Monetisation opportunities for musicians
Being able to live from your passion or turn a hobby into a profitable business is a great achievement. But while it’s easy to dream of being the next superstar or fantasize about becoming one of the big names in the industry that can live only from music, it takes a lot of effort, strategy and perseverance to actually make those dreams come true.
As long as you follow your dream, work hard and… have a bit of luck, nothing is impossible. Our main pillar is to help musicians & artists reach their goals, so let’s take a look at the ways you can make money and reach that potential audience that´s out there waiting for you:
Give small performances
Accept any invitation, no matter how large the audience is. You’ll have to understand that at the beginning you will not earn what you expect. Making a name for yourself as a great live performance musician takes dedication and practice, but if you are good, make yourself known and constantly look for opportunities, much bigger deals will be at your door.
Take advantage of any contacts you have, friends, acquaintances, friends of friends. No matter if it’s a wedding or a small bar gig, they’re all opportunities to practice and network. You don’t know when you might meet the person who will give you your first big break. We´ve insisted before on networking as one of the main efforts you can make to get where you wanna be, you can also check out some tips at our previous blogs.
Composing music (Selling your music or beats as a freelancer)
Nowadays there are freelancing platforms that allow you to monetize any kind of talent you have, and that is needed by companies or people anywhere in the world. Platforms like Fiverr allow you to propose your work as a composer or beatmaker so that people who need someone like you can get in touch. UpWork is another related platform where people describe the job they need, and you can propose yourself as a candidate to do it.
Beatmaking or composing soundtracks for small projects are among the most common opportunities you can find on these platforms. If you are good you can exploit your talents in these networks. With patience and making your creations known, little by little you could create a name for yourself in these scenarios and receive very lucrative offers.
Start your own YouTube channel
YouTube has helped many talented musicians take their first steps and launch their careers. Among them – Justin Bieber, Shawn Mendes, James Bay, Charlie Puth. You can start by opening a free YouTube account, but then you’ll need to get a minimum of 1000 subscribers before you can monetise your videos. Invite people to subscribe, share your videos on social media and always try to make them longer than 10 minutes, as YouTube prefers them over 3 minutes when it comes to ranking.
The best advice to make your videos and yourself known is to be original. Youtuber musicians as Adam Neely or Davie504 got themselves and their music known by making different and creative videos. It’s easy to say “Be original”, but if you’re a talented and creative person, it probably won’t be hard for you to find a different way to focus your music and musical knowledge to create unique and interesting content for your channel.
Take it to another level
Maybe you’ve already played a few small gigs and are probably already writing music. But your earnings don’t match your own claims. As you gain experience and start to get more and more attention, you need to dig deeper into your talent. Try the following suggestions to take it to the next level:
Get a Patreon/Only fans account (refer to one of our previous blogs) https://blog.melboss.com/2022-predictions-and-trends-for-the-music-industry/
Patreon and Only Fans have become great platforms for artists who want to make money from their creations and find their own audience. You can build a page and accept donations from a group of “patrons” for various pre-set amounts. You can start to earn the trust and loyalty of fans on Patreon, but it takes hard work to keep them happy. Offer incentives to motivate followers and secure their donations.
For example, the rock band Future Sunsets gives “patrons” backstage access to their concerts. They post photos of them, offer free tickets and, from time to time, promotional materials.
Organize video conferences with fans
Live video platforms are accessed by musicians to interact with fans in a direct way. Talking face-to-face with them is a way to connect more deeply than social media. You can offer such “meetups” to your Patreon backers when you mark certain events or milestones reached.
For example, fans who pay €10 per month can receive an invitation to take part in these online meetings. You can also urge your fans to pick up their musical instruments and play together. Make them feel important.
For any fan, buying products sold by your favorite artist is the easiest way to support and promote them. You can offer a wide range of products, from t-shirts and caps to exclusive vinyl. It’s easy to use the services of a custom printing company, or even set up your own if you see big sales. You can offer products at live gigs, too, not just online. But beware of quality, which must be of a high standard.
However, don’t overproduce. You don’t know how many musicians have hundreds of vinyls in their homes. Know your audience and be honest with the reach you’re counting on.
Become a music producer
As a producer, you can help various musicians create albums, set them on a career path (if they are talented) and give them new ideas to exploit. When you sign a musician, you’ll get a percentage of the resulting income or how the deal is made. Working with a music producer is a crucial step forward for any musician or band who wants to become known. Producers are impartial and focus their efforts on helping artists unlock their artistic potential and make good music. To be a music producer, however, you have to have vision and the ability to feel the pulse of the market.