HOW TO MAKE MONEY WITH MUSIC
If you’re going to go full-time as a musician, you’ll require some other source of music industry income. Part of the reality of being a working musician today is the need to diversify your revenue streams. The more you can diversify your income, the more lucrative your musical endeavors will be. With record sales in decline, you will need to approach your sources of potential revenue streams with an open mind. But, if you have a good business sense, making money as a musician isn’t actually that hard. A little creative ideas can get you started. 1. Sell Your Music Digital distribution is a must; you need to be readily accessible through all media platforms, or find a friendly aggregator that places your music all over the net for you or you may choose to set this up yourself.Selling music at shows is also important. You can sell CD-Rs, make sure they are reasonably priced to sell at all your gigs, or online. If you’re pressing physical copies, check out your local record shops to get them in on consignment. You can easily duplicate your CDs without spending much, including printing and a plastic-wrapped case, so most of each sale will be profit, even after huge discounts. 2. Sell Merchandise Band merch is a big business, especially if you’re a musician or a band that is known for having a very loyal following. Both indie bands and signed labels can sell their own merchandise fairly cheaply. If you’ll be playing live shows, printing a small batch to have at your merch table can help generate extra income. But don’t get carried away with expensive purchases until you’re sure there’s a demand. Make your own t-shirts, buttons and badges, stickers and other merch and sell them at your shows and on your website. Merchandise does especially well at shows, after your fans have just seen you play and are all caught up in the spirit. As long as you keep your overhead down, merchandise can give your income a nice little boost. Merchandise sales is one of the most unreliable ways to make money in the music industry. It’s very possible to end up selling no merchandise, even if you play at a packed venue. But then, any advertising is good advertising, and maybe you can afford to have some giveaways. 3. Gigs / Play Live Playing live is an obvious choice when it comes to making money as a musician. Most musicians enjoy performing live, and it can be a fantastic way to make money. However, you need to think bigger regarding income streams related to live performance. Try to get your own gigs. If you don’t have much of a proven track record when it comes to pulling in an audience, you’re not in a great position to demand large fees. Building up to this will take time. You won’t be in a position to expect large fees if you are a relative unknown. Maybe even offer a trial run, or consider offering your services for some charity work to get yourself known. No matter how little you earn when you start, take the long term view, and concentrate on building your reputation to greatness. When possible, retain control over ticket sales through your site, eliminating the commission charged by ticket agencies. This doesn’t mean that this is the only type of gig you should pursue though. Treat each low-paying gig as a step towards increasing your earning potential. 4. Create a Website A website or blog is a great way to showcase your music sell your CDs, and advertise your availability for gigs. It is a good idea to have a website which features some examples of your talent. Ask your client to write a recommendation on your website if they are happy. No idea where to start? We have a platform designed specifically for band websites, i.e giglue.com, which helps you create a professional looking website. 5. YouTube Channel
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