Being a musician in today’s music industry not only requires musical talent, but also a quick-thinking and creative mindset. There are many ways that musicians can earn money from their compositions, sound recordings, live performances, and overall brand.
To focus solely on selling your tracks just isn’t enough anymore.
Here are 5 Revenue Streams for Musicians and Record Labels You Should Definitely be Utilizing:
1. YouTube Monetization
Although most don’t usually consider YouTube a big revenue-generating outlet, it has very quickly become one of the most popular platforms for discovering and listening to music in the world.
- More than 1.8 billion unique users visit YouTube every month.
- Over 6 billion hours of video are watched each month on YouTube—that’s almost an hour for every person on Earth.
- 400 hours of video are uploaded to YouTube every minute.
- We watch over 1 billion hours of YouTube videos a day, more than Netflix and Facebook video combined.
- YouTube is localized in 91 countries and in 80 languages.
- In an average month, 8 out of 10 18-49 year-olds watch YouTube
- On average, there are 1,000,000,000 mobile video views per day
(YouTube Statistics, 2019)
Not only do they have one of the largest user bases in the world, but they also get tons of exposure outside of the US. This allows you to expand your viewership and fan base internationally. If you are ready to start monetizing your YouTube channel, Symphonic’s team of experts can help. We’ll make the whole process as easy as possible. Not to mention, we have the most affordable pricing out there… Start Monetizing and Protecting your Music!
2. Publishing Administration
Publishing Admin is an animal that has recently been tamed for the ease of the independent musician community. More musicians are now aware of this vital revenue stream, which a lot of people have been missing out on in past years.
So, what is it?
In the music industry, publishing refers to the ownership, control and commercial exploitation of musical compositions. It involves the collection of all royalties ensuing from the usage of musical compositions. Music publishing is the business of songwriters, composers, and lyricists.
How does this help you make money?
If your music is:
- Being streamed
- Performed live in medium to large scale public venues
- Played on the radio
- Played on TV
…your songs have been generating publishing royalties! (which include performance and mechanical royalties).
If your songs aren’t registered with Performance Rights Organizations (PROs) or mechanical royalty collection agencies, you’re NOT collecting all your mechanical or performance royalties from your music. Unless you register yourself AND your compositions, you will never see these royalties. It’s really important that you get yourself a Publishing Administrator that can do this on your behalf at an affordable cost.
This’ll cost you anywhere from $75-$100 and will register your works in collection societies all around the world. Plus, most Publishing Administrators will only keep anywhere from 10% to 20% of the royalties they collect.
Remember: Always be aware of how much control they’ll have over your music.
Some companies bundle several services into one and will not only collect your publishing royalties, but will sometimes handle your Sync Licensing exclusively as well. (We’ll chat more in-depth on licensing in a bit.) If you’d like to get more information on how Publishing Administration works and the services Symphonic Publishing Administration offers, click here to Start Collecting Your Publishing Royalties.
Additionally, if you’re in ASCAP or BMI, you can report your set lists to their “Live” programs to get payed for playing your music out at venues. Venues have to pay these entities anyway, and these programs make sure the little guys get their cut.
3. Sync Licensing
Sync Licensing refers to the process of making your music available for opportunities in film, TV, commercials, video games, and any form of visual media. In this realm, the key decision makers are called music supervisors. Symphonic Distribution has partnered with strategic and key companies which allow for actual music supervisors to navigate and choose from the music in their platforms for the opportunities they have available.
If you’d like to make your music available for licensing opportunities, we can get it to the appropriate firms that can help expand your music’s reach. Sync Licensing // Apply for Sync Representation
Want to learn more about Sync Licensing? Check these out:
4. Neighboring Rights
If you’re a record label/master rights owner and your master recordings are being publicly performed and broadcasted, you’re earning neighboring rights royalties. This is completely separate from the field of music publishing. With this, songwriters and composers earn performance royalties from public broadcasts of their musical compositions.
These types of royalties are collected when music is played on:
- BBC radio
- Sirius XM
- Cable TV music channels
- Terrestrial radio outside of the USA
- Businesses as background music (restaurants, retailers, hotels, etc.)
- Clubs / live performance venues
- Any internet radio platform
- Any satellite radio platform
- Various new online medias
Due to the unique nature of this royalty type, Symphonic’s Neighboring Rights Administration Service is only available to eligible labels who are distribution clients and are approved by our rights management team.
Selling merch is one of the best ways to generate more income for your band, record label, or artist brand.
If you are a record label or musician, the most important thing you have, besides your talent of course, is your fans. Take care of them and they’ll return the favor. Come up with some cool options for branding your music and make sure you have your merchandise available at all your shows and on your site. Not only will it be an awesome treat for your fans, but you also get a free walking advertisement out of it.
As you can see, there are several things that you can do to maximize the potential revenue for you or your clients music. That’s why we are committed to providing these outlets to our clients. We just want clients to be able to collect money that is already sitting out there AND maintain creative ways to generate more money from their efforts. 💸