How to Make Money as a Musician: 14 Ways for 2023

Publication date: February 6, 2020

Introduction

The story of the struggling musician is as old as time itself.

However, this story has begun to change thanks to the availability of numerous online music platforms and streaming channels today.

If you love creating melodies, there’s a good chance you want to know how to make money from music – and why not? Whether this is your full-time job or a profitable side hustle, selling music online is a creative way to earn money by doing something you love.

We have compiled a comprehensive list of ways you can earn money as a musician so you can diversify your income. This allows you to relieve the pressure of releasing albums and gives you the freedom to pursue new projects while maintaining a steady income.

Music Licensing

Music licensing involves selling a license for your songs to filmmakers, television producers, or advertising companies to use in their content. There are two different types of music licensing you can pursue depending on the size of your music catalog and the kind of songs you have.

Sync Licensing for Musicians

Sync licensing requires production companies to pay a fee to re-record the original song. They pay a sum of money to “clear” your song for their production. Master Use License

A master use license requires production companies to pay a one-time fee to use your song in its original form. They must use the original recording and cannot remix it in any way.

Start by identifying three to five of your best songs and creating a spreadsheet documenting the song title, genre, keywords that describe it, and metadata that will ensure it can be searched in licensed databases. Then, register the songs with a Performance Rights Organization (PRO). Their role is to ensure you get paid when your song is played on the radio or in a film or TV show.

Music Libraries

Music libraries are platforms that connect musicians with opportunities to license their music for use in TV shows, films, and commercials.

Some of the most popular music libraries include:

• Music Gateway
• PremiumBeat
• BeatStars
• Musicbed
• Soundstripe

Selling Music Merchandise

Selling band merchandise is a great way to earn extra income as a musician. With your integrated merchandise store, you can generate income without taking any time away from writing and performing music.

How to Sell Band Merchandise Online

You can set up a merchandise store in minutes with Shopify. Start by identifying the products you want to sell – t-shirts are the most popular choice among musicians, but you can also design and sell other products, including your own water bottles, tote bags, and even home decor items.

Next, follow these steps:

• Create your designs: If you know how to design a logo, it’s easy to create a variety of unique designs for your band that can be printed on merchandise.
• Set up your store: Start your journey with Shopify and create your store. If you have never set up a Shopify store before, there are many resources available to help you get started.
• Automate with a print-on-demand app: With print-on-demand apps, you can delegate manufacturing, shipping, and logistics to a third party. A percentage of your sales goes to the print-on-demand companies, so you don’t need to pay for products until they are sold.

Once you have your store set up, you can relax. The print-on-demand company takes care of printing and shipping and pays through a portion of your sales.

NFTs (Non-Fungible Tokens)

Musicians use NFTs to sell unique digital assets such as music, art, and collectibles to fans. This allows them to profit from their creations in new ways and create a direct connection with their audience.

NFTs are unique cryptographic tokens that are traded using blockchain technology. Each token represents a tangible asset like a piece of art or a song. You can “mint” an NFT and create a token that represents an asset such as a new audio recording or your latest album – and then sell it to your audience.

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your pricing and schedule. Be transparent about what students can expect to learn and how long each lesson will be.

As you progress, gather testimonials from your students to enhance your marketing efforts.

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Collaborating with other artists can expand your audience and create new opportunities for income. By working together, you can combine your strengths and reach a broader fan base.

Here are some ideas for collaboration:

• Create a joint album or single.
• Perform live together at events or festivals.
• Co-host workshops or classes.
• Guest-feature on each other’s tracks.

Networking within the industry can lead to beneficial relationships and innovative projects.

Your prices. The amounts you charge will vary depending on the size of your classes, whether your lessons are in person or online, and the content of your lessons.

Make your life easier by creating a course or selling lessons on online platforms like SmartMusic, Udemy, or Google Classroom.

Guitarist Erich Andreas teaches his skill through Udemy.

