Few practical methods for making money.
These days, musicians generally have more control over their destiny than in times past. Depending on your genre and work style, you can write, record, distribute, and promote your music yourself, as long as you use the right tools at your disposal (most of which are affordable!).
Of course, the times we’re in also present significant challenges for musicians. With the domination of music streaming, selling CDs isn’t near the profitable venture it once was. And though live performances are kicking back into gear in most areas of the country. Some states and cities are beginning to tighten the reins again, removing the option of playing live shows.
Therefore, no matter where you live, it’s critical to create some predictability for your career so that you can build on solid ground. This means that it’s time to start thinking about how you can diversify your revenue streams. If you’re not sure where to start, check out these practical ideas from Guda Drum:
Live Streaming
Even if live shows are coming back to your area, producing live streams can still be an excellent source of revenue. Viewers of live streams are not bound by geographic location, so you can perform for people in all corners of the globe—in many places that would be difficult to tour. Along with promoting your brand, live streams can also generate extra income if you sell tickets to your events and/or set up online tip jars.
Building a YouTube Presence
One of the most beneficial marketing strategies you can use as a musician is to create a YouTube channel. On that channel, you can reach a worldwide audience with the video content you post. Whether it’s a live concert, music video, lyric video, promotional video. Also any other type of video content, focusing your time and energy on building your YouTube presence can prove well worthwhile and quickly garner you a lot of new fans.
Another perk of running a YouTube channel is that you can get paid from ads. Essentially, if one of your videos — or any video on another channel that uses your music, runs ads — YouTube will pay part of the ad revenue to whoever owns the rights to the song.
Teaching
Teaching music lessons is perhaps the most practical tip on this list. Virtual lessons were gaining traction for years before the pandemic even hit because they add convenience for teachers and students alike. And os course they’re also more cost-effective. If you have a desire to teach other individuals, research how to create a curriculum or lesson plan, and use an efficient platform for managing your schedule, lesson content, and other elements.
Becoming a Freelancer
Another option is to pad your income by becoming a freelancer. Whether you’re a hired musician, composer, songwriter, singer, or producer, you can sign up on online job boards to get your name out there. Potential clients can find and hire you for various tasks and projects. Also, consider other freelance jobs that you might be able to take on, even if they are not related to music. Web design, blog writing, and virtual assistance are some of the most common jobs fulfilled in the gig economy.
If you’re planning to freelance, consider setting yourself up as a limited liability company. With an LLC, you’ll gain certain tax advantages and be protected from potential litigation. The easiest way to register your LLC is to work with a formation service like Zenbusiness.
A career in music requires a lot of passion because it can be difficult to make a solid income. But that doesn’t mean that you can’t lay a stable foundation upon which to build a successful career. Consider the ideas above for adding new revenue streams that can prove beneficial long after the pandemic ends. And of course, keep practicing and perfecting your craft so that you will be prepared for every opportunity that comes your way!
Karen Weeks