05 Jul How Your Music Can Make You Money
Author: David Andrew Wiebe
Original Article by Indie on the Move: https://www.indieonthemove.com/blog/2022/6/how-music-makes-money
In any industry, the method of making money always appears to be a very difficult task, especially one as cutthroat as the music industry. However, turns out there are some secrets that newcomers aren’t expected to know, but your friends here at FanFlex can give you the inside scoop on how you can make money beyond our bookings. Just remember us when you’re rich!
Primary Sources of Income
Some of the biggest sources of money can come from touring, merchandising, licensing, placements, and streaming; according to an article from Business Insider. However, streaming isn’t as lucrative as the aforementioned methods, so keep that in mind while you proceed in your endeavors.
For the most part, independent artists are also going to follow the same route, but with much greater emphasis on playing gigs, radio plays, and merchandise.
A side note on merchandise: include physical media on your music on your catalog. While CDs aren’t as big as they used to be, there is still a diehard following behind those shiny disks. Some have even purchased vinyl records of their favorite albums, so take that into consideration as well.
How to Make Money Online
As Wiebe writes, “It’s much easier to determine a specific focus for your career and to earn an income from it than it is to take the shotgun approach to revenue.”
For example, you could focus on growing an online fanbase through your music and profiting off that through online memberships, subscriptions, and fan clubs. You could also pursue merchandise sales and placements, with a little bit of licensing thrown in the mix.
As the saying goes, “Failure to plan is a plan for failure.” With a solid plan comes a solid online revenue. Many artists have utilized these methods to keep the money flowing, even during the COVID-19 pandemic.
Streaming
Making money off streaming services is an obvious method: the more people listen to your music, the more money you get. However, what isn’t obvious is how you can get those listening counts up.
Sit down for a moment and think about the practical ways to get the word out about your music:
- Enable “pre-save” for upcoming releases on streaming services
- Get your music reviewed by bloggers, who can influence audiences
- Pitch playlists to streaming services to include your music
- Send your fans your streaming links via email campaigns
- Embed your music on blogs and websites so people can be familiar with you
If a streaming service has a feature that can help your fans and potential listeners access your music, you’d be smart to take advantage of it. The “share” button on many streaming services also helps fans to spread the word about your song and music on social media.
YouTube Streaming
Unlike a traditional streaming service, the only real way to make money on YouTube is via “revenue share ads.” Options like Super Chat and paid subscriptions are also available to the user. However, YouTube will only see your channel as eligible for monetization when the account has reached 1,000 subscribers and has a watch time of 4,000 hours.
But, there are ways that you can use YouTube as less of a revenue source and more of an advertising platform.
Say you launch a vlog that shares your latest releases and experiences as an artist. If you use your own music in said vlog often, you can always post links in the description that redirect to your pages on different streaming platforms. The same can be said about merchandise shown in the video, which gives fans a direct method to buy whatever they liked in the video.
Patreon is another excellent link you can put in a video description, allowing eager fans to directly support you on a monthly basis with different tiers.
If your vlog grows big enough, you might be approached by different sponsors who will fund your endeavors.
Last Remarks
Remember that most artists aren’t in the music industry solely to earn money. For many, their careers as artists are ones fueled by passions for their crafts, as well as the kind of influence that can have on a group or on the world.
However, making money while doing so can help sustain their work, which is one avenue Fanflex can help in! Alongside our ability to book gigs nationwide for you, you’re set to have a smash breakout. Now, just enjoy the money rolling in!