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Post by Johnkenn on Jun 23, 2024 11:33:42 GMT -6
With this inflation? I’m trying to raise mine on new customers…
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Post by Dan on Jun 23, 2024 11:45:10 GMT -6
No they’re gone down in real value because less people have money, deals are worse, labels are signing less. 44% of houses last year were bought by private equity firms. Trump vs Biden? I vote for the guillotine.
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Post by Johnkenn on Jun 23, 2024 12:04:36 GMT -6
Well if they start lopping heads off, I will not be running for office. Lol
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Post by bgrotto on Jun 23, 2024 12:34:26 GMT -6
I've bumped my rates up a bit, yes. For both day rate work and per-song mixing. Also billing more for hourly consultation-type stuff. Nobody seems to be batting an eye, honestly. (so far...)
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Post by Tbone81 on Jun 23, 2024 12:37:51 GMT -6
I’ve been slowly raising my rates over the last year.
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Post by Ward on Jun 23, 2024 12:49:29 GMT -6
Trying to, but it's difficult when people just don't have the money.
The rich get richer and the poor get poorer. Especially since 2020
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ericn
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Post by ericn on Jun 23, 2024 12:55:58 GMT -6
Trying to hold the line and be more selective with the projects I take on. The competition seams to still be DIY vs others.
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Post by Johnkenn on Jun 23, 2024 13:24:44 GMT -6
I've bumped my rates up a bit, yes. For both day rate work and per-song mixing. Also billing more for hourly consultation-type stuff. Nobody seems to be batting an eye, honestly. (so far...) I’ve noticed that too…quotes that would have run people off last year are suddenly being accepted.
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Post by sean on Jun 23, 2024 13:35:44 GMT -6
I’ve raised my rates 10% for existing clients and 15% for new clients. My label rate is up 20%
But I’ve significantly undercharged for many years. I can’t keep killing myself for little money, and honestly I think my work suffers because I don’t feel motivated to do a good job when I undersell myself
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Post by gravesnumber9 on Jun 23, 2024 13:37:08 GMT -6
No, but I used to set my rates with the idea that I only can handle one or two projects per month and I typically got about that.
Now I'm getting more "yes" than I can really do and I 100% attribute that to inflation. So I'm about to bump things up a little bit to get back down to "occupancy" I can handle.
Also my lease just went up by 5%. Pretty conservative all things considered.
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Post by Johnkenn on Jun 23, 2024 13:43:47 GMT -6
I’ve raised my rates 10% for existing clients and 15% for new clients. My label rate is up 20% But I’ve significantly undercharged for many years. I can’t keep killing myself for little money, and honestly I think my work suffers because I don’t feel motivated to do a good job when I undersell myself You sure you’re not talking about me? Lol Man, I undervalue myself…do free work…and have anxiety about it. So here lately I’ve been quoting - I just did the math - about 35% more. Btw - I know a couple other guys that do this and I’m still waaaay below what they’re charging. I’m probably the dope…I do think I’ve lost a few jobs, but they were probably a pita anyway. I don’t want to price myself out of the vanity market…for the most part I’d MUCH rather work with them than some artist.
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ericn
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Post by ericn on Jun 23, 2024 14:25:54 GMT -6
I’ve raised my rates 10% for existing clients and 15% for new clients. My label rate is up 20% But I’ve significantly undercharged for many years. I can’t keep killing myself for little money, and honestly I think my work suffers because I don’t feel motivated to do a good job when I undersell myself You sure you’re not talking about me? Lol Man, I undervalue myself…do free work…and have anxiety about it. So here lately I’ve been quoting - I just did the math - about 35% more. Btw - I know a couple other guys that do this and I’m still waaaay below what they’re charging. I’m probably the dope…I do think I’ve lost a few jobs, but they were probably a pita anyway. I don’t want to price myself out of the vanity market…for the most part I’d MUCH rather work with them than some artist. Of course there is the oldest trick in the book, quote a very high standard rate, the offer your real rate as a discount.
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eq
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Post by eq on Jun 23, 2024 14:27:06 GMT -6
John I'm not an economist but consumer spending and disposable income has increased steadily, I was curious and looked up the data on the US Dept of Commerce website (I was having a similar conversation with some friends about the economy and consumer spending) I went back as far as August 2023. But checked other sources as far back as 2004 with a dip around 2009 ( the bank and auto industry crisis definitely t affected the economy dip in 2010 and 2020 which is obviously due to the first year of the Pandemic. So I would say go for it with increasing your rates ! We Americans love to spend !
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ericn
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Post by ericn on Jun 23, 2024 14:36:39 GMT -6
John I'm not an economist but consumer spending and disposable income has increased steadily, I was curious and looked up the data on the US Dept of Commerce website (I was having a similar conversation with some friends about the economy and consumer spending) I went back as far as August 2023. But checked other sources as far back as 2004 with a dip around 2009 ( the bank and auto industry crisis definitely t affected the economy dip in 2010 and 2020 which is obviously due to the first year of the Pandemic. So I would say go for it with increasing your rates ! We Americans love to spend ! The problem is and this having an economics background; as a country yes absolutely but for most the overall buying power has decreased. Example if I bought 10 albums in 2010 and 10 today I have payed more fire the exact same thing, my spending in dollars has gone up my income has probably risen as well but for most that 10 albums would probably be a bigger chunk of their income. Also in the US I’ll bet you would be hard pressed to find a place where sales tax rates haven’t increased. If you dig deeper you will see pay roles have increased, but on the lower and middle of the pay scale you will see that most haven’t risen that much or kept up with inflation, but at the top you will see huge wage and wealth growth.
