Become A Full Time Artist With Music Monetization
Carlton Rolle on November 25, 2017
Music monetization is important for artists as this can be what let's you do music full time. However, what's the secret to getting there?
For many people, being a full-time musician is a dream come true. Many struggle with making enough money to support themselves with a “regular job.” Hitting big as a musician is even further away from reality. While it is difficult to create and sustain income from creative projects, it isn’t impossible to attain. Creating a viable income for yourself with music monetization takes plenty of dedication and work.
Making money in the traditional sense of the music industry is incredibly difficult right now. With the innovation of the internet, music streaming and downloading took a large portion of money from the industry. As the Internet matured and gained greater number of users, people in the music industry discovered new ways to interact with those users.
Having a strong brand presence is the difference between being successful and failing to be noticed. As a musician or someone working in the music industry, growing your online presence will directly relate to making money. In order to be effective with music monetization, musicians need to learn smart brand and marketing techniques.
Merchandise and Sales
Sell your music anywhere you can. Whether digital or physical, give fans the opportunity to listen and purchase your music. Add cool branded items to your list of items to sell like shirts, tote bags and more. Foster relationships with local music stores to get your music and merchandise into the location. This is a great way to generate small income without doing too much extra work. Consider setting up an online store for the merchandise that you’re selling. This gives your fans another way to purchase products and creates another line of income for you.
Performance and Appearances
Perform whenever you can. Events are the perfect area to have fans listen to your music, market, and purchase items from you. The more you perform, the greater likelihood you will have of gaining new fans and making sells. Musical shows can be the greatest income creator for musicians due to several tried-and-tested sales methods being used in the same space. Entertain your audience and they will support you. Travel to other cities as you do events as well. Create a regional fans base that will help your influence grow further.
Online Music Streaming
While YouTube will not make you rich, it can definitely help to generate more cash from the music you’ve created. Monetize your videos by signing up for Google AdSense and adding ads to videos. Figure out what works aesthetically for you and consider the consumer experience of the video. Placing ads on your most popular videos or recent songs can build revenue from viewers.
Use streaming services such as Spotify, Soundcloud, Pandora to reach greater audiences and build income. While musicians don’t make a lot of money from streaming sites generally, total earnings over a longer period of time could show the impact of using streaming sites. If your song gets put into rotation, added to a playlist, or moves up in the charts, it creates the opportunity for your music to gain exposure while generating residual income. Depending on the site, popularity of the song, and number of streams, musicians can make a decent amount of money from streaming sites. The exposure gained from using these streaming sites can be used to drive more demand for performances or other products.
Licensing Your Music
License your music to get credit and money from multiple avenues. Sync licensing with distribution companies makes your music available for placement in commercials, movies, TV shows, and more. Getting an agent or agency to pitch your music to other places is a powerful way of making quite a bit of money with little additional effort. Licenses, neighboring rights, and publishing rights for your music ensure you are properly credited and paid whenever someone uses your music or listens to it. This is the most common and beneficial for many musicians.
Reach out and collaborate with brands. Connect with brands or companies that you like and would want to work for. A lot of brands understand the power of influencers and targeted markets. Working with brands will help you to build your audience while being paid. The more fans that you have, the better you can influence sponsorship deals with brands. Depending on the brand and the nature of the contract, you could get a deal with brands will pay you to endorse them and also give you a portion of the money made from the endeavor. With a quality sponsorship, the benefits for both parties are high.
Making money from just album sales and radio plays will not provide musicians with a supporting income anymore. Music monetization in today’s industry isn’t easy. It takes a lot of time, energy, and creativity, but can potentially pay off in major ways. Have an understanding of the market and your place in it. This will give you a better idea of what you can do to attain another level of success.
Focus on creating relationships with your fans. Without a loyal fan base, you will not be able to garner greater views, contracts, performances, and most of all money. When you know your target audience, music monetization opens ways to growing and supporting yourself as a musician.
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Music Modernization act creates a formalized body that administers the "mechanical licensing" of music compositions.