How To Monetize Your Music
How To Monetize Your Music, has to be up there with one the most frequently asked questions i’ve faced.
The truth is, if you asked a hundred music artists if they wanted to make a living out of their music 98% would say yes and the other 2% would be lying.
Let’s face it. Music business is big business – when you’re on the right side of it.
Even when you’re not making money off your music, some body else is. Youtube are running ads on your music videos and Spotify and Apple Music are charging subscriptions. They’re giving you and artists like you chump change on the dollar.
Last year Spotify reported 7.44 billion dollars in revenue. Youtube reported 15.15 billion dollars in ad revenue. There is big big money in content.
How To Make Money From Music
You can absolutely make money from your music, just maybe not how you expected to. Spotify, Youtube, Apple Music, Tidal can all provide you with a cheque but unless you are getting hundreds of thousands or millions of streams, that cheque is just about going to buy lunch today, if you’re lucky. That’s not a living.
So we need to get creative. What I will offer you in are concepts, ideas and formulas. Some you may be familiar with, some maybe not.
How To Monetize Your Music
After all that, he’s talking about streaming right? Regardless of how little you may earn unless you have a following, if you have the following then it’s another bag.
If you’re going to start pushing for a decent streaming income, then it needs to be the majority of your focus. Getting famous/viral is obviously going to boost your numbers but if you aren’t that lucky it needs to be a dedicated grind.
I’ve already wrote a very helpful article on building your Spotify followers below, a lot of the concepts in that article will be universal for building on other platforms. You can click the link below to find out more info on how to promote your spotify.
>>> 5 Ways To Promote Your Spotify <<<
Patreon is a dope tool for content creators, it’s typically used by Youtubers but a smart artist can utilize it. The idea is, that using Patreon.com, you build a hub for your fans. You set a membership/price tier and if they want access, they choose how much they want to pay and they receive content from you accordingly.
You can fill it with exclusive behind the scenes footage, exclusive songs, giveaways and all the things you feel would be valuable to them. I don’t see many artists doing this and they’re missing a huge opportunity. Imagine you charged $10 a month and got 100 people to sign up, that’s $1000.
You would have to be dedicated and make sure your fans get content that is worth paying for, consistently and on a regular basis. If you can provide that for your audience, this could change your life.
This is really the go-to for most artists. they want to make a few bucks so they spend a few hundred on getting some t-shirts printed. They sell a handful then they get stuck with a pile of merchandise and no demand for it.
I wrote an article for Pop Of Colour Music where I go into detail on some great practices when it comes to selling merch. You can click the link below to get that info.
4. TV & Film
Who said you had to follow the same path everybody else does. Make music, get fans, do shows. Not saying that your music career doesn’t need that but have you ever thought about other ways your music can be heard?
You ever find yourself watching TV and a commercial comes on with a song from an artist you’ve never heard before? Or a cutscene on a TV show? There are producers and artists making major bank that you’ve never heard of through TV licensing.
Basically you find a service which you submit to and show producers pick songs ups from. With most of these services you tag your songs with moods and vibes and if they’re looking for something like that, they may stumble across yours.
I found a great article from an amazing blog for musicians that I think can give you a much more technical look into Sync Licensing than I can.
There is so much money in brand deals. The idea is that once you’ve built up a nice following (ideally 10k+ w/real engagement) brands will reach out to you, or you will pitch them on a deal. In exchange for you promoting them or their products, they will pay you, either weekly/monthly or per post.
In 2020, this is a huge staple of many of your favourite online personalities income.
Before you get started on trying to promotion deals, i’m going to give you a few tips.
Your branding must be purposeful.
Products and companies have to fit your brand. If you don’t do a lot of travelling and share it on social media then why would a travel company want to work with you? If you don’t share photos of you shopping for equipment or unboxing new tech you’ve bought why would a tech company see value in working with your brand?
Switch your social media game up if you’re not sharing things that brands could fit seamlessly into your brand.
You have to know your audience
You need to know your audience and what they’re into. Let’s say the first tip didn’t matter, and a company wanted to work with you just because you have a following. You could have a following of 18-24 people who like to party, so what use would a kids toy company do for your brand? One, your fans are gonna feel like you sold out a little and two the company isn’t going to get results and the partnership won’t last long.
Don’t forget to name drop
Whenever you use a product or service, make a post and tag the brand. They probably don’t know you exist so when you tag them in one of these posts and they see a lot of engagement, they just might reach out. It’s always worth a shot.
Use A Brand Deal Platform
There are plenty of services out there that will connect influencers and brands together. One of the more popular ones is: BrandSnob
Save the hard work of pitching random brands online and just search through a database of brands who are looking for people like you.
How To Monetize Your Music
There should be plenty of things in this blog that will inspire you on How To Monetize Your Music. You should have new ideas on how you can start making some extra money. Think outside of the box and don’t settle for the typical routes that musicians tend to take. You are worth money. As long as you operate as a brand of value. Be mindful and purposeful with how you use your brand.
If this article helped, please share with other musician friends. If you have any questions please comment below. I will get back to you as soon as I can.
Click Here to follow us on instagram.