the end goal. I DO like the relationships.
(Better odds than buying a lottery ticket, over which you have zero control? ) Absolutely. The only difference with a lottery is that's it's fair. No opinions or human emotions are involved with deciding who wins or loses.

Nice to see you back on the boards, Mr. D. You too, Mr. R.!!
We don't have to do this...
we get to do this. And that's truly wonderful.

3 cents worth.
Cheers.

[ochaim]

I totally hear what you're saying, Peter.

You've put in a significant investment of time and money and honest effort for 6 years with less return than you expected.

I remember from my first Road Rally, I think, where a 10 year member got their first placement that year, the name eludes me, but I think he was an accountant.

There is no guarantee of placements/money as a direct result of your Taxi membership, obviously. What you're almost guaranteed, though, is that you become a better composer/songwriter.

Whether you stick with it or not will depend on which you value more. But it's probably both, right?

I wouldn't get stuck on any percentages anybody gives you. Statistically, those numbers are observational and not predictive. So they mean very little, mainly because everybody and every situation is different.

Not sure that helps at all, Peter. Just really wanted to say I sympathize with your situation and I hope you find something to change in your approach that will improve your results.

[Kolstad]

Music is a rough game, but you can think of it as a pay to play business model https://en.wikipedia.org/wiki/Pay_to_play
It's also found in many other enterprises.

After the home recording boom in the 90s-2000s, there are literally millions of musicians globally who tries to conquer the music world i one way or another. Pay to play works like a sorting mechanism, where the ones who don't pay (may) miss out on, at least some, opportunities. That should be an advantage for those who pays. In some businesses the establishing costs are so high, that few can afford to "play", like being a hotel owner, factory owner ect. Anywhere where serious hardware is needed. You don't need a Neve and an 1176 anymore, so you pay to have access to opportunities instead.

On the ratio you could try to break your forwards down in specific genres, and see where you got the forwards, and check the competition (Library sites), to see if they are doing the same as you or something different. And you could see if you do something that never flies. Then decide to do more of what works, and less of what doesn't.

Credits are important, so even the few you've got you can use to get local gigs, ect. Make sure people who are potential clients see your credentials, maybe in an email signature, your web prescence ect. Use it or lose it. It may generate what we know to be "the social effect", which is we tend to go for what others go for, so if some have used your music, some...

And finally, think less of satisfying Taxi screeners, and more of satisfying your clients (libraries, supes, ect), and their clients. Think less competition and more collaboration, win-win situations. You can also do that when you compose in many ways. The end market is what you need to focus on, not the gatekeepers. So you may be better off taking more chances, get fewer forwards, in trade for more deals and uses.

Just a few thoughts to spark something..

[mojobone]

The only difference with a lottery is that's it's fair. No opinions or human emotions are involved with deciding who wins or loses.

We make music, other people choose whether to buy it; what could possibly be more fair? Yes, music is subjective, but is the lottery really fair? My dad was a very wise man who referred to the lottery as a tax on stupidity; what do you learn from playing the lottery? You learn not to play the lottery and that if you'd invested that money in stocks or education you wouldn't need to win the lottery. You should think of Taxi as an education, because that's what it is. Go try pricing the one you get at Berklee or Musician's Institute. (and they don't guarantee any jobs, either) Just try and trust that Taxi is also invested in your success, because they get to take a little credit; believe me, there's nothing the Taxi team loves better than giving the industry what it wants and teaching us what that is.

And @ Owen, I think that may have been Jazzstan; somebody correct me, if I'm wrong?

[mojobone]

Music is a rough game, but you can think of it as a pay to play business model https://en.wikipedia.org/wiki/Pay_to_play
It's also found in many other enterprises.

After the home recording boom in the 90s-2000s, there are literally millions of musicians globally who tries to conquer the music world i one way or another. Pay to play works like a sorting mechanism, where the ones who don't pay (may) miss out on, at least some, opportunities. That should be an advantage for those who pays. In some businesses the establishing costs are so high, that few can afford to "play", like being a hotel owner, factory owner ect. Anywhere where serious hardware is needed. You don't need a Neve and an 1176 anymore, so you pay to have access to opportunities instead.

On the ratio you could try to break your forwards down in specific genres, and see where you got the forwards, and check the competition (Library sites), to see if they are doing the same as you or something different. And you could see if you do something that never flies. Then decide to do more of what works, and less of what doesn't.

Credits are important, so even the few you've got you can use to get local gigs, ect. Make sure people who are potential clients see your credentials, maybe in an email signature, your web prescence ect. Use it or lose it. It may generate what we know to be "the social effect", which is we tend to go for what others go for, so if some have used your music, some...

And finally, think less of satisfying Taxi screeners, and more of satisfying your clients (libraries, supes, ect), and their clients. Think less competition and more collaboration, win-win situations. You can also do that when you compose in many ways. The end market is what you need to focus on, not the gatekeepers. So you may be better off taking more chances, get fewer forwards, in trade for more deals and uses.

Just a few thoughts to spark something..

Very helpful post! Kudos, Magne!

[Len911]

Looks like about $100 a month. Could be a cable tv bill or for some a cell phone bill. Much depends I suppose on what you compare it to and what's disposable income and what isn't. If it's rent money, not good.

Entertainment is a high risk investment. Years ago I bought a greyhound pup, it went to Juarez, in the money about three times and poof, never heard any more. Thank God it wasn't a thoroughbred
horse! Or a Broadway play! Or a film,lol! Those are a lot more expensive.

A business is something that with a plan you can get a bank loan on, because you can usually figure the return on capital. A high risk investment is more all or nothing.

It's different than the lottery because you can pick the dog, horse, play or film. That can give you an advantage over picking numbers, because numbers all have an equal chance with no advantage.

Taxi is a little different also because you are investing in your self, your own play, or your own film. I don't think there are sponsors of memberships, or investors, any way,lol!

[TheElement]

I would put that all down to operating expense. Ok having said that every biz should try to maximize return and the bottom line ..the net is what really counts.

Those figures show that you are really serious and you are working your music. Congrats!

[jonnybutter]

I'm kind of with Mojo and Len. I don't think of Taxi as very expensive at all, especially if you consider how much you can learn. I think what has to be faced is not how much money it costs over several years - as Len said, if you added up your cable or internet bill over years, that would look like a chunk o dough. Getting good and then earning money can be expensive in *time*, though - and time is the most valuable thing we have, right?