Are you taking advantage of every opportunity to monetize your music? This Revenue Completeness Checklist is a great way to guide your efforts as an independent musician. Refer back to this post and use this checklist to evaluate your progress and stay on track.
How To Do A Revenue Completeness Check“You can’t knock on opportunity’s door and not be ready.” – Bruno Mars Click To Tweet
- Is your record released and on all platforms?
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- Are you giving yourself ample time to build releases?
- Are you effectively marketing those releases?
- Register with Sound Exchange on both the artist AND label side.
Need help with this? No problem. — Here at Symphonic, we can assist you in managing this line of revenue. In addition, there’s a good change you have unallocated royalties waiting for you there already if you have had any considerable Pandora, or Sirius XM radio play.
The concept of neighboring rights is similar to that of performance rights, because both kinds of royalties are earned through public performances/broadcasts of music.
Sound recording owners (record labels and performing artists) collect Neighboring Rights royalties whenever their sound recordings are publicly performed on satellite radio (such as Sirius XM), internet radio (such as Pandora, BBC), cable TV music channels, TV outside of the USA, terrestrial radio outside of the USA, and much more.
- If you are not getting plays here, you won’t be entitled to any money. However, if you ARE… this could be considerable revenue for you.
Check these out…
- Are you live streaming? — If not, why not?
- Monetize live streams through a 3rd party provider or digital tip jar.
Check out “Creative Ways To Monetize Your Live Streams” to get some ideas.
- Are you registered with a local PRO? (This is not the same as “having a pub deal”- Pick one, and sign up!
- Do you have a publishing deal? or Are you properly administering your publishing?
If you do not have a publishing oor admin deal you NEED to register yourself with the MLC (Mechanical Licensing Collective).
- How much co-writing and collaboration are you doing with other writers? You can make great money writing with and for other artists!
- Consider print publishing if you have songs that would be easily translated to sheet music for the enjoyment of others. This is a small piece of the pie, but can be good if you have an engaged audience who would buy it.
Want to learn more? — Check out “3 Types of Royalties Involved In Music Publishing”.
- Are your tickets available for purchase online?
- Do you have merch available?
- Are you registered with a Performance Royalty Organization? (BMI, ASCAP, SESAC)
You need to make sure you’re registered with a Performing Rights Organization like ASCAP, BMI, or SESAC. This is crucial because these are the people that make sure you’re getting paid every time your song is played…. But don’t stop there. You’ll also want to look into mechanical royalties, aka the money you make when something is downloaded or sold on say, iTunes, which ASCAP, SESAC, and BMI don’t cover.
In the meantime, sharpen your legal skills and check out “Booking and Live Contracts for Musicians”.
- Are you active on the platform? If not, WHY?
- Have you optimized your channel?
- Are you monetizing your channel?
- Content ID?
This applies to publishing a bit, too. if you have a pub deal, you likely cannot do a sync rep deal for anything other than your masters.
- Are you actively pitching for syncs?
- Is your music appropriate for sync opportunities?
There are ways to make it more sync friendly and increase your chances for placements. — Check out “How to Optimize your Songwriting for Sync”.
- Do you have split sheets for all of your music outlining who owns what?
- Be sure to have instrumentals and clean mixes on hand of all songs. (Stems would be even more beneficial.)
Social Media / Tik Tok / Triller/ Facebook/ Twitter / Bandcamp, etc.
- Are you on all of these platforms? You need to be!
You can monetize activity on these platforms – especially when it comes to the use of your music… assuming you have a distribution partner watching and monetizing there… *cough cough* that’s us!
These platforms are also essential to building and engaging your fan base. Success here is directly attributable to success at the DSPs and in the live show world.
This checklist is meant to help you make sure that you are monetizing your music in every way you can. Go down the list and check off what you’ve done and what you haven’t. Then, make sure you’re taking steps to complete everything you’re missing.