Making a living as a musician in today’s competitive landscape requires more than just creating great music. To truly thrive, you need to explore various avenues for generating income from your musical talents. In this blog post, we’ll delve into 10 effective strategies that can help you make more money from your music.
1. Digital Distribution and Streaming Platforms:
Let’s knock out the most obvious one in 2023 first… Streaming! Utilize popular streaming platforms like Spotify, Apple Music, and Amazon Music to reach a global audience. While the payouts per stream might be low, the sheer volume of streams can add up over time.
Distributing your music through online channels serves as a platform for introducing yourself as an artist to potential listeners and offering them a sample of your musical style. If they find your music appealing, they will be more inclined to take the next step, which could involve purchasing tickets for your live performance or acquiring merchandise from your website.
2. YouTube Monetization:
Create engaging music videos and upload them to YouTube. Monetize your channel through ads, and consider partnering with brands for sponsored content. Additionally, you can encourage fan support by offering exclusive content on platforms like Patreon.
3. Concerts and Touring:
Live performances remain a significant revenue source for musicians in 2023. Plan and promote live shows, gigs, and tours. Starting an event series is a great way to not only make money but push your name and brand further. Here you’ll be making money from selling tickets, merchandise if you have it, and depending on your deal with the venue, a set-in-stone fee and part of the bar sales.
4. Merchandising:
Design and sell merchandise such as T-shirts, hoodies, posters, and accessories featuring your brand or album artwork. Quality merch can serve as a walking advertisement for your music. Some good options to get you started are Merch Box, Big Cartel, and Solid Merch to name a few.
5. Licensing and Sync Opportunities:
License your music for TV shows, films, commercials, video games, and more. Sync placements not only provide upfront payments but also expose your music to wider audiences.
6. Crowdfunding and Subscriptions:
Engage your fan base through crowdfunding platforms like Kickstarter, Indiegogo, and Patreon. Offer unique rewards for different support levels, such as exclusive tracks, personalized songs, or private concerts.
7. Sell Vinyl:
In 2022, Vinyl record sales came in at a whopping $1.2 Billion. Get your music onto wax and post it where you would sell your merch.
8. Teaching and Workshops:
If you’re skilled at playing an instrument or producing music, consider offering lessons or workshops. This can be done in person or through online platforms like Skype, Zoom, or Discord.
9. Royalties and PROs:
Ensure you’re a member of a performing rights organization (PRO) like ASCAP, BMI, or SESAC. These organizations collect royalties for public performances of your music, including radio, TV, and live performances.
10. Sign Up With Label Engine:
Label Engine empowers thousands of independent record labels and artists to make more from their music.
Distribution is made simple: upload your music instantly to Apple Music, Spotify, Beatport, iTunes, Amazon, TikTok, YouTube, and hundreds of other digital stores and applications.
Hassle-free accounting: Fast and easy, Label Engine’s accounting & royalty processing system lets you process statements within seconds, not hours.
Diversifying your income streams as a musician is essential for financial stability and continued growth. By implementing these 10 strategies – from digital distribution and streaming to licensing opportunities and merchandise sales – you can create a more sustainable and profitable music career. Remember, building a successful music career takes time, effort, and adaptability, so stay persistent and open to new opportunities.
If you are interested in signing up with Label Engine, reach out to a team member at support@label-engine.com.