Generating income or monetizing work is a great challenge for musicians anywhere. In this technology driven world, selling music becomes more and more difficult every year. The competition isn’t the only tough thing, but the evolution of music and audiences are much harder to please. There are more genres, more artists, and other complex ways to sell things. You should always be ahead of the curve and you should be aware of the current way of making money from music.
Nowadays, the old ways of marketing music, like playing concerts and demos, cannot be trusted very much. You could still earn through this method, but face it, earning this way will never be enough to make up your monthly needs and it is physically exhausting, traveling from city to city every day.
There are multiple ways to earn money from music. Tackle each one and differentiate what works best for you and your band.
Live Shows – Truth be told, this method can still net you a nice payday if you can sell tickets or attract a good crowd to attend your concert. It’s not the most reliable option, but it might be enough for some. However, one of the good things is the spread of the word and referrals that could land you another show in the near future.
Cover gigs – For some musicians, doing a cover gig is exhausting and doesn’t really help them promote their band. That may be true, but the need to cover concerts across the country remains high. This method could still make you a good amount of money if the right people hire it. The public 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 concerts.
CD sales and demos: If you’re going to play concerts or a live show, make sure you have a demo on hand. There are still audiences that would buy them in person and it’s a good way to earn extra income. Don’t rely too much on this method though, as physical sales have been steadily declining in recent years.
Music Lessons – This could be a very nice side income for musicians. Although the music sessions only happen a couple of times a week, earning a little extra income would be a big help to you. You can teach people to play various instruments and create a friendly bond with your students. It also allows you to hone your craft.
There is no doubt that the ways mentioned above could earn you extras. However, there are some more methods on how to make money in music and these make more money if done accordingly. You need to understand that the music industry is constantly evolving along with today’s technology. While physical sales and direct marketing are still in play today, there’s no denying that the listening and buying audience is going the convenient way, which means buying music from the comfort of their home or on the go. where they can be
Music Licensing – This would really improve your chances of getting a big payday and you might even get a recurring payment if you license your music. Music license is the authorized use of copyrighted music. If you own copyrighted music, you are guaranteed compensation if your music is used by others. Rates also vary differently and can be negotiated. With more TV shows, commercials, movies, movies, 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 missed over the past week. Businesses, movies, games and much more are campaigning through this site today. Did you know that you could get paid if it’s proven that other people are using your music content for their own ads? YouTube has a content identification system that tracks duplicate music and video content through its database. But before all that, you must first license your music.
Streaming – Music streaming is a big hit these days. With the inevitable decline in physical and digital sales in recent years, streaming has gained significant momentum and will continue to do so in the next decade as people turn to this method. Worldwide streaming revenue is on the rise, outpacing digital sales and physical sales combined. Streaming does not require downloaded music or video files, so it does not consume space for your computers or smartphones. It is too convenient for people nowadays as they can listen to any track from anywhere at any time. If you have licensed your music, explore the possibilities of streaming as this is the way to go not only for today but for the future.
Earning money from music is complex and you need to be more innovative as this profession has always been competitive in all aspects. Feel free to license your music, as the door it opens holds unlimited 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. I see you there!