9 ways to make money in the music business. ( 5 min read )
2023 February 07
It's a common myth that in order to make money as an artiste or musician, you've got to get lucky and score a major label deal. That could not be further away from the truth! Read on for 9 ways you can make money in the music business.
As an independent artist struggling to get a song out and have it reach people, the world can be very daunting. But when you deconstruct it and look at the little pieces, you will find that it is really is as simple as the ingredients in a recipe. Reaping the (monetary) benefits is like consuming the dish which you have made with those ingredients.
1. Music Sales
Platforms like Spotify, Apple Music, Amazon Music etc. are a great source of income. Not only do you gain streaming revenue when your track is played on these digital platforms, but you also earn when someone purchases them. Additionally, you can also earn by selling exclusive physical copies of albums and singles to your most devoted fans. With all the social media tools available today, you can easily encourage your listeners to engage with your music by organizing giveaways, contests, providing them with sneak peeks into your next song, etc.
2. Live Performance
Artistes have been performing live since the dawn of the music era. You can start with small gigs in hotels and bars where you will be able to network and climb the ladder. Utilize social media to find concerts, festivals and other events that you can sign up for. Besides ticket sales, you can also earn extra bucks and grow your brand, by selling merchandise like T-Shirts, Caps, etc. in these shows.
3. Touring
You might be wondering what the difference between live performance and touring is. While live performances can mean performing in seperate events, the latter can include a themed series of performances curated by you, which highlights your brand. Not only do you get to grow your fan base, but you can also assemble a band of musicians to play exclusive live renditions. Don't be afraid to reach big. Along with shaping you as an artiste, touring can put you on the map if you do it right. If you are wondering how to go about this, you can always reach out to us.
4. Merchandising
Branding yourself effectively is an essential part of being an artiste. Fans who love your music always look for ways to be a part of your journey. By selling merchandise that have your personal branding on them, you give your fans a chance to connect with you on a deeper level and celebrate you. You can sell them through e-commerce platforms, you can partner up with vendors that create merchandise or you can even put together your own team and have them do this for you. If you do not have a place to have your own inventory and also do not want a third party vendor to sell your merchandise, here is a tip for you. Through drop shipping methods, you can easily sell your own merchandise.
5. Licensing
Have you ever wondered how the songs of your favorite artistes land up on a TV Show? Did you know that the artistes earns an income every time you watch that episode? This happens through a process known as licensing. A TV network or production house will have to pay for a license in order to utilize the song in their product. Licensing your music for use in film, television and other media can be a very lucrative outlet for you.
6. Sponsorships and Endorsements
Social media is filled with content creators and influencers talking about products they use and like. Did you know that as an artiste, you can also do that? If you have a good fan base and you can see that they are interested in what you wear, do and eat, you can earn money by partnering with brands and companies to promote their products and services. Keep in mind, unlike content creators, you have a career that represents your brand as an artiste. So keep it organic and partner with brands that you actually believe in, for longevity.
7. Royalties
When your music plays on radio or digital platforms, you can earn money by receiving royalties from them. Do ensure that you are registered with a Performing Rights Organization since your publishing royalties will have to be collected by them. This is a very indepth topic but one which is important. If you would like to know more about it, sign up for our newsletter and feel free to approach us for consultation.
8. Music Production
Most artistes create their own melody and lyrics. However, they may not be skilled to create the music and may need a composer or producer to bring their musical idea to life. This also applies for companies that want to advertise their product and need a jingle to go with it. If you are a music producer, reach out to up and coming artistes and send your demos to companies offering them a taste of what you can do. The gaming industry is also an outlet where there are many opportunities.
9. Music Education
If you believe your theoretical knowledge in music is good, earn money by teaching music either privately or in academies. Since working from home has become much more common, be sure to also look at offering to teach music through online platforms like Skype, Google Meets, etc.
It is important to note that earning money in the music industry can be challenging and success often requires a combination of talent, consistency and an x-factor. Always remember to be yourself and stay away from shortcuts if you are looking for longevity. After all, good things take time. All the best out there, A-Team!