Making money as a musician has never been a walk in the park, and with new challenges presented by the pandemic, it’s time to see where the money in the music industry is at and what priorities you need to set for yourself for the upcoming year.
Music sales and distribution
Bob Dylan has just sold his entire catalog for $300M, Stevie Nicks recently sold majority rights to her music for $100M. Your music might have a buyer like that yet, but to get there, you need to make sure you claim all profits from the music you are making available for streaming and downloads.
Another major source of income for musicians this year is online events. Private or for the general audience, these shows can bring in a sizable profit through ticket sales, donations, tips, and merch sales.
Online concerts can be very versatile and range from just a handful of people attending to hundreds and thousands of fans. As long as you can provide a good sound and video quality and deliver the energy of a live show, online concerts are the way to go.
You can make online shows as simple or elaborate as you want and offer up to 20 ticket tiers to allow fans to contribute as much or as little as they are comfortable to.
Having your music featured in a TV show or a movie is not just good for your brand, but can bring in some cash. Licensing your music is essential to your music business, so find which organization manages licensing in your country and submit your music.
Here’s the short of it: make a list of tracks you want to license, add metadata (names of the song, artist, album, release date, etc.), and register the music with a performance rights organization.
Not sure the hassle is worth it? Tim Westwood, a songwriter for Rihanna’s hit Umbrella, raked $15M in royalties from the song. Imagine if he didn’t bother to properly license the creation. The Rembrandts, the band that created the ultimate Friends anthem I’ll Be There For You, got an estimated $5 of royalties for the iconic song.
More and more popular now is a subscription-based model with supporters contributing to the work of a creator they love by becoming paid subscribers.
Show4me Artistclubs offer the option of both free and premium subscription where fans can pay $1/year to access the music in the Artistclub and be able to DM the artist. Moreover, fans can tip while subscribing and choose to pay more than $1 for their annual subscription to the Artistclub.
Creating your artist brand also means your fan community will also be interested in purchasing various additional goodies you can offer for them to feel more like part of your fan gang.
Merch, music lessons, CDs/vinyls/cassettes are great options to offer your fans who want to have something more than just your music and shows to experience and become part of their lives.
Beats can serve as a mere inspiration for a song or become its very core that no fan can imagine the track working. If writing beats comes easy to you, you can make bank by selling them on specialized platforms like BeatStars, Airbit, AudioJungle, Beatclub.
Creating a plan for the year and checking off your milestones is a great way to break the massive task of building an artist brand and making a living off your music into smaller, more digestible pieces. Small tasks you set for yourself to do will make your journey less stressful and progress – more apparent.
Use our ideas for making money off your music in 2021 to develop your own custom plan for the year, and we hope Show4me can become an integral part of your music career in the coming year!