In today’s ever-expanding and creative music industry, trust that there are a gazillion different ways to make money. And you know what helped with this? The digital revolution. Indeed, before that, musicians struggled to make a living and the only way to get some cash for their music was to sell copies of their CDs or sell tickets to one of their gigs (and they had to book the gig first !). That was it. And if neither of those two options worked out tough luck!
But things have changed (for the better and for the worse) in the music industry and so without further ado, here are some ideas to bring in the big (or small) bucks in order for you to be able to make a living in today’s competitive but resourceful music industry.
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1. Digital music sales
Digital sales differ from streaming in that people buy your track as a digital file from platforms like iTunes, Bandcamp, or even from your own musician’s website, if you have one. of course, you first have to write songs, record them, and put them out there (and bear in mind that sound quality is important). So you have to have music online but once that’s done, digital sales can be a great way to earn money and set up a passive income as it can lead to future royalties.
2. Music streaming, like Apple Music
Possibly one of the easiest ways to make money if you have a song ready to be put out there and recorded music ready. And no, you don’t need to go through record labels to get your songs on streaming services, you just need to have recorded music to start making money. So how music streaming services like Spotify, Amazon Music, or Apple Music work is that every time someone streams your tune, you get paid royalties (aka, money). To make sure you’re popular on these platforms, make sure that you promote any music release on various marketing channels in order to drive as many listeners as possible to your music. And if you are consistent and persistent, music streaming can be a fantastic way of to make money with music. So get on a streaming platform like Apple Music to make money!
3. Selling CDs, vinyl, and cassettes
Now let’s move on to physical sales which are different than having music online, and which are great tools to make money with music. Basically, these include any physical product that dedicated fans can buy and from which they can listen to your music.
You can sell these on online platforms, at live performances, in music stores, and on streaming platforms.
4. Selling merchandise (t-shirts, caps…)
It’s all about putting the music business cap on and finding ways of combining various goals to make money!
The key is to be creative and find a distinctive look to stand out in today’s overcrowded music industry. You can even sell exclusive content or limited edition items that are sure to sell like hotcakes. When coming up with ideas for merchandising, it’s wise to offer a range of products at different prices, as someone might be prepared to pay €5 for posters, but not 15€ for T-shirts or €30 for hoodies.
Also focus on growing your audience, and organize regular gigs where you can sell your branded products (the money you make can be a great way of subsidizing travel costs and venue hire).
5. Live performances
Even though we live in the digital age and streaming services are king, you can always go old-school and perform your music live which can generate revenue! Indeed, live gigs are an essential way of making money that many artists rely on heavily when they’re just starting out, and you can earn money from ticket sales, but also from selling merchandise and public performance royalties. You could play live music at various venues such as bars, concert halls, and corporate events and make money with music from ticket sales. These are also a great way to get more exposure in today’s music industry.
6. Busking and street performances
Busking and street performances are also a great way to make money with music, as well as get in direct contact with people (and for some lucky few, it’s been a way to get spotted by record labels and sign a record deal). It involves playing live music on the street or in any other public space, and you may be surprised by how much money you can earn from this activity. Because even though you can’t sell tickets, you can make money from CD sales, by selling vinyl records, digital downloads, and other merchandise, you can get tips, and you can also get exposure and direct people to your profiles on social media as well as your music on the various streaming platforms (and get more streams and therefore, more money).
Before you get started, check the local laws and regulations to make sure you have the right to perform and, once you have done this, set up in a busy street with lots of foot traffic to make sure you are visible to the music fans passing by.
7. Virtual concerts
We live in the digital age after all and just like live concerts, you can organise live performances online and make money with music from the comfort of your own home. The major benefit of these is that they are a lot cheaper to organize and you can reach more people. These are still visual media but different than music videos and many musicians started to organize live concerts to which their fans could buy virtual tickets, make a donation, or even give a tip.
There are many platforms that can be used to organize live performances to share your music. Again, make sure you advertise it on your social media platforms before the concert begins to guarantee a higher turnout rate and generate income. Similarly to a live performance in a physical venue, you can use your space online to sell your merchandise and CDs, and therefore make money from music.
8. Music teaching
We should change the saying to: those who can do, teach other musicians how. As well as being a very rewarding experience for yourself, teaching other people music can bring in money and help you refine your own skills at the same time. So get teaching to start to make money from music.
