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Knowing the ins and outs of music production is secondary to learning about music.  You should understand music composition and theory.  Comprehending sheet music would be very beneficial.  Aim for one of the following four common band instruments:  Pianos are perfect for any genre and any song.  With newer pianos and synthesizers, any number of sounds can be made to reproduce the desired sounds.  But in terms of just melody, a piano is perfect to work on a song, accompany a voice, or find pitch. The drums are key to timing of music.  The drummer should be the band’s metronome, and all others should follow that lead.  With a bad drummer, the performance is sure to suffer.  Guitars are in pretty much every band.  Find out which chords are most popular/common, and learn to play them.  Being able to pick guitar chords out of a song shows a good musical ear. Playing the bass is a classically overlooked skill.  The bass is often the tempo for the rhythm section, and is a great foundation for any song you may produce. Part of being a good producer is knowing and understanding why a song needs to be changed.  Finding the subtle nuance that makes a song memorable or exciting is a talent that must be fine-tuned.  Your skill must be such that you can propose a change to an artist’s song and make it better.  Here are a few possible ways to change up your arrangement:  Try changing up the choruses from time to time. Experiment with unorthodox instruments for a unique sound. Drop the music and let there be a vocal focal point for a moment. Knowing about music is one thing, but having an ear for hits is another.  Gathering ideas for song selection, as well as session musicians, is critical when finding the next big thing.  Analyze trends in music, top hits, and songs getting lots of airplay.  Study the top ten religiously.  Look at the types of songs that are hits. Research which song-writers have the ear of the public at the moment. Being immersed in music production means you are up to date on all facts about the industry.  You’ll learn the best ways to record, the best songwriting techniques, and you’ll be better prepared to identify talent if you are more educated in the field. , Variety, and Rolling Stone are great for general music interests.  Future Music and Sound on Sound" are magazines specifically targeting music production.
Learn how to play an instrument. Work on song arrangement changes. Select great songs. Read everything you can about music. Billboard