Trent Reznor Prevails With Profits and Fans
May 5, 2008
Trent Reznor, lead singer of Nine Inch Nails, has formed the foundation of a successful musician in a post-peer-to-peer world. Along with Radiohead, Reznor is the first musician to truly generate record profits and please a massive fan base.
By challenging the conventional formula of the music industry, Reznor has succeeded independently while the major record companies flail for steady profit.
(Trent Reznor photo courtesy of Nine Inch Nails’ Web site)
In early March, Nine Inch Nails released an album of instrumentals, called Ghosts I-IV. Fans could download the first quarter of the two-hour album for free from various peer-to-peer networks or the band’s Web site. However, Reznor gave people the option to purchase the full album in digital form for $5 or physical form for $10. Additionally, 2,500 limited-edition copies of the album sold for up to $300.
In the first week of sales, Reznor recorded revenue of $1,619,420. That is one week of sales, for an album that is partially free. Not only did Nine Inch Nails fans appreciate the new music, they appreciated it so much they paid millions for it.
This brings us to May 5. Yesterday, Reznor released another album, called The Slip, completely for free. On Nine Inch Nails’ Web site, Reznor wrote, “Thank you for your continued and loyal support over the years – this one’s on me.” The Slip can be downloaded in both MP3 and CD-quality formats, which include artwork in PDF form. Only a valid e-mail address is required for download.
The result? More pleased fans, more gathered e-mail address and more publicity. Simultaneously, Nine Inch Nails announced its upcoming tour. The free album will certainly generate more concert revenue, especially because fans can hear the music without a down payment.
Reznor and Nine Inch Nails are creating a healthy – and profitable – relationship between the music and the fan base. People want new music without paying for CDs, but they also want to support their favorite bands. Reznor caters to both needs. Can other bands replicate this relationship and learn from Reznor’s success?
Entry Filed under: music promotion. Tags: free music, ghost i-iv, music promtion, nine inch nails, reznor, the slip, trent reznor.
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1.
jameslutes | May 14, 2008 at 10:52 am
Thanks for letting me know about the free download. I actually used to be a huge fan of NIN but lost interest after the Fragile. Do you think lesser-known bands with less financial security would be able to distribute their music for free?
2.
benson09oregon | May 14, 2008 at 11:24 am
I doubt lesser-known bands can use this tactic without third-party help. Clap Your Hands Say Yeah is an example of this. This rode the Pitchfork Media wave of exposure to stardom. Without a third-party endorsement, however, I do not think small-time bands can freely release music and expect a significant response.
Nonetheless, I think this shows the shrinking relevance of large-scale record labels. Record labels are not wielding the same power they had over the music industry as years ago. If I had to guess, I would doubt they’d be many more hugely successful albums. Audiences are too fragmented to the buy the same music.
So can small bands succeed? Yes. But not without assistance.