Making music can be fun for people that are passionate about it, but what’s even better is being able to make some money off it too.
There are a lot of income streams in the music industry and it is important to know and understand them in order to see what options you have.
The internet has made life easier and has made it possible for creators to earn money while doing what they love to do.
A lot revenue streams that weren’t possible 20 years ago are possible today.
This post will explore the various ways you can make money with your music and be able to make a living.
MAKING MONEY AS AN ARTIST
Do It Yourself Distribution
The rise of streaming platforms and digital music selling platforms such as apple music has made it easier for musicians to sell their music.
A great way to monetize your music as an artist is to distribute your music on both streaming platforms and digital music selling platforms.
You can use Tunecore or CD Baby as a distribution tool, they are relatively inexpensive and can make your job easier.
This can be a great way to monetize and make money from your music without having to sign a physical distribution deal with a company.
The downside with signing independent distribution deals is having to split your earnings with the distributor.
As an artist live performances can be a great way to make an income through your music.
Most successful musicians usually utilize tours to be able to make enough money by having shows for a specific period of time to promote their work.
Making shows is a great income stream provided you have the fanbase.
If you don’t, now is the time to start building a fanbase.
Once you have a fan base it will be much easier for you to set up shows and other live performances that can make you money.
Another way of making money off your music is through partnerships with brands.
Brands offer musicians the chance to market their products through their work and then get paid for these services.
This is a great money earner and can definitely allow you the chance to actually get paid through your music.
The only catch with brand deals is that you have to be a well established musician that has the reach of a huge audience.
Sign a record deal
Signing a record deal is another overlooked way of actually making money.
Record deals can afford you the opportunity to have a team behind you that can help you shape your brand.
Furthermore, record deals can also help you with marketing and distribution.
Which is great for somebody that is serious about taking their career to the next level.
The downside with record deals is that you have to split your revenue with the record label in order for them to recoup their investment and turn a profit.
Monetize Your YouTube
YouTube has made things easier for all content creators and you should not overlook it.
You can use your content to be able to monetize your YouTube as long as you meet the monetization requirements.
YouTube can then place ads on your videos which they’ll pay you for.
The money that can be made here is highly dependent on the quality of the traffic that watches your videos.
Therefore having some music videos and other engaging content on your YouTube channel can enable you to make some money.
The only downside is that having too many ads on your content can lead to your viewers being irritated and therefore not watching your content.
Another great way to make money through music is by selling merchandise at your shows.
The good part is, it can be easier to sell your merchandise to people that are willing to pay to see you perform.
MAKING MONEY AS A PRODUCER
One of the biggest money earners for music producers is through artist placements.
This allows the music producer to sell their music and be able to earn royalties through their work.
Having a placement with a major artist guarantees you a piece of the earnings from the music you create.
Networking and hanging around studios that major artists record at can be a great way to meet new people and artists to whom you can present your work to.
This is a great way to get your records heard and eventually land you a placement.
Sell beats online
Another way to make money as a producer is to sell your beats online.
There are a number of ways that you can do this.
Research various beat selling platforms and see which one suits your specific needs.
Beat stars and Airbit is a great way to start.
As a music producer you can also make money through studio sessions that artists pay for.
This would require that you have a full blown studio and clients that are willing to pay for your services.
As a music producer you can also venture into commercial project’s such as TV and Film.
If you have the ability to create music for TV and soundtracks for film, you can easily get a gig and get paid for your work.
Commercial projects pay well as compared to other revenue streams.
The only catch is you have to be well connected and talented enough to land a gig in TV and Film.
You can also make money with other advertising commercial projects outside of TV and Film.
Sell Digital products
As a music producer you can leverage your skills and sell your knowledge to people aspiring to become music producers.
Having a website where you can sell your digital products on can be a money maker for you.
As long you’re willing to build your client base.
You can also venture into video game music which pays well for music.