Music Streaming Revenue

One of the most common ways for musicians to make money is through streaming revenue from popular platforms like Spotify and Apple Music. This is not a great way to earn (Apple Music pays artists $6 to $10 per 1000 streams), but it can help you reach a wider audience.

It is important to stream your work on Spotify and Apple Music, the two largest platforms available globally. Other popular streaming services include Google Play, Amazon Music, and YouTube Music – in addition to music streaming services specialized in genres such as BeatPort and JunoDownload, which cater to electronic music producers and fans.

To get your music on platforms like these, you will need to register with a distributor. Most will charge a fee or commission, but they will also be the ones who pay you when someone streams your song.

Here are some distribution networks you can consider:

• Landr
• TuneCore
• CD Baby
• Amuse

Live Performance Revenue

Live performance is one of the most lucrative ways for musicians to earn money. While the internet has made it possible to stream live musical performances, nothing compares to seeing one of your favorite artists perform in person.

Live performance is not only a good way to generate income, but it is also one of the best ways to build an audience. Fans of live performances always win over fans on social media in terms of value for your music career, as they have proven their willingness to pay to see live musical performances.

You will need to find good local venues to perform at if you want to build an audience of true music lovers. You can do this through party booking apps and sites like ReverbNation Gig Finder.

Party booking sites and platforms are more accessible, which means many performances are aimed at corporate events targeting a wider audience. These performances can be very profitable, but keep in mind they are less valuable in terms of audience building, and in the long run, you want to build relationships with local venues in your “scene.” This is where your networking skills come into play. Start small and look for venues that open their doors to new artists.

Live performances also present a good opportunity to sell your merchandise, to boost income.

Virtual Concerts

Since the COVID-19 pandemic, virtual concerts have become a popular way for musicians to make money. These concerts can be streamed online and provide a way for fans to support their favorite artists while enjoying live music from the comfort of their homes.

Websites like Stageit allow musicians to stream their concerts to fans online.

Music Production

Music production and getting paid to create songs is the ultimate goal for most musicians. However, it can be hard to secure clients if you are just starting – you need to prove that you can consistently produce amazing tracks. In the meantime, you can benefit from shadow production, where you get paid to produce tracks for other artists and companies.

You may not get credit for your creations, but you can earn a good side income by producing songs for a variety of artists. The industry standard for newcomers is between $200 and $400 per song, depending on your experience and the quality of your portfolio.

Here’s a quick guide to get you started:

• Choose a music genre and build a portfolio of tracks to showcase your skills.
• Define your market – do you want to target local folk artists or big-name producers working with global hip-hop artists?
• Create
• A website that showcases your expertise and displays samples of your tracks.
• Use online marketplaces like SoundBetter and Airgigs to advertise your services.

Music Publishing

Publishing royalties are a common income source for musicians. Essentially, you get paid every time a radio station, streaming site, or venue wants to play your piece of music, as musical compositions are considered a form of intellectual property.

Here’s how you can start publishing music:

• Choose the songs you want to publish.
• Sign with an independent publishing company or hire a representative to register the copyrights for the songs you wish to publish. The company you use will collect your royalties and pay you, with a small deduction for themselves.

Royalty Exchange is a platform that allows musicians to sell a portion of their future royalties to investors. A cash advance is provided to the musician, allowing investors to earn a return on their investment.

YouTube for Musicians

YouTube is a great platform for sharing your music and growing your audience. The most common way to earn money is through Adsense and showing ads at the beginning of your content, but you can also use your channel to promote your online store, merchandise, and any affiliate links you have.

Here’s a basic guide to using YouTube to make money:

• Create your channel and design it with your colors, images, and personality.
• Upload videos of your gigs, songs, and behind-the-scenes content to build tracks.
• Engage with your audience to build a community.
• Promote your products, whether they are merchandise or online music lessons.
• Once you reach 1000 subscribers, you can monetize your channel through ads.

Important tip: You can claim money from YouTube videos that use your music without your permission. The platform’s content system identifies videos that use your music and places ads to collect revenue on your behalf. There are strict criteria to meet to benefit from the platform’s content system, so it’s best to sign up with a content company that does all this for you, like Airbit.

