• Tuesday, July 16, 2024
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The Value of a Grammy

The Value of a Grammy

“It is an honor to be considered for this award” is a statement we’ve heard from Grammy nominees all too many times. An opportunity that means a lot to not just the nominated artist but also his/her fans who view this potential win as a shared accolade between their favorite artist and themselves. The power of a Grammy is so monumental that a nomination is a cause for celebration, a Grammy snub leads to an uproar and a memorable Grammy performance brings about a viral circulation of the artist’s capabilities onstage and in the booth.

The recording industry’s most prestigious award, the Grammy, is presented annually by The Recording Academy. A Grammy is awarded by The Recording Academy’s voting membership to honor excellence in the recording arts and sciences. It is truly a peer honor, awarded by and to artists and technical professionals for artistic or technical achievement, not sales or chart positions.

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To be clear, there exists no monetary reward for a Grammy nomination or an actual win, however there is a ripple effect off this feat known as “the Grammy bounce” – a sort of payment in the form of recognition, a currency of much value for recording artists, producers, sound engineers and song writers in the music industry.

According to Forbes there is an increase of at least 55% in concert ticket sales and producer fees during the year following a Grammy win. Popular hip hop producer David Banner said his typical producer fee soared from $50,000 before winning a Grammy award to $100,000 or more after bagging the award.

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Beyond the artists in the spotlight, the Grammys also pay close attention to those behind the spotlight as the efforts of sound engineers, producers and songwriters are equally acknowledged with the golden gramophone handed to any of the aforementioned with the most contribution on a music project. For the main artists, there is a bump in ticket sales and album sales / music streams. After winning his first Grammy, “Bruno Mars’ average nightly gross swelled from $130,000 to $202,000 (+55%).” Esperanza Spalding went from $20,000 to $32,000 (+60%) and Taylor Swift jumped from $125,000 to $600,000 (+380%).

A bit of an unknown fact about the Grammys is that everyone gets to literally secure the bag with goody bags worth of swag within the price range of $30,000 – $50,000.

Winning a Grammy award is a lofty dream for most active and aspiring artists. Maybe sooner rather than later an artist from the shores of Nigeria will be able to crossover and bring the coveted trophy home.