FINANCES IN THE MUSIC INDUSRTRY WITH ENOQUE WAMBUA

Finances in the Music industry with

Enoque Wambua.

By Wangui Nzele.

January 26, 2022.

The talented musician talks about how he started his career, his relationship with money, multiple sources of income from his music career, financing his upcoming album, and so much more.

As some of you might know from interacting with our Instagram page, the topic of the month for Finance on Command is Income. We have learnt about the definition, types and categories of income.

To wrap up the topic, we had an interview with Enoque Wambua to learn about finances in the music industry, mainly income. It was also an opportunity to learn more about the music industry, in turn appreciating singers, song writers and other players in the industry.

Wangui: Let us start off with an introduction, what do you do?

Enoque: I am a musician in all aspects. I perform, sing, record music, write songs, organize events, and I am a music teacher.

What genre of music do you sing and write?

I don’t like putting myself in a box. I would however say, Afro soul.

Secular and gospel are not genres, those are categories that have been put by man.

I am a musician, I go where the inspiration goes.

How long have you been in the music industry?

Professionally, from 2014.

I grew up knowing exactly what I want to do.

Holy Dave came to my high school, heard me sing and we exchanged contacts. Immediately after high school, he called me to be part of his project. That’s how I started being a recording musician.

It was a good introduction to the industry, I learnt how to market and push a song. It was a very interesting and timely opportunity.

How would you describe your relationship with money?

Before 2019, I was just spending. I was receiving money, doing gigs, living the life.

However, in 2019, I started saving intentionally in Money Market Funds. In 2020, when things changed and everything stood still, I saw importance of saving.

I would say I am a saver, but I want to get into investing.

Has your relationship with money affected your music career? Example, how you were not saving money before 2019.

Mmmmmmh. Not really. Mi ni mtu wa Imani. I am a person of faith. So things have just been working out. But, I will say the truth, even when there were no gigs, teaching music and guitar sustained me.

How do you earn income as a musician?

I perform, sing, record music, write songs, play the guitar, organize events & concerts, and teach music (guitar and voice).

Would you say your sources of income have increased or decreased over the last couple of years?

I wouldn’t say decrease or increase.

Teaching music has been constant. I have not done a gig for a while apart from an online one, due to the pandemic. It was different but allowed us reach a global market.

I have done gigs as a musician, at a launch of a product as entertainment, graduations, and at weddings because I sing a lot of love songs.

There are some sources of income a musician can get that you haven’t mentioned. Merchandise and ringtone licensing.

Yes! Actually, the meeting I had just before this was to discuss merchandise. So, I am releasing an album which will come out with merchandise as well.

I have had my song as a Skiza tune.

What about income from royalties? Tell me, how does that work?

Royalties in Kenya are a joke, a big joke. I am in a Whatsapp group with big names and top musicians who complain about royalties. I cannot mention names, but it made me realize that it is not a reliable source of income. There is an issue there with policy and structure. A lot of money is made but it is not going to every artist. That’s why many people do not depend on royalties.

The main sources of income for an artist are gigs and endorsements.

What about Sponsorships?

Yes, that’s another source of income. Actually I have a sponsor for my new album, but I cannot reveal names yet.

Different sources of income help to finance projects.

Do you consider music as a long term, full time sustainable source of income that will sustain you and family?

Yes. Mainly because of the different sources of income, diversity is making it more sustainable. Any rich person will tell you having multiple sources of income is the best way to become wealthy. I like that my career can be diverse.

I want to get into more things in 2022, like writing jingles for companies.

You are soon releasing your album, take me through the costs of production.

The album I am releasing has been produced by 4 producers.

Currently, the costs of producing a song is between Ksh.15,000 and Ksh.30,000. Then there is the process of sound engineering, the album has to go through mixing and mastering.

Let me give you an estimate, production costs of the audio of this album, of 13 songs, has cost me around Ksh.150,000. Just the audio.

There are also the costs of live recording and music videos and other small costs.

I want to ask you some questions and have you answer in a minute or less. Give the first answer that will come to your head.

1. Favorite Kenyan Artist?

Enoque Wambua.

2. Favorite International artist?

Chronixx.

3. One thing you dislike about the music industry?

Lack of structure.

4. Best song you have recorded or written?

Ndani ndani

5. Best Financial decision you have ever made?

Investing in Money Market Funds.

6. Worst financial decision you have ever made?

Crypto currency scum that cost me USD 100.

7. What is one financial goal you have set for yourself this year?

To hit a million in income.

As we wrap up this interview, what advice or tips, especially financial, would you give to anyone who wants to be a musician?

Do not put all your eggs in one basket.

Be willing to take risks.

Usikae na pesa kwa mfuko ukisema atleast niko na pesa, don’t just stay with money in your pocket, saying at least I have money. If you need to invest, invest. If you don’t get your money back, it is okay, you’ll try again.

Money comes to prepared hands. Have a plan, an idea how the money will help you, and know that as you are looking for money.

Let’s work hard. Our generation has expectations of making it without working hard. You have to work hard, go the extra mile.

Enoque's Instagram page.

Enoque's Youtube channel.

Enoque wambua's music is available on all digital platforms.