Photo: Firmbee
As of 2019, the music-recording industry had a revenue of $21.5 billion.
There’s a lot of money to be made in this industry if you know what you’re doing.
Musicians from around the world can make money from their talents easier than ever in today’s day in age. There are so many ways to diversify your income stream, especially with the internet.
Are you wondering how you can take advantage of this? Let’s look at how many music performers manage to do this for themselves.
Earning Royalties
When you think of making money from music, royalties are probably the first to come to your mind. Royalties can take on many different forms and can range from small amounts to larger amounts.
Most commonly, artists can make money from having their songs played on radio stations. They would receive a small cut in exchange for their song being played on the radio.
Royalties can also come in the form of the song being used in other types of media. This can include movies, tv shows, or even commercials.
Streaming music is another great way to make money from musician the new age of the internet.
If your song fits well enough, it can be a great opportunity to take and earn some royalties for the use of your work.
Touring & Live Performances
Famous musicians often tour and do live performances for many reasons. One of the biggest reasons is that it’s a lucrative approach to monetizing their music.
It’s something that even musicians in the past knew they had to do. Take the music stars, The Osmonds for example. They’ve known that touring is huge, and continue to do it today.
Check this out for a brief history of their careers.
Fans have a love of getting up close and personal with their favorite artists and live shows give them a chance to do exactly this. There are also many ways to monetize from within the venue. They include selling merch, purchase of tickets, and gaining new fans who will go on to buy future music and support the band.
Selling Merchandise
Merchandise is a highly-flexible income stream that singers can use to their advantage. There are virtually no limits to selling your merchandise, making it easy to diversify.
It can be sold online, in-person at shows, or through deals with retail stores. Merch doesn’t have to be limited to T-shirts either. It can also come as other useful products as well.
Not only does the sale of the merchandise help, but your fans wearing and showing off their new merch will help market you as a musician.
Gaining new fans is important and it can help you reach new levels when it comes to your career as an artist.
Music Performers Can Benefit From Many Income Streams
With each passing day, there are always new ways for music performers to earn money. This helps to diversify the ways that they make money and maximize their profits over time.
It’s even easier with the addition of the internet, which can allow artists to self-publish and other methods of monetization as well.
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