A mix of traditional and more modern income streams can help today’s musicians earn a living. Here’s a list of 19 ways to generate revenue for your music career.
1. CD Sales: If you’re going to be playing live shows, having CDs on hand is still a good idea. They make great takeaway souvenirs that can easily be signed by band members.
2. Vinyl Sales: Vinyl sales surged 30% in 2013. Again, if you’ll be playing live shows, printing a small batch to have at your merch table can help generate extra income.
3. Digital Sales: You should definitely be selling your music online, a huge chuk of artist revenue today comes from online streaming and digital downloads, sign up for MusicDigi and start selling your music in stores like iTunes, Apple Music, Spotify, Amazon and more.
4. Streaming: Although per-stream payouts from streaming services tend to be small, they can add up over time. Keep in mind that these services also help new fans discover your music, and shouldn’t be seen solely as an income generator.
5. Live Shows: Money made from live shows can vary greatly, but it’s still one of the best ways to earn income. Not only can you make money from selling tickets, but it’s also one of the best ways to sell merch.
6. Physical Merch: Income from physical merch can depend heavily on the amount of live shows you play. If you go out on tour, be sure that you have some t-shirts, as well as smaller items like buttons and stickers that you can sell to fans after the show.
7. Digital Merch: You can also sell digital merch items like PDFs, videos, and images to your fans. Things like lyric books, live concerts, sheet music, exclusive photos, artwork and more.
8. Crowdfunding: Crowdfunding can be a great way to generate income for your music career. A well-executed crowdfunding campaign can help you raise enough money to offset the cost of producing and marketing your album. For tips on crowdfunding.
9. Publishing Royalties: You should be signed up to a performing rights organization like ASCAP, BMI, SESAC, and SOCAN (in Canada) so you can collect royalties on your music. This includes public performance royalties (radio, TV, live venues), mechanical royalties (sales through retailers, streaming, etc.), and sync royalties (commercials, film, TV). Some publishing royalties that are nearly impossible to collect without a publishing administrator.
Click here to learn more about MusicDigi's Publishing Adminstration service and the different types of publishing royalties you might be owed and how to receive them.
10. Digital Royalties: Whenever your music is played on services like SiriusXM radio, Pandora, and webcasters, they must pay royalties.
11. Live Performance Royalties: When performing original material, you can earn royalties from live performances. Whether you perform at a bar, restaurant, club, or other music venue, Performance Rights Organizations (PROs) will pay royalties from those live performances.
12. Licensing: If you get your song placed in a film, commercial, or TV show, chances are they’re going to pay you a licensing fee. These fees vary greatly, depending on the budget for the project, and how badly they want your particular song.
13. YouTube: On YouTube, whenever your music is used in videos that are running ads, YouTube pays a portion of that advertising money to the rights holders of the song.
14. Sponsorships: If you’ve built up a fan base, some companies are willing to sponsor musicians to reach those fans. Sponsorships can range from cash, to free products, services, and gear.
15. Session Work: Another way to make some extra money is to put yourself out there as a session musician. As a singer or instrumentalist, you could do session work for other musical projects, or even in advertising.
16. Songwriting/Composing: If you’re a songwriter, you could write songs for other musicians, or compose music specifically for film and television.
17. Cover Gigs: Playing cover gigs at bars, restaurants, weddings, and other private events is frowned upon by some musicians. But those shows can pay really well, and allow you to get paid to play your instrument.
18. Music Lessons: Many musicians teach their instrument to others to help generate revenue towards their own career. This can be a nice way to supplement your income, and allows you to hone your craft at the same time. If you’re looking to give music lessons.
19. Write custom songs for fans: This technique has been around for ages, but for some reason a lot of musicians aren’t putting it into action. Your fans love you. They love the music you put out, and the videos, and the photos… The list goes on! Now, imagine if you could make something unique, custom, and personalized. Something JUST for them.