9. Online courses
Another great option if you want to maximize your efforts and time is to create online courses that you can then sell online. Just make sure that your courses bring value to the people who buy them because the ultimate goal is for people to learn something. They can be focused on something in particular like music theory or they can be general music lessons.
10. Crowdfunding platforms
You’ve probably heard of crowdfunding, which is an excellent way of raising funds for any project or varying your revenue streams and it works by soliciting small donations from a large number of people. Make sure you promote your crowdfunding platform on your other social media platforms.
11. Subscription services
There are also subscription services, such as Patreon, which are slightly different from crowdfunding platforms. Subscribers who back you on these platforms pay a monthly subscription fee and receive exclusive content (artwork, photographs, and videos). Membership-based platforms are great for developing a strong inner circle among your audience and really engaging with the people who love your work.
12. Monetizing your YouTube channel and music videos
Like many other indie musicians, you probably have a YouTube channel on which you share your music. It’s pretty much essential in today’s music industry. But did you know that you can monetize your channel through advertising revenue, fan donations, and channel memberships? For this, you need to join the YouTube Partner Program but then you can start to make money with music. The key thing to remember here is to recycle your work. For example, if you’ve recorded your latest concert, you can upload it in its entirety to a subscription platform.
13. Selling beats, instruments, sound effects, and even lyrics
You can create and sell beats online or instrumentals such as loops or samples to other musicians and artists, without going through music libraries. In fact, many music producers make money this way, selling to rappers, songwriters, and music labels.
You can sell them on various platforms or on your own website. And while there’s always a demand for this sort of thing, sound effects and instrumentals don’t tend to sell very well individually, so you can create a sample pack around the same theme, and make them available as digital downloads.
Another way to make money is to write lyrics for other artists or write songs for other musicians. Again, you can do this for music libraries but not necessarily. Good songwriters are hard to find, so if you have a knack for writing beautiful poems and rhymes, and don’t necessarily want to keep all your material to yourself, then you should consider selling some of your lyrics to other artists. If you’re a great music composer, you can even sell some of your music compositions and your sheet music.
14. Composing original music
This differs from selling what you’ve created in that you’re working to create something that someone has asked for. You’re essentially using your musical skills as a service and leveraging your music production skills to places that need original music, be it songs, scores, or sounds, and are able and willing to pay. This could be other artists, music companies, films that need a score, or even brands that are prepared to pay a lot of money for original music that will fit their campaign perfectly (you need to go through music production companies that specialize in creating music for brands).
This can be a lucrative route, especially if you’re an independent artist with a knack for creating music that meets a specific brief and can turn out to be one of the best revenue streams.
15. Sync licensing and sync deals, and understanding the music business
Sync licensing involves the licensing of music for use in various media such as a TV show, a film, an ad, and even a video game. It has more to do with the music business.
This is similar to creating musical compositions for a brief but in this case, the song already exists and someone wants to use it. For sync licensing, make sure you register your music with a performing rights organization (PROs)to ensure that you get royalties from the use of your song as this could really help your music career.
16. Affiliate marketing
The most important thing here is to remain authentic and not promote something that doesn’t resonate with you. Remember, you’re endorsing the product so you should love it. If you do something inauthentic, it may do more damage to your music career and your reputation in the music industry and beyond.
However, endorsement deals can really benefit emerging musicians, as brands also have their own marketing channels and platforms, which can be used to promote the musician’s music to a wider audience. The key is to start small and approach local or independent brands to see what you can negotiate. In the beginning, payment may be limited to free products, but in the long run, it can bring in a lot of money, especially when music videos start to happen.
17. Music grants
Music grants are a fantastic way of both earning more money and getting some exposure in the music industry. You need to present your music project to various organizations and explain how the music grant will help you achieve it and further advance your music career.
In conclusion, today’s music industry is full of possibilities when it comes to selling music and earning money, and whether you’re an artist or a music producer, you don’t have to rely solely on recorded music or live performances. Indeed, the revenue streams are numerous: from selling tickets to your shows to receiving digital royalties or mechanical royalties for your streams, downloads, and merch sales, music publishing to giving music lessons and composing music and sync licensing… the key to making a living from your music is to open up as many income streams as possible, while focusing on the ways that best suit yourself and your music.
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Send your music to pros & curators 👇
