Musicians now have more say over their careers than ever before. You may use a variety of low-cost tools and platforms to record, distribute, sell, stream, and promote your music. However, one of the most difficult aspects of being a musician is earning a living.
It’s more crucial than ever to diversify your income sources to develop a sustainable career, whether it’s via gigging, selling merch, or generating money from your music online. So here are twenty-one different methods to generate money with music.
1. Sell CDs
Do music enthusiasts still purchase CDs? Even if the quantity is lower than it once was, millions of CDs are still sold each year. With the resurgence of live events, selling CDs is a terrific, low-cost method to supplement your income during shows. And if you sign them at the merch stand, you’ll be giving your fans a lovely concert keepsake.
2. Sell digital downloads
Digital downloads, like CDs, continue to be a source of money for many independent musicians who sell music online. Bandzoogle members sold over $500,000 in digital albums direct-to-fan through their websites in 2020, as well as over 20,000 singles.
3. Play live shows
Live performances are typically one of the finest methods to generate money as a musician, as well as one of the best ways to sell merchandise. With limitations lifted in many areas of the globe due to the COVID-19 outbreak, artists are returning to performing live gigs and travelling.
There are several opportunities to do live concerts. Traditional music venues, bars, restaurants, clubs, coffeehouses, home concerts, colleges and universities, music festivals, and private events such as weddings, corporate events, and other private parties are examples of these.
4. Sell merch
Selling merchandise may produce big cash for artists, both online and during live events. Merch has long been the main income driver for many musicians, with close to $10 million in merch sold via indie music publishing websites.
T-shirts, CDs, and smaller goods such as mugs, buttons, and stickers are often popular. However, you may also offer digital merchandise such as sheet music and video courses.
5. Earn money via live streaming.
During the pandemic’s lockdown, artists opted to live streaming to perform for their audiences. When traditional live events and travelling are making a comeback, internet shows allow you to reach people all over the globe in places you would not be able to reach while touring.
They’re also an excellent method to supplement your revenue by selling tickets to live broadcasts and through online tip jars. In the first six months of the epidemic, Bandzoogle members earned approximately $400,000 from live broadcast ticket sales and tips.
6. Launch a crowdfunding campaign.
Crowdfunding might be an excellent option to obtain the funds required to pay the expenses of making and promoting your record. However, crowdfunding should not be seen just as a means of making money.
It’s important about connecting with your greatest followers when it comes to crowdfunding. Bring them along on your creative journey, from composition to recording to album release. Communication and creativity are essential, and with careful preparation, the money will come.
7. Join SoundExchange to get digital royalties
When your music is played on non-interactive streaming music services, royalties must be paid. SiriusXM Satellite Radio, Pandora, webcasters, and cable TV music channels are all examples of this. Sign up with SoundExchange to ensure you’re getting your non-interactive digital royalties.
8. License your music
If a song is used in a film, television program, or commercial, the producers must pay a license fee. They must, in reality, pay two license costs. One is a “Master Usage” license fee for the recording’s use. The other is a licence fee for “Synchronization” or “Sync” for the songwriter(s) and publisher (s).
These costs might range widely. It all depends on the project’s budget and how much they want to utilize your music. However, writing music for cinema and television, as well as licensing songs you’ve previously recorded, may be a lucrative source of income for artists.
9. Utilize your YouTube channel to earn money
If music is used in a YouTube video with advertisements, YouTube pays a portion of the ad revenue to the song’s rights holder. This covers both videos on your own YouTube channel and those that include your music but are not on your channel. You may have digital distributors collect that money from YouTube on your behalf.
10. Teach music
Another option to get money with your instrument is to teach it to others. It’s an excellent method to supplement your income while also honing your skill.
Making a mini-course and then offering one-on-one music lessons in person or online is one method to get started. Fan memberships may also be used to offer access to your teaching resources like as video lessons, sheet music, and more.