Earning revenue has always been one of the biggest challenges facing musicians. The days of merely relying on music sales and touring to bring in the big bucks are gone.
The need to diversify your revenue streams in 2018 should be a high priority to you.
Don’t have to wait until January 1 to start planning your year, we’ve put together 5 ways that musicians can make money in 2018!
1. Streaming: With partners like Spotify continuing to take over the streaming industry, it should be a no brainer that your tracks need to be on this platform. Although streaming payouts tend to be on the low side, they do add up over time and it’s a great way to have potential fans discover your music. If you’re unfamiliar with how to get your music on Spotify, press play below!
2. Publishing Royalties: Royalty collection is a complex business, but as an independent artist, knowing your rights and what kinds of royalties you may be earning is crucial to maximizing your income.
Music Publishing is the business of collecting royalties for the usages of songwriters’ musical compositions including performance royalties and mechanical royalties.
3. YouTube: YouTube is another platform that continues to prove its success. The easiest way to earn money on YouTube is with Content ID. Content ID is a popular digital fingerprinting system that content creators can use to easily identify and manage their copyrighted content on YouTube.
Videos uploaded to YouTube are compared against audio and video files registered with Content ID by content owners, looking for any matches.
YouTube Monetization with Symphonic
Signing up for YouTube Monetization through Symphonic has several benefits, check them out here.
4. Merch: Fans love items that will take them back to a good memory. Your merch should take fans back to the time of them enjoying sweet music with people who have similar tastes. Your merch doesn’t necessarily need to be 20 items that are $50+. Remember that your fans already spent money on a ticket to see you. If you have an upcoming gig, get some t-shirts with your logo, release cover art, or anything that relates to your brand, printed. Smaller items like buttons, stickers, patches, mints, and lighters are always best sellers at shows.
5. Licensing: When you’re talking about synchronization licensing in the music business, synchronization refers to the act of synchronizing a piece of music with any form of visual media—movies, TV episodes, commercials, video games, etc. Licensing refers to the act of getting the rights to use the music. Music supervisors on film, TV, commercial, gaming and trailers are always looking for fresh tunes that fit the mold for their project.
Give yourself a treat in 2018 by starting off on the right foot. Creating a marketing plan will help you to discover your true potential in 2018. A solid marketing plan will help you to map out where you currently are, where you want to be, and what actions you need to take to get there. If you’ve never put together a marketing plan, our free template and guide can help you!