Accumulating Wealth is one of the reasons why most people get into industries like music production or just music in general.
For music producers, there are a lot of questions that surround this topic and one of the questions I come across a lot is:
“Can producer’s be rich?”
This post will therefore discuss this and give you some insights into how music producers can go about making money.
So… now that we have that out of the way. Can producer’s be rich?
Music producers can definitely accumulate riches and most music producers do so because of the royalties they collect from various songs they produce and help create. Furthermore, the various ways of monetization in this career can make it even that much easier to become rich.
Royalties are a huge part of producer earnings especially for music producers that work and have worked with well established musicians and artists with a loyal fan-base.
With royalties, you as the record producer will get paid on each sale or stream and these payments will usually be remitted after a certain period agreed upon by the music producer and the artist. The more common payment period is every quarter which is every 4 months.
With that said, let’s discuss the various ways music producers can make money so you have a clear understanding of why it’s possible for them to become rich.
How music producers make money
Below are some of the ways I which music producers make money:
Sales from releases
Music producers that are able to create their own music can sell these releases and make money from them.
This is a common theme in genres like EDM where most songs basically constitute instrumentation with little to no use of vocal elements.
Merchandise is another key earning option for music producers. I know its more common for artist’s to come up with merch like clothing etc…. but certain music producers like Lex Luger and Superstar O have made money from selling merchandise.
Branding plays a key role in making money this way. People buy merch because of the brand that it represents…. so if the music producer can craft and harness a brand that can be appealing to their audience, they can easily sell it to them and generate income.
It’s common for most music producers do also double as DJs, but it’s not always the case. For music producers that can DJ, money can be made from DJ’ing various gigs like music tours for artists.
The earning potential here can be quite substantial especially if the tours or gigs are consistent or extend over a long period of time.
Music production packs involve the creation of tools for music producers in the form sample packs. This is a more common business model that has been advanced by most popular composers/producers like Frank Dukes.
Sample packs can be a gold mine for a Music producer that has the clientele as well as a great product.
Composing is another earning arena for music producers that have a developed skill of composing music from scratch.
Most musicians especially mainstream artists often terms work with musicians and composers in recording sessions to get their input and assistance.
Music producers that are able to compose can contribute and be hired for such services, which most of the times can result in the music producer requesting a fee or a share percentage of royalties which could turn out to be a good money earner.
Music producers can also offer recording services to artists and this is more common for music producers that run their own recording studios.
Music producer’s and studio owners usually charge a price per hour for recording sessions. This can translate into good income especially if the music producer has a lot of clients.
Arranging is an art form, I’ve come across so many great composers and musicians that find it difficult to arrange music.
A producer that has good skills in arranging music can capitalize in this arena by providing arranging services to musicians and other suitable clients.
Mixing services are another area music producers make money in.
If the music producer has a good reputation or can prove their mixing abilities with actual reference work, their client list can be a long one.
Most good mixing services can even charge over $2000.
When editing also has to be involved in the mixing package, the music producer can even charge more.
Mastering is the next step after mixing and is another service offered by music producer. Often times mixing mixing and mastering are combined into one package unless otherwise.
Being the crucial part, mastering services can cost just as mixing would or even more.
Beat selling like composing is another money earner for music producers that can create great beats and harness an audience and a brand.
Online beat selling platforms have become the go-to medium for music producers looking to sell beats.
Commercial ad work
Commercial ads are another great area where music producers can make money. Most companies that run their ads especially on broadcast media like TV and Radio always want to work with music producers that can create music for their ads.
The earning potential can be substantial here, more so if the producer works with big corporation’s.
Music licensing is another way of music producers getting their fair share of royalties when their music is used by people like restaurants, malls, radio and TV.
This is a great earning opportunity.
With the various ways in which music producers can earn money, it is easy for them to be rich especially if they can invest well and double down on their monetization efforts to be able to break through into new industries.
For somebody that is looking for ways in which they can earn money with their music production abilities. The various revenue streams discussed in this post can be a good starting point.