How Musicians can Make Money Online: Unlocking the Power of Brand Revenue
The terminologies “touring” and “eating good” are often used interchangeably amongst music industry experts, emphasizing the need for every aspiring musician to generate revenue through live performances. But the reality is that only big artists who have already established their brand have the luxury of utilizing the full potential of such a venture. For artists that aren’t there yet, diversifying their revenue streams is the best way to bring in money and find success as a professional musician.
Live Streams: An Opportunity for Creativity and Expansion
The need for social distancing has put a damper on in-person shows and events, but this creative limitation has also opened the door for new revenue sources through virtual shows. Bigger artists have been able to capitalize on this trend by hosting live stream event and selling tickets. This mirrors the same successful model that was mirrored at Rolling Loud by allowing fans who couldn’t attend physically to still enjoy the experience by buying a Prime Video membership.
Streaming Site Revenue: Utilize the Benefits of a Distributor
Securing a music distributor to push your songs to multiple streaming sites places you in the exciting position to make a profit off your streams. In addition, its wise to avoid sites that offer free downloads as they wont bring in anymore income for your brand.
Digital Downloads: Take Control of Your Brand
Websites such as Bandcamp and Amazon Music offer great platforms to set-up your digital catalog and sell it straight to your fans. Doing this cuts out the need for a music label an middleman, giving you sole control of your brand and music.
Make A Meme: Merchandise Strategies to Grow Your Brand
Analysis suggests that merchandise sales is a great way to build and grow your brand. Depending on your budget and expendability, you could provide fans with physical items such as CD’s, Vinyls, clothing, stickers, etc. as well as items produced through digital means like NFT’s, sheet music, and stem files.
Fan Subscriptions: Accessible and Affordable Content
Another great way to bring in revenue and build your brand is by setting up subscription options on your personal website. This would allow fans to pay an affordable monthly fee for exclusive content such as behind the scenes footage, early access to new music, merch discounts, etc.
YouTube Channel: The Possibilities of Ad Views
If your music is used in a YouTube video that is monetized with ads, then you are guaranteed to make a portion of the revenue that the video generates. This is a great way to make money considering the site’s enormous reach and user base. Additionally, uploading video content to your own YouTube channel increases your chances of bringing in more money as the more viewers and subscribers your channel has, the higher the probability of making profit.
Social Video Monetization: Make Money from Plans You May Not Know Existed
Many people are completely oblivious to the fact that when your music is used in a video posted to social media platforms such as Facebook, TikTok, and Instagram, you can still make money from it. To ensure that you actually get a portion of the revenue from such videos, you first must make sure your distributor has enabled monetization on socials.
Online Music Lessons: Pass-down Your Knowledge
If you are looking for more passive income streams, consider setting up online music lessons and selling educational music material such as e-books, videos, and audiobooks. This is also a great way to reach a wider audience as people will be able to learn your techniques and ideas from the comfort of their own home.
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