Stephanie G. Mathis The music industry is more in control than ever. With many tools and platforms, you can record, distribute, and sell your music, as well as stream it. One of the greatest challenges for musicians is earning money.
How do you earn money through music? Diversifying your income streams is important for a long-lasting career. Here are twenty-two different ways to make money with music.
How to earn money as a music musician
Some of these income streams may seem obvious, while others might be something you haven’t tried before. This list of revenue sources for musicians should spark some new ideas on how to generate more income for your career.
Sell CDs
Do music lovers still buy CDs? CDs sales are down from the past, but they rose in 2021 for the first time since the 1990s. It’s a low-cost, easy way to earn extra money during gigs. If you sign the CDs at the merchandise table, you can give fans a souvenir of the concert.
Sell vinyl
vinyl sales have continued to rise, surpassing $1 billion last year for the first time since it was founded. A 2021 Spotify survey also revealed that vinyl is the most popular merch in almost all genres. If you are looking to press vinyl, our friends at Disc Makers have a wide range of high-quality vinyl and CD products.
Sell cassettes
Sales of cassettes nearly doubled between 2020 and 2021. Although cassettes remain a niche format, they are a great item to give to your fans during shows and sell online.
Sell digital downloads
Many independent artists who sell music online rely on digital downloads to generate revenue. Bandzoogle’s members will have sold more than $600,000 in digital albums, singles, and direct-to fans through their websites.
Musicians can earn money! You can keep 100% of the revenue you make when selling music on your website. Create your music website now with Bandzoogle.
Music streaming revenue
Even though streaming music payments are measured as fractions of pennies for each stream, over time, they can become a significant source of revenue. It would be best if you were there or gave your fans all the opportunities to support you, including making your music streamable, as this can help other fans find your music.
Play live shows
Touring and performing live are two of the most effective ways for musicians to eMoneyoney. Selling merchandise is also a great way to make money.
You can play live in many different venues. There are many venues where you can play live music. These include bars, restaurants and clubs, House Concerts, and colleges and universities. Music Festivals or private events such as weddings, corporate functions, and private parties.
Live streams: How to mMoneyoney
During the pandemic, live streaming was essential for musicians who wanted to perform in front of their fans. Online shows can still be a good way to reach your fans around the globe and outside of your tour area.
You can also generate additional income by offering tickets for live streams and accepting donations via online tip jars.
Sell merchandise
Selling merchandise online or at live performances can bring in significant revenue to musicians.
T-shirts and CDs are always popular. Also, smaller items such as mugs and buttons or stickers. You can use a service such as Printful to sell merchandise through your website if you are not sure what you want to sell or don’t want to have any inventory.
Sell digital merch
You don’t need to sell physical merchandise. You can sell digital items such as sheet music video lessons and stem files. The latest digital merch trend for musicians is to sell music-related NFTs.
Run a crowdfunding campaign.
Crowdfunding is a good way to raise money to cover your production and marketing costs. Crowdfunding is not just a means to e-money.
It’s all in the connection. With crowdfunding, you can connect with your biggest fans. Bring your fans along for the ride, from songwriting to recording and promotion of your album.
Subscribe to a fan club.
Subscribers pay a monthly subscription fee to gain access to rewards and content such as your entire discography and any new releases. You can offer early access to music, merchandise discounts, and exclusive live streams for subscribers.
Subscriptions are a great way to reward you and your biggest supporters and create a steady stream of income from your music.
Collect performance royalties
It’s important that if you’re a songwriter, you join a Performing Rights Organization. A PRO collects royalties for songwriters and music publishers.
If a song is heard on the radio or TV in restaurants, sports stadiums, shopping centers, or other public places, the owner of the rights must pay. The PRO collects these payments and distributes them to the right holders.
Join SoundExchange and get digital royalty payments
If your music is played on noninteractive streaming music services like Pandora, SiriusXM Radio, and cable TV music channels, these services must pay you royalties. SiriusXM Radio and Pandora are examples of noninteractive streaming music services. Sign up for SoundExchange to collect your digital noninteractive royalties.
Collect royalties for live performances.
Live performances can earn you royalties. PROs pay royalties for performances of original music in licensed venues. This includes bars and clubs, theatres, and other licensed venues which host live performances.
Social video monetization on TikTok and Instagram
Your music can be used to create video content for social media platforms. Platforms like TikTok and Instagram are included.
Fees vary according to the platform. However, you must have opted in for social media video monetization through your digital distributor before you can start earning revenue.
