You might have heard that music streaming platforms like Spotify and Apple Music don’t pay the artists enough, even though their music has been streamed millions of times. So you might be wondering, how do they make a living? Well in this article, I will break down some of the income streams that independent musicians might benefit from.
Performances
A lot of musicians make money by performing. From small gigs to big concerts, they are all good sources of income. And ever since the pandemic, many performers began to do online shows. This is a good option for independent musicians because they can sell more tickets to fans around the world. On top of that, if you are a musician and you are willing to invest in professional videographers and audio engineers, you can always sell recordings of your live performances. That means more income for you. It’s great, right?
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Royalties
Musicians are always happy when their songs are picked up by a TV show, or when other artists do covers of their original songs. That’s because they can get paid without having to do anything. Of course, there are cases when people use music without permission. But if you register your songs officially after you release them, you can always find legal help to make sure that you are compensated for your work.
Merchandise
Your fans love you. That means that if you sell t-shirts with your brand on it, or a special edition of your latest album, they will be willing to spend money on you. That’s why it is always a good idea to sell your merch at your shows. Or, you could always sell your merchandise on your website. It will make it easier for your fans who live far away to support you and your career.
(Ivan Samkov / Pexels)
Sponsored Posts
You’ve probably seen sponsored posts on social media before. Brands are usually willing to pay a lot of money for you to mention their product on one of your social media posts. Of course, you need to have a huge number of followers, otherwise they won’t be interested. Which is why, it’s always a good idea to ask your audience to follow you on social media. Maybe do it after a show or during a meet and greet.
Education
As a musician, you have knowledge that other people might want to learn. That is why, a lot of musicians are also teaching music on the side. If you can make the schedule work, teaching is a very good source of income. You can also do seminars or create online courses. I promise you, it is very fulfilling to be a part of someone’s music journey.
(Yan Krukau / Pexels)
Crowdfunding and Grants
It would be a dream to have someone just give you money to make music. Well, what if I tell you that it’s actually possible? You’ve seen musicians on Patreon before, right? A lot of musicians fund their projects through the support of their fans, thanks to the magic of crowdfunding. Also, if you’re qualified, you can always apply for grants. And the best thing about grants is, you don’t have to pay it back. I wrote an article about grants, so if you want to learn more about it, you can read it here.