One of the biggest problems for musicians is the lack of money. Days are coming when the band could only rely on selling music and touring to make a living.
Today the musician needs to spend more time to find new sources of income. Although record sales have dropped in recent years, new revenue streams have emerged for musicians.
Traditional and more modern ways to make money can enable today’s musicians to live. Here is a list of 17 ways to profit from your music career:
THE BEST WAYS FOR A MUSICIAN TO EARN MONEY
1. Selling CDs
If you are going to play live, it is a good idea to have some of your CDs with you. CDs are great musical products that band members can produce.
2. Vinyl sales
Vinyl sales increased by 30% in 2013. Again, if you are going to perform, carry a small part with you. This will help you generate additional income.
3. Digital sales
You can sell music through your website in order to make more money. Internet shops have not been canceled either. Keep in mind that they charge a percentage of sales.
While the payoffs from streaming are small, they can add up over time. This will also help open up your music to new fans. Don’t just think of it as a source of income.
5. Live concerts
The best way to make a profit is still live concerts.
6. Sale of things with the logo of the group
The income from the sale of things depends on the number of your concerts. When you go on tour, check to see if you have any T-shirts with you, as well as smaller mementos to sell to fans after the show.
7. Digital content
You can also sell your digital content to your fans. This can be, for example, beautiful PDF books with your biography and lyrics, videos of live performances, notes, and chords of your songs, exclusive photos, and much more.
Crowdfunding can be a great source of income for your music career. Good crowdfunding can help you offset the costs of creating and promoting an album.
9. Payments for using music
You must be a member of a rights organization to collect royalties for the use of your music. This includes payments for the use of your music on radio, television, at live events, for use on streaming services, in commercials, movies, and others.
10. Digital payments
Whenever your music is played on internet radio services, you must be paid a royalty.
If your song is featured in a movie, commercial, or TV show, chances are you will be paid for a license. The income depends on the budget of the project and how much they want to put your particular song.
Every time your music is featured in YouTube videos, the copyright holders of the song are entitled to a portion of the promotional funds.
If you have a large fanbase, some companies will offer to sponsor you to advertise their products to your audience. Sponsoring can be both money and providing you with free products, services, and services.
14. Working as a session musician
Another way to make money is to become a session musician. You could play in the studio for other music projects or even advertisements.
If you write music yourself, you can write songs for other musicians, or compose music for film or television.
16. Performing other people’s songs
Playing covers in bars, restaurants, weddings and other events can be a good moneymaker. Some musicians disapprove of this. But getting money doing what you love is not a shame, and that’s okay.
17. Music lessons
Many musicians give lessons to play instruments, thus earning additional income.