One of the many challenges being faced by musicians is how to generate income. Those days of relying totally on touring and music sales to earn a livelihood are mostly gone.
A combination of conventional and latest revenue flows can help modern musicians to earn a livelihood. Here’s the list of the 18 ways that will generate income for music profession:
- Vinyl album Sales: The sales of Vinyl rose by 30% in 2013.
- Sell CDs: If you plan to play on a live show, you want to have CD’s for sale that may be signed easily by members of the band.
- Streaming: While the per-stream basis payouts from the streaming services have the tendency to become small, there is a chance they will accumulate over time. These services help your fans find your music, and must not only be regarded as revenue generating.
- Digital Selling: Sell digital music by using your website and the online retailers to produce income. Remember that the online retailers get some percentage from the sales; iTunes gets 30% and Bandcamp gets 15%. A few digital distributors who put your music into stores such as Amazon and iTunes and Amazon will get a portion from that.
- Physical Merch: The income made from physical merch may depend greatly on the number of your live shows. When you go on a tour, remember to have a few T-shirts, and smaller items as well like stickers and buttons to sell to the fans right after your show.
- Live Shows: Money that came from a live show may differ considerably, yet it’s still among the great ways to earn an income. You can’t only generate money from ticket sales, it is also among the greatest ways to sell your merch.
- Crowdfunding: This may be an impressive way to make revenue for a music professional. A well-implemented crowdfunding campaign may help you collect enough money for offsetting the expenses of creating and selling your albums.
- Digital Merch: Sell digital Merch products such as images, PDFs, and videos for the fans. Things such as sheet music, live concerts, artwork, lyric books, exclusive photos and others. Check this out for additional ideas on other items that you may sell through a website.
- Digital Royalties: When your music gets the chance to be played on the services such as webcasters, SiriusXM radio and Pandora, they should pay the royalties. Sign up, it’s free on Sound Exchange account and be sure that you are getting those royalties.
- Publishing Royalties: Sign up to a performing rights group to receive royalties for your music. This involves mechanical royalties such as retail or stream selling, public performance royalties such as TV, radio or live venues, and the sync royalties like film, TV or commercials.
- Licensing: If you happen to have your song used in a TV show, commercial or film, there is a chance that they’re about to pay your licensing fee. Those fees differ greatly, relying on how strongly they want the song and the allotment for this project.
- Royalties for Live Performance: When presenting original material, you can gain royalties from live performances. Even when you perform in a restaurant, a bar, a club, or some other music venues, the Performance Rights Organizations (PROs) is going to pay royalties for the live performances.
- Sponsorships: If you have a fan base, a few companies will be inclined to sponsor the musicians to get to the fans. Sponsorships may vary from free items, gears, services to cash.
- YouTube: When your music gets to appear in videos that run ads, YouTube will pay some portions of the advertising fee to the holders of the rights of a song. The digital distributors such as CD Baby and TuneCore may help you get the money, including Audiam.
- Session Work: Working as a session musician is also another way to earn additional money. As the instrumentalist or a singer, you can do session work either for advertising or other musical projects.
- Composing or Songwriting: If you are into songwriting, you can write songs for musicians, or compose music particularly for television and film.
- Cover Gigs: Performing cover gigs in restaurants, at the bars, weddings or other private gatherings are frowned by a few musicians. However, those shows may pay quite well, letting you get paid to perform your instrument.
- Music Lessons: A lot of musicians share their music abilities to others as a means of generating income through teaching. This may be a great way to increase your revenue, and permit you to sharpen your skills.
The truth is, today’s working musician has to have multiple revenue streams. While the selling of recorded music has decreased notably in the former years, there are, however, many sources of revenue obtainable to musicians.