Irish singer Keith Harkin shares new releases, gig shows, and short videos on his channel.

Twitch for Musicians

Twitch is a live streaming platform that has become popular among musicians. Musicians can perform live, interact with fans, and make money through donations and subscriptions.

It’s a great way to connect with your biggest fans while also receiving financial support.

Here are some steps to get started:

• Create an account on Twitch.
• Build your community by directing your audience from other platforms to your Twitch account.
• Set up and organize your stream by using relevant tags and keywords.
• Monetize your Twitch stream by sharing affiliate links and your Patreon account, crowdfunding information, or your online store.

How to Sell Music on Online Platforms

Finally, you can sell your music yourself on dedicated online platforms. To do this, you’ll need to set up accounts on the sites you choose and upload your music. This will help you reach a much wider audience than if you were just marketing your music on your own website.

Once you’ve uploaded your tracks and albums, you can collect email addresses from fans who buy your music so you can market your merchandise, gigs, and other events later.

Here are some of the most popular online music platforms you can consider:

• Bandcamp
• Apple Music
• Amazon Music

There are many ways you can earn money as a musician, from earning royalties from licensing to selling merchandise and tickets on your own website. Experiment with a variety of these methods to diversify your income sources and maintain a steady cash flow.

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Questions

Rumors About Selling Music

How can I make money from my music?

– Sell your music directly to fans. You can sell your music directly to fans through your website, Bandcamp, or other digital music stores.

– License your music. You can license your music for TV shows, movies, commercials, and video games. You’ll earn money when your music is used in these projects.

– Live performances. You can perform on stage to earn money. You can earn money from streaming services like Spotify and Apple Music.

– Merchandise. You can sell merchandise like t-shirts, hats, and other items that feature your music or logo.

– Crowdfunding. You can use crowdfunding sites like Kickstarter or Indiegogo to raise money for your music projects.

– Subscription services. You can subscribe to services like Patreon, where fans pay a monthly fee to support your music and receive exclusive content.

– Radio airplay. You can promote your music on the radio and get paid when your song is played.

– Sync deals. You can sign sync deals to use your music in films, TV shows, and more.

– Earning from YouTube. You can earn money from your music on YouTube through ads, affiliate links, and your merchandise.

What are the best ways to monetize my music?

– The best ways to monetize your music include selling music directly to fans, building an audience on social media and YouTube. You can then promote your products and earn income from ads, affiliate links, live performances, teaching, and licensing.

How can I make money from live performances?

– You can make money from live performances by charging for shows, selling tickets, and selling merchandise. Once the show is over, you can collect email addresses from attendees to market your online store or promote your upcoming music.

How can musicians create and sell music NFTs?

– Musicians can create non-fungible tokens (NFTs) to represent assets like exclusive content, live performances, and digital artwork. Use an NFT marketplace to upload your tokens and sell them to your audience.

How can I earn from social media?

– You can earn money from social media by earning revenue from using your music to accompany video content on TikTok, Instagram, and Facebook. You can also join brand partnerships and get paid for sharing corporate content and take advantage of affiliate marketing.

How can I profit from music teaching?

– You can profit from music teaching by teaching your skills to other musicians, either online or in person. You can also offer private lessons or small group sessions and promote your services through social media and music directories.

How can I earn from music streaming?

– You can earn from music streaming by receiving royalties from streaming services like Spotify and Apple Music. You can also sign up for music distribution services to collect payments when your songs are played.

What are the best ways to earn from live performances?

– The best ways to earn from live performances include charging for shows, selling tickets, and selling merchandise. You can also collect email addresses from attendees to market your products and upcoming musical performances.

How can I earn from YouTube?

– You can earn from YouTube through ads, affiliate links, promoting your online store and merchandise. You can also claim money from videos using your music without your permission.

How can I sell music on online platforms?

– You can sell music
Source: https://shopify.com/blog/sell-music