Let’s discuss straight: On your music to be a profession, you could earn cash.  

Some acts make their residing on the highway. Others keep within the studio recording music for TV exhibits. After all, megastars like Taylor Swift appear to make a fortune in virtually all the methods. 

Constructing an expert life as an artist, band, or producer requires that you simply both maximize your earnings in a single or two areas, diversify your earnings throughout a variety of income streams, or some mixture of each approaches. 

Extra methods to earn cash out of your music

It doesn’t matter what you see in information headlines, there are quite a lot of income alternatives for musicians at present. In reality, there are extra methods than ever to earn cash, which affords trendy creators the power to pair their distinctive skills with specific types of monetization.

From music distribution and licensing offers, to crowdfunding and merch gross sales, you’ll wish to perceive your choices in terms of incomes potential. 

As a result of realizing what to strive, the place to focus, when to pivot, and methods to gather your royalties can imply the distinction between your music being a side-hustle and a thriving enterprise. 

Important revenue for artists in 2024

Although there are various dozens of the way to earn cash out of your musical skills, I’m making a distinction on this article between “artist income” and different music-related professions — resembling music training, being a paid session participant, a church pianist, a ballet accompanist, an orchestra member, operating sound at a membership, and so forth.

Should you’re an artist whose profession is constructed upon unique music, these are the ten types of income you must prioritize:

1. Digital Music Income

That is cash you earn for streaming and downloads once you launch your music on platforms like Spotify, Apple Music, and Amazon Music. The income is paid to the label (otherwise you, when you personal your personal recordings) for the utilization of the observe.

Although downloads aren’t as in style as they as soon as had been, the per-unit worth can nonetheless make MP3s or WAVs a profitable format to promote through iTunes, Bandcamp, ReverbNation, and even your personal web site. 

2. Bodily Gross sales

That is cash you earn once you promote bodily copies of your music on vinyl, CD, tape, and even sheet music.

Although we’re many years into the digital music century, bodily media will nonetheless enchantment to a lot of your high followers. Sure, even CDs. 

3. Merch Gross sales

“Merch” is a fast means of claiming “stuff on the market that displays your inventive model.” It might be t-shirts, sweatshirts, flasks, posters, hats, socks, books, something!

You possibly can promote merch at gigs, in your webstore, or through integrations with platforms like Instagram and Spotify. 

4. Dwell Performances

That is revenue earned out of your concert events, gigs, excursions, and festivals. It might be within the type of ticket gross sales, door charges, bar percentages, and even grant cash.

After all stay occasions additionally provide you with a method to promote merch and bodily albums!

5. Licensing and Sync Offers

That is cash you earn once you license your music to be used in motion pictures, TV exhibits, commercials, and video video games. 

Sync licensing may be profitable, nevertheless it’s an space of the music business that requires quite a lot of dedication when you anticipate to attain frequent placements.

6. Publishing Royalties

These are songwriter royalties earned from the publishing rights to your unique music, together with mechanical royalties (from gross sales and streams) and efficiency royalties (from public performances and radio play).

Need assistance accumulating your songwriter royalties?

7. Crowdfunding, Memberships, and Fan Assist

That is cash you generate via crowdfunding platforms like Kickstarter, fan help platforms like Patreon, or through your personal membership membership.

The fan contributions may be project-based, or in help of your general music profession, however the level is to present your viewers extra direct and quick entry to your artistry in trade for… cash!

(Don’t overlook the digital tip jar when you’re doing livestreams).

8. YouTube Income

This contains earnings past no matter streaming and publishing cash you’re incomes from exercise on YouTube Music.

It contains be a share of advert income generated once you music is utilized in different creators’ movies on YouTube, tracked and paid through the YouTube Content material ID program. Or accomplice program income in case your channel reaches sure benchmarks. 

Different video platforms resembling Twitch have related monetization applications for profitable creators and streamers.

9. Sponsorships and Endorsements

That is cash (or different types of help, resembling free gear or reductions) given to you by manufacturers that match together with your inventive identification and viewers.

When you’ve got a devoted following on social, you possibly can additionally contemplate being an “influencer” and doing paid product placements. 

10. Immersive experiences and new tech

Loads of artists have discovered income alternatives by stretching past conventional merch and VIP experiences.

For example, Emma McGann constructed an interactive Discord recreation. Artists like Holly Herndon and Grimes have made voice-simulators accessible in order that different musicians can create new tracks utilizing their voices. And lots of crypto-native artists have discovered success promoting music NFTs.

The concept right here is: Assume outdoors the same old bag of income methods. 

Conclusion

How a lot you earn in any one in all these classes relies upon, after all, on the scale and dedication of your fanbase.

Success in most of those areas additionally requires that you simply actively market your music and make gross sales presents. 

However hopefully this text provides you a way of chance to your music to generate cash.

And keep in mind, as you progress ahead in your profession, ReverbNation is right here to assist together with your music distribution, promotion, and publishing administration wants.