5 Ways A Music Artist Can Thrive Financially in Today’s Economy
Unless it’s a hobby for you being a a music artist is a business. You have to upkeep your expenses and cover them with a revenue source and reinvest into new equipment or repairs.
As a music artist it is important to make your efforts financially viable.
Here are five great way music artists can start making money from:
Music Publishing & Licensing
Music publishing is the exploitation of your music commercially in return for financial rewards.
It may come in the form of licensing your music in a movie or commercial. Furthermore, this could include collection of royalties when your songs are broadcasted publicly or when it is sold.
Also, you could to choose to sign to a publisher. A publisher is a company who administers the catalogue of a music artist and looks for opportunities.
Whether you choose to get a help from a publisher or look for opportunities yourself, this can be a great way to earn residual income as a music artist.
Merchandise is Great Tool For Any Music Artist
Selling branded merchandise to your music community is a great avenue to look at. Nowadays you don’t have to stock up a room full of products at home or in an office. You can use services like Red Bubble or DizzyJam which are print-on-demand.
Subsequently, you sign up, upload your logo or design on mockups of the available inventory and start selling. When a fan purchases a product from your store they’ll print and ship directly to them.
Subsequently, making merch and setting up a digital storefront does not have to be hard. The work is getting the word out to you fans and pursued them of the value your brand gives to them.
Whether you choose to source and produce your merch yourself or use a print-on-demand service this is a very viable option to make money for your brand.
Information technology in 2020 has made it possible to source inventory and sell directly to the consumer (D2C) without ever leaving the house.
Get into Crowdfunding
Crowdfunding is a brilliant way to get community engagement to support your music both morally and financially. Kickstarter and Indiegogo are the two largest crowdfunding platforms in the world today.
Thousands of musicians use crowdfunding daily in hopes of drawing a community that can help support their craft.
Nevertheless, crowdfunding can come in many forms. Both Kickstarter and Indiegogo, for example, base their model on the artist giving perks in financial support from the funder.
Another example is Patreon. Unlike Kickstarter and Indiegogo, Patreon is where artists can build their communities through a monthly subscription. In return, you can give them perks and other exclusive content for being part of your Patreon community.
There are many other crowdfunding platforms with different models. Whatever you choose, it’s a good way to get your community involved. Furthermore, you also directly support your projects or specific causes.
Produce Your Own Concerts and Events
Hosting your concert, showcase, or event around your music brand is a great way to get your community engaged offline. You get to connect with them and shake hands with people who’d love to support you.
For example, let’s say a local emerging artist in your town starts a monthly event series. They get sponsors to cover the upfront costs and get 70 of their biggest supporters to come and pay $20 to see them perform. That would amount to $1,400 per event and $16,800 annually.
Another idea is hosting a small concert and inviting other local musicians to play alongside yourself. This may take a lot of time and resources but it’s definitely worth it if you execute right. Not only do you get to play in front of your own fans but you get a chance to cross-brand with your counterparts and their communities.
Overall there many different types of events you can produce both big and small. If you plan to tour (if you’re not already) this a good way to get your feet wet and get active in your local community.
Get Sponsored or Become a Brand Ambassador
I once knew a local DJ in Miami. He got paid a couple of hundred dollars every month by a coconut water brand. When he went to play, he’d hang up paraphernalia given to him by the DJ booth. At the end of the year, he ended up making a few thousand dollars.
There’s always some company who’d love to sponsor you if your active enough. It’s your job to find them.
You could get paid to be brand ambassador, do commercials, reviews of music product services online, etc.
Execution is key, Be Creative!
These are just a few ways music artists can make money and develop their brands into something financially viable. Many indie artists are either making a full time or partial living off of their music and brand.
However, to say that is not possible or extremely difficult is a myth. Not everybody will see the fortunes of making hundreds of thousands or millions of dollars from their music. However, it’s possible to make $1000 monthly which translates to an extra $12,000 to help contribute toward bills, reinvest into your craft or savings.
Whatever your goals are it is possible to make a living off or make money from music. Execution is key. Depending on what level you are trying to achieve building the right team around will be important. Get creative!
There are hundreds of different possibilities using these few tools and options. Don’t give up.
