Music is a great source of income for established music artists. Newcomers may find it tough to get their music in front of music fans and make money from its sale. It requires thorough research and dedicated efforts to form a strategy to build a sustainable career in music.
This article shares with you some effective tips to make a living in the present music industry.
Track Income and Spending
To make money, you need to keep updated on what is happening with your money. There is software such as Wave, or QuickBooks that can help you easily manage your earnings. MusicDigi is the best online place that helps you sell your music and earn money. This digital music distribution service uploads the music on all popular music sites and streaming services.
Daily Post Revenue Generating Content
To make a good amount of money from music, you need to be active online. Consistently create superior-quality content on different platforms such as YouTube, Medium, Anchor, and Spotify.
By posting your content on these platforms, it will help generate passive income in the form of ad revenue. Online music distributors help you get your music on Apple Music.
Sell Your Music In All Possible Places
To creating new waves of income, you need to look for ways to sell your music online. Posting content helps you direct traffic that would increase the possibilities of selling your music.
Tools like Invoicing Software, BeatStars, Simplegoods, Airbit, Clickfunnels, etc. will help create a shopping system. Once you have properly set up your system, you are all set to sell your music.
Pay Attention to Quantity and Quality
Quality content will attract the attention of listeners. Along with quality, you should create the content in good amounts. Keep posting them on places where music fans visit on a regular basis.
Give your best shot each time. With time, you will be able to obtain a stellar batting average. You should seek the assistance of music aggregator services to sell your music on Amazon.
How To Reduce Risks Involved In Selling The Music?
Music is a creative and fulfilling way to make money. However, the sale of music doesn’t come with assurances. By setting up automated and diversified revenue streams can help musicians lower/eliminate the risks.
With a contract with a key record label, it is rare for a single stream to generate adequate income to earn a livelihood. Promoting your music on several automated revenue streams helps eliminate risk. Build a system of varied and easily manageable revenue streams to create music.
Common Revenue Streams to Monetize Music
Earn streaming royalties via digital distribution
Digital distribution platforms are the best ways to get your music on Deezer, Amazon Music, Apple Music, Google Play, Spotify, and other streaming services. These platforms collect and distribute royalties from the music uploaded on the streaming services.
Some of the widely popular digital music sharing platforms include Landr, TuneCore, CD Baby, Amuse, etc. These platforms help sell your music on Beatport that offers genre-specific streaming services.
Make Money By Playing Gigs
Playing live music is a lucrative way to make money. It is a good way to yield income and build an audience-base. Interested musicians will have to locate local venues where they can play their music online and build a large base of real live fans for music.
Gig-booking websites and applications are more accessible ways to build a sustainable audience and promote music.
Creating an EPK or Electronic Press Kit
An electronic press kit is often needed when you are visiting any local venue. They offer a quick overview of the “brand”. This kit comprises a digital collection of videos, documents, and music. Creation of this kit is easy using a variety of design tools such as Canva, the PressKitHero, Adobe Spark, etc.
Sell Your Band Merchandise Online
A musician can use a fully automated merchandise store to generate income while focussing on creating quality music. Shopify is one of the places that can help musicians to set up a full-fledged automated goods store in minutes. It can help you sell your band’s T-shirts, canvas bags, home decoration products, water bottles, and more.
It is a common belief that the music industry can’t help you create a great lifestyle. Setting up diversified revenue streaming sites will help you make a decent earning. The above ways will support you to make a sustainable and manageable musical career to unlock and expand your income.