Music Tech

10 Things You Can Do to Make Money with Your Music This Year

Making money with your music can be hard, but it’s not impossible if you take the right steps to make it happen. You can use your skills as a musician to your advantage and turn your passion into an extra income source. It takes time, persistence, and hard work, but you’ll find that the more successful you are, the more options you’ll have to make money with your music this year and in the future. Here are 10 Things You Can Do to Make Money with Your Music This Year!

10 Things You Can Do to Make Money with Your Music This Year

1) Picking your music strategy

If you’re an artist or band, your strategy is going to depend on what kind of music you make and what your goals are. Here are a few strategies that have worked for artists in different genres and at different stages of their careers

  1. Find creative ways to earn money directly from fans (e.g., pre-sales, crowdfunding)
  2. Work with brands and companies who want to sponsor content or events you create around your music (e.g., festivals, tours)
  3. Play shows as often as possible so you can build up a fan base over time—and then use those fans as evangelists who will spread word about your next release/tour/show through social media (#4)
  4. Use social media (e.g., Facebook, Twitter, Instagram, YouTube) to engage directly with fans and market yourself
  5. Create merchandise and sell it online (e.g., T-shirts, hats, stickers, etc.) or at live events (e.g., concerts, festivals)
  6. License your music for use in TV shows, movies, commercials, video games—and earn royalties from each of these uses (more on that below!)
  7. Record a cover song that’s popular and release it on YouTube or SoundCloud as a way to build awareness about your own music (#8)
  8. Write original songs that other artists will want to cover (#9)
  9. Release an album of covers, then use those fans you’ve built up from doing #7 & #8 to market your original music
  10. Release an album of originals, then use those fans you’ve built up from doing #7 & #8 to market another album of covers (or vice versa!)
10 Things You Can Do to Make Money with Your Music This Year

2) Look at opportunities outside of your favorite platforms

Platforms like Spotify and SoundCloud are both effective ways to monetize your music. But if you’re a keen enough businessperson, you’ll realize that they aren’t your only avenues for cash-flow.

If you want to make money from your tunes, look at opportunities outside of these two platforms. For example, maybe there’s a company in need of background music for their video content or an independent film producer who needs original songs for their next project.

ALSO CHECK: How Much Deezer Pay Per Stream 2022

These types of opportunities can be especially lucrative because they don’t involve any middlemen (like record labels).

So, if you’re serious about making money from your music, look beyond just Spotify and SoundCloud—there are plenty of other options out there!

3) Meet other creators and make friends

Social media and networking sites are huge resources for artists looking to find like-minded individuals or collab. These days, there’s a platform for pretty much everything: YouTube, Twitter, Facebook and so on—and each site has its own unique community of creators just waiting to meet you.

I recommend trying out as many social media platforms as possible (YouTube, SoundCloud, Facebook) and researching how they work before diving in. Most importantly, don’t be afraid to connect with other creators.

A lot of them will be happy to answer your questions about their experience or provide feedback on your music. And don’t forget that many online communities have forums where you can ask questions and get help from other members!

4) Utilize new platforms and tools for music

There are a number of emerging music platforms that you can use to make money with your music. With SoundCloud’s subscription-based service, their partnered Spotify service, or YouTube’s MixBANK program, there are plenty of ways to gain exposure and monetize your music.

Sites like Noisetrade help artists give away their music for free in exchange for an email address and promise not only promotion but also future revenues from merchandise sales and other artistic endeavors.

The key is to keep up with new trends and adapt quickly as technology changes. To do so, you need to be plugged into what’s happening—and even better if you have ideas about how these new platforms could be used more effectively by musicians.
We all know how important it is to stay on top of technology and changing trends; however, when it comes to making money with your music, staying informed goes beyond understanding which gadgets people will buy next year.

5) Know what you are worth as an artist.

Don’t just give your music away. Whether you are releasing it for free or getting paid for each track, know what you are worth as an artist. If someone wants to hire you for a gig, be sure that they’re paying a rate that is fair.

There are many sites and resources available to help you determine what other artists in your genre are making per show or per song. Look at data from SoundExchange, CD Baby Pro and Songtrust for help on how much money musicians make from their music.

These sites also provide information on how much musicians should pay themselves when recording and selling albums independently through platforms like iTunes and Amazon MP3.

10 Things You Can Do to Make Money with Your Music This Year

6) Engage your audience more effectively.

More and more people are starting to realize that marketing themselves is no longer optional; it’s an essential part of doing business. My top 10 Things You Can Do to Make Money with Your Music This Year will breakdown things for to achieve.

If you’re looking for a way to engage your audience—and provide them added value in return—then setting up a membership website might be a good option. Membership sites allow you to build a relationship with your customers, who will feel like they have insider access when they pay their monthly fee.

They also give you another platform from which to market yourself, and can help build trust between you and potential clients or employers. We’ve covered how to set up a membership site here. Below is number 7 of my top 10 Things You Can Do to Make Money with Your Music This Year

10 Things You Can Do to Make Money with Your Music This Year

7) Seek out advice from other artists.

Most artists don’t have a lot of marketing savvy. They know their craft, but they often leave promotion up to luck and fate—which isn’t very effective.

That’s why it’s important to reach out and get advice from other artists who have been there before you. If you can find someone willing to lend a hand, go for it! They can help you avoid some of the mistakes they made when trying (and failing) in their careers.

ALSO CHECK: 5 Ways to Build Your Local Fanbase as an Artist

And if they say no? No worries. There are plenty of places online where you can ask questions