How to make money with music
Generating income or monetizing work is a big challenge for musicians everywhere. In this tech-driven world, selling music is getting harder every year. Competition isn’t the only thing that’s tough, but the evolution of music and audiences are much harder to please. There are more genres, more artists, and more complex ways to sell stuff. You should always be ahead of the curb and you should be aware of the current way of making money from music.
Older methods of marketing music, such as gigs and demos, aren’t very reliable these days. You can still earn money through this method, but face it, earning this way will never be enough to meet your monthly needs and it’s also physically exhausting to travel from town to town every day.
There are several ways to make money from music. Well, tackle each one of them and differentiate what works best for you and your group.
Live Shows – Truth be told, this method can still bring in a good buck if you can sell tickets or attract a good number of people to attend your concert. It’s not the most reliable option, but it might be enough for some. One of the good things though is the airing of news and references that might earn you another show in the near future.
Covers – For some musicians, doing a cover is exhausting and doesn’t really help you promote your band. That may be true, but the need for cover gigs across the country is still high. This method could still bring in a good amount of money if you are hired by the right people. The audience and event will vary from a children’s party, bars, restaurants, corporate meetings, weddings, etc. The problem is, for most independent musicians, you can never really choose your audience when covering gigs.
CD Sales and Demos – If you’re going to be playing gigs or a live show, make sure you have a demo handy. There are still audiences who would buy them in person and it’s a good way to earn a little extra income. Don’t rely too much on this method, as physical sales have been steadily declining over the past few years.
Music Lessons – This could be a great extra income for musicians. Although the music sessions only happen a few times a week, earning a little extra income would be a big help. You can teach people to play multiple instruments and create a friendly bond with your students. It also allows you to perfect your craft.
There is no doubt that the means given above could net you extras. However, there are a few other methods of making money in music and these generate more money if done accordingly. You have to understand that the music industry is constantly changing with today’s technology. While physical sales and direct marketing are still in play today, there’s no denying that the listening and buying public are opting for the convenient way, which means buying music from the comfort of their home or away from home. anywhere.
Music Licensing – This would really increase your chances of getting a big payday and you might even get a recurring payment if you license your music. Music licensing is the licensed use of copyrighted music. If you own copyrighted music, you are guaranteed compensation if your music is used by others. Fees also vary differently and can be negotiated. With more TV shows, commercials, movies, films and games today, the need for licensed music is at an all time high. Different industries need music content for their businesses.
YouTube – There’s no denying that this is the place to go to listen and watch all the tracks or news you’ve missed in the past week. Companies, movies, games and more are campaigning on this site today. Did you know you could get paid if it’s proven that other people are using your music content for their own advertisements? YouTube has a content identification system that tracks duplicate music and video content through its database. But before all that, you first need to license your music.
Streaming – Music streaming is a big hit today. With the inevitable drop in physical and digital sales in recent years, streaming has seen a significant increase and will continue to do so in the next decade as people embrace this method. Global streaming revenue is on the rise, outpacing digital sales and physical sales. Streaming does not require downloaded music or video files, so it does not consume space for your computers or smart phones. It is too convenient for people nowadays as they can listen to any track from anywhere anytime. If you have licensed your music, explore streaming possibilities as this is the way to go not only for today but also for the future.
Making money from music is complex and you have to be very innovative because this profession has always been competitive in all aspects. Do not hesitate to license your music because the door it opens offers limitless possibilities and opportunities. If you want to learn more about music licensing and how to make money from music, check out my website, http://silverscreenmusician.com. We’ll see each other there!