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Post by kbsmoove on Jun 23, 2024 17:15:06 GMT -6
I raised my rates 15% at the start of 2024 and if i wasn't about to make a major relocation i would probably hike them another 5% right now. everyone says "ok cool" and sends the deposit. i think i had one person balk on a small job but thats it.
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Post by EmRR on Jun 23, 2024 18:23:05 GMT -6
I’m corrected now against 2019, but impossible to correct to 2009 when I last previously changed them.
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Post by russellcreekps on Jun 23, 2024 21:18:38 GMT -6
I think a big part may be the market itself. In a small market (like where I live), you stand out if you’re a good producer because a lot of people around here are still producing ‘elevator music’ tracks for clients…And word gets around quick when you’re doing things better than the average. However, I’d bet in major market, the prices keep dropping except for the select few who are the absolute best…because the pool to pull from is overflowing, also meaning a lot harder to stand out (get consistent business).
But to answer your question @johnkenn, in my case I increased rates only because I was charging way too low. I don’t do it full time and as such can pick and choose what work I say yes to…but the money still needs to make sense for me to keep burning the candle at both ends.
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Post by drbill on Jun 23, 2024 21:52:27 GMT -6
First off - my studio time is FREE. I tell people that right up front, and it saves all the BS of "my brother in law 25 miles away has a studio and we can work there for free on Wednesdays and Fridays from 8:00PM to 1:00AM - so can I just pay you 1/2 of what your studio rate is?" I let em know right up front that this incredible studio and selection of gear come at no charge and that usually revs em up. BUT - I follow up quickly with the agreement that I charge a fair rate for my expertise, experience, ears and talent. Per HOUR. I can produce you, help you write your song, arrange your track for horns, orchestra, rhythm section - whatever, play on your tracks, record you, master your tracks. Whatever you need - I can probably do it. For what that is worth. That starts to help them see the value. But even at that, it's usually the end of the road for most. Cause we live in a FREE world, and no one wants to pay for anything.
I've been doing that approach with free studio time and charging $85hr (bro/family rates might get down to possibly $65hr for VERY special situations) - for ME - for the last 15-20 years. I don't do project rates - so no flat rates per song, etc.. Since 10 years ago, nobody (well...few) want to pay that. And that's 100% OK with me, cause I don't want to polish their turds. The professionals - those that are still working and making money - are happy to pay it cause they know what they are getting and they know it's a bargain in comparison to "life" expenses in 2024, and/or working at a clapped out half working, studio without HVAC in the summertime with sub-par gear.
But at this stage, I can't really see RAISING my rates. And for sure they are not getting lowered. Haha.
When anyone asks - I tell em I'm charging the same as I charged 15 years ago, and little less than half what their car dealer is charging for service. That gets em all happy.......until they do the math.
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Post by drumsound on Jun 23, 2024 22:48:18 GMT -6
I raised my rates last year for the first time in FOREVER. I only did it because my rent went up for the first time in 17 years. I purbably should have raised it more than I did. I might bump in again in January. It would still be a small bump.
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Post by Hudsonic on Jun 24, 2024 5:57:18 GMT -6
Over the past year I have raised my rates 20-25%. It was necessary as I changed over to a Dante infrastructure that was more expensive for me. I have not encountered that much resistance. I have also started adding on my assistant's fees to the bill instead of paying those out of my fees. That is several hundred dollars per outing. It is necessary because I hire very experienced assistants for big set ups. I need their experience to help me solve any technical issues quickly during the sessions.
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Post by smashlord on Jun 24, 2024 6:53:28 GMT -6
I continually raise my rates +/- 5% every 6 months and/or whenever I make a major upgrade to the studio. When inflation is crazy, you are taking a pay cut if you are not continually raising rates accordingly. I'm not too afraid of people going elsewhere, because its happened before, and they have always come back. People quickly learn that just like with everything else in life, you get what you pay for.
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Post by nick8801 on Jun 24, 2024 8:43:42 GMT -6
Yes, but mostly because I was grossly undercharging while getting the business end of things going. I got too busy, and I had to make the work worthwhile. Still probably undercharging, but at least I feel like I'm being compensated somewhat properly.
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Post by bossanova on Jun 24, 2024 9:42:28 GMT -6
The rich get richer and the poor get poorer. Especially since 2020 Just highlighting this. Especially in musician land.
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Post by smashlord on Jun 25, 2024 10:35:33 GMT -6
The rich get richer and the poor get poorer. Especially since 2020 Just highlighting this. Especially in musician land. Musicians partly do it to themselves, though. You have a demographic that spends years training themselves in their craft, invests thousands in equipment to do the job but will play for free and accept that the bar "can't pay" them even though they are getting $15 a head at the door and have a bar full of people buying drinks. Also, you are "in it for the right reasons" if you don't charge for your services so you can spend 8 hours a week doing music and 50 hours doing whatever job you hate, but your authenticity is questionable if you try to be realistic and charge a livable rate so music IS what you are doing 60 hours a week. There is no doubt that there are things going out within our economic system that make sustaining a music career challenging, however it doesn't help things when 8/10 musicians are either financially illiterate or irresponsible and lack the knowledge (or willingness) to advocate for themselves. I can't tell you how many friends and colleagues say other musicians who are doing well or have nice gear, nice studios, etc... are "lucky" and then spend $200 on weed and booze every weekend while they make $600 a week at a local cafe or pool supply store, all the while wondering why their music career isn't going anywhere.
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ericn
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Post by ericn on Jun 25, 2024 12:20:15 GMT -6
Trying to, but it's difficult when people just don't have the money. The rich get richer and the poor get poorer. Especially since 2020 I would say you could easily say all the way back to 2000 for that last part.
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