Heavy metal popular beat combo Iron Maiden is living proof that the music industry has the whole concept of music piracy wrong.
The band is one of the most pirated outfits in history and yet it managed to make £10-20 million for 2012.
Death metal reports that the reason is that Iron Maiden has worked out a new business model which makes cash, rather than suing fans for ignoring the old one.
Greg Mead, CEO and co-founder of Musicmetric pointed out that Iron Maiden did really well in Brazil which is one of the biggest file sharing nations.
He thinks that with its constant touring, Maiden has been successful in turning free file sharing into fee-paying fans.
If your fans see you and love you they are more likely to want to pay for your music. What is vital is to get a fan base, a core of people who feel that they have an interest in supporting your work.
Social media seems to be helping rather than hurting the band’s bottom line because it organised fans and build a fiercely loyal fanbase with a clear brand and identity.
This does mean that for a band to work, it needs to have a good solid fanbase from which it can grow. It also means that the fly-by-night artists which were the main stay of the music industry are less likely to succeed unless they get a core from which they can make a living.