11 Ways to Generate Money from Music11. June 2016
Remember the days when bands could still rely on touring and music sales? Apparently, those days are long gone. Recorded music had declined in the sale for the past years, so as a working musician, diversifying your stream of income is much needed today.
Good news is new revenue streams, both traditional and modern, are available for musicians like you. Here are 11 ways to generate money from music you should do now!
1. Digital Sales
Start selling your music on your own music website so it’s necessary to create a business site if you don’t have one. Or you can also sell through online retailers like iTunes, and Bandcamp, however, they cut a percentage on top of your sale.
2. Cover Gigs
Playing at restaurants, bars, weddings, and other events really pay well, although some musicians frown at it. Getting paid while doing your craft is the best experience ever. Moreover, you also learn from successful musicians you get to hang with. And you also grow your fan base enabling you to create an identity.
3. Live Shows
One way to earn a living through your music is through doing or joining live shows. Aside from the profit of selling tickets, earning extra from selling merchandise is a big addition to your wealth.
4. Composing/ Song Writing
You can write music for other singers and compose original tunes and score for your television and films.
5. Selling Merchandise
Income from selling merchandise mostly depends on the quantity of live shows you engage in. If ever you are going out for a tour, think of creative yet relevant stuff to sell your fans like t-shirts, stickers, and buttons. Do you have other stuff to recommend?
6. Music Lessons
Share your knowledge on music while getting paid. Singers can do voice lessons while musicians can teach their music instrument skill to others. Aside from supplementing your income, you also help yourself improve your skills over time.
If you have already established your name as a musician and amassed thousands of fans, probably sponsors would come to you for a purpose. Usually, sponsorship ranges from free products, gears, services, or cash. This, somehow, helps you earn from your music.
Aside from selling physical merchandise like shirts and buttons, selling videos, images, and PDF’s is also a great way to earn from your music. Sheet music, lyric books, artwork, and exclusive photos can be sold directly from your website.
Musicians today are posting their music on Youtube with the hope of getting discovered. However, aside from that, you could also earn from advertisements that use your video in running their ads. Youtube pays you for a portion of the advertisement revenue. Audian, CD Baby, and TuneCor will help you collect your share from the advertisement.
Whenever your song is used for a commercial, TV, or film, big chances that the producer will pay you for a licensing fee. However, the fee still varies on the project budget as well their level of predilection to your music.
Once your music is played on public performances like TV and radio, commercials and films, and services like Pandora, SiriusXM radio, and webcasters, you can collect royalties from it. Performance Rights Organizations (PRO) will pay you royalties.
Start making money from your music now. Choose one from this list and enjoy getting paid for doing what you love. If you have done any of these before, share us your experience. Or if there are other ways not included in this list, feel free to tell us.
Share your thoughts in the comment box below!
If you just started your music career, send your music to these eight websites to promote and establish yourself as a musician.
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