Open mic events are a dying platform for emerging artists trying to create a buzz for their music. Think about it. You participate in an open mic at a local venue on the slowest night of the week and most of the attendees are other artists and two or three of their friends. No talent reps are present, no promoters, no managers from other venues. You pay for your drinks, do your one or two songs and sit down. What did you gain?
If you aren't being paid to perform, the real play is in videos and social marketing. It’s in viral presentation. New artists should concentrate their efforts on the Web and sites like OnStage and sites similar to Daytrotter that exclusively feature your music before a viral audience of thousands. Yes, do free shows. Put together some demo CDs, put up a few free downloads, but don't be enticed by open mics. That's yesterdays business model.