In Music , the centuries-old story of a struggling musician is all too familiar. They give themselves courage as independent musicians or sell their souls to make ends meet. And it’s a bit true: making money from music can be a challenge. But – it can be done. It’s very useful.
If you want to expand your skills and try a few different strategies, there are many money-making opportunities to take advantage of. Because if you can, why not monetize both your music and your knowledge?
1. Streaming Fees
Start making money from your music the obvious way: by paying royalties on your music and making it available online on all major music platforms. Including Spotify, Apple Music, Deezer, Tidal, etc.
While streaming sales don’t necessarily generate huge profits right away, they can increase over time, especially once your monthly subscribers and listeners start to grow.This makes streaming a stable source of income for many artists – new or old, big or small!
2. Music Publishing
One of the biggest sources of income for independent musicians is the money they make from publishing royalties.
Understanding how Music editing works can be a daunting task. But it’s really important that you have a general idea of how to make sure you’re getting any royalties you owe as a musician.
Selling your merchandise is another important way to generate income as a budding musician.
Goods can be pretty cheap to craft if you know where to find them. And if you sell merchandise at your shows or concerts, the money you make can be a great way to subsidize travel and/or venue rental expenses.
4. Tours and Live Entertainment
Now that the world is open again (hooray!), live music and entertainment are a major source of income for musicians.
Physical Music Sales
The thing that started it all.
In today’s industry, the revenues from the physical sale of music – such as CDs, vinyls and cassettes – are certainly less visible than they once were. But that doesn’t mean that physical music sales aren’t still real revenue for musicians and artists.