So, you’ve got the talent, the tunes, and maybe even a catchy band name. But how do you make money with music online?
Gone are the days when musicians had to rely solely on record deals or endless touring to earn a living. In today’s digital world, there are countless ways to transform your musical passion into a profitable business, from streaming royalties to virtual gigs.
In this guide, we’ll dive into the various strategies musicians can use to make money with music online. Whether you’re looking for active or passive income, there’s something here for every melody maker.
Streaming Platforms: The Digital Gold Rush
How do Streaming Royalties Work?
Welcome to the digital gold rush, where Spotify, Apple Music, and YouTube Music are the new mines. But instead of pickaxes and shovels, you’ll be needing a killer playlist and some savvy marketing skills.
For many modern musicians, streaming royalties are bread and butter.
How does it work? Every time your song streams, you get a fraction of a cent. That sounds minuscule, right?
But all those fractions do add up, especially if your track lands on one of the really popular playlists or gets shared by influencers.
How Much Does Spotify Pay Per Stream?
The golden question is how much Spotify pays per stream.
Well, it is always around $0.003 to $0.005, but it would largely vary with countries and regions. Hence, to make a single dollar, you may need about 250 streams.
It doesn’t really sound like much, but when there are millions of potential listeners, it is all about the numbers.
Maximizing Your Streams
Think of your music as a small business to maximize streaming revenue. Make it a point to push your content through on social media, collaborate with other artists, and engage with your audience.
Make some playlists that reflect different moods and vibes; reach out to playlist curators. See how much more your music is going to get added to these playlists to affect those streaming royalties.
Live Shows and Gigs: The Classic Route, Reimagined
The Importance of Live Performances
Live performances have always been the source of life for a musician, but the internet has changed what counts as a gig. Whether you are on stage or in your living room, live shows are important for gaining a fanbase and revenue immediately.
Online Gigs and Live Streaming
With more and more artists working in virtual concerts, musicians can perform in front of an audience from anywhere in the world, from the comfort of their own homes. Hosting a gig on Twitch, YouTube Live, or Instagram Live is now as easy as it gets.
When playing live, viewers can tip during the performance, virtually buy a ticket, subscribe to your channel for exclusive content, and many more things.
Tips for Booking Gigs
But when it comes to gig bookings be it physical or virtual, the key is to start local and work your way up.
Find the venues or online spaces that suit your genre and where your fans are. And don’t be afraid to negotiate on your fees or actually to be fairly paid for your time and your talent.
Advertise your shows through all your social channels and get your fans to spread the word.
Music Publishing: Licensing Your Creations
What is Music Publishing?
Music publishing is like finding the holy grail of passive income. By licensing your music for use in films, TV shows, commercials, or even video games, you will earn royalties every time your song is played.
This is one of the lucrative means of making money with music online, as it enables one’s work to keep raking in cash even long after it has been done.
How to Find Licensing Opportunities
Licensing opportunities might be tricky to find, but a range of platforms are designed specifically to connect musicians with prospective clients. Websites like Songtradr, Musicbed, and AudioJungle are great starting points.
First, you should sign up your songs with a PRO such as ASCAP or BMI so that you get paid when it is used publicly.
Negotiating Licensing Deals
In the case of a licensing deal, you have to know your terms. Are your songs being used only for one particular project, or is it open for other uses? How does a license last, and what are your royalties supposed to be?
All in the game of protecting your rights and seeing that your creative work is remunerated fairly.
Beyond the Basics: Alternative Revenue Streams in Music
Teaching and Tutoring
Have the art of teaching in your pocket? Why not try offering music lessons online? This is easy to set up through platforms like Zoom or Skype.
No matter what the area of teaching is, guitar or voice, even down to music production, one can be sure there is someone interested.
Selling Beats and Samples
Producers, this one’s for you. Selling beats and samples is a lucrative business, especially now with the presence of BeatStars and Splice.
You may produce customized beats for artists, or you could produce and sell pre-made ones to whoever needs background music.
Collaborating with Other Artists
Collaboration is one of the finest ways one can make it big in the music industry. The collaboration may be in co-writing the song, featuring on another artist’s track, or working together on a particular project. This collaboration may bring about a new stream of revenue. Moreover, it is a lot of fun!
Conclusion
There is no right answer to the question of how to make money online with music. Experiment with many different strategies, find out what works for you, and just keep at it.
Stream your songs to the masses, teach a new generation of musicians, or sell to the hottest band.
Whatever you want to be doing, there’s a world out there waiting for you.
Just remember, the digital landscape is constantly in flux-and be ready to shift with the wind. And by ready to shift with the wind, you just might find that your big payday is just a click away.
