Most up-and-coming artists/bands do not appreciate the value of their names and images. As soon as an artist/band becomes known, the names and images become trade marks, which have great value and can be used for commercial gain. For example, the use of a name/image of an artist/band can be licensed to a third party, for an agreed amount, to print on merchandise that is sold to the public, or to endorse products or services of companies etc.
It is highly recommended that artists/bands register their names/images as trade marks, as the registration itself is automatic proof of trade mark rights. This makes it much easier to identify and license the rights. It also make is easier and cheaper in future for the artist/band to enforce its rights against an infringing third party. In the absence of trade mark registrations, the artist/band would need to prove common law trade mark rights (which are rights that can be acquired through use of a trade mark). However, this can be complicated and is a much more expensive process.
There are various other forms of intellectual property protection that an artist/band should be aware of, including the copyright in music, musical lyrics, sound recordings, performance rights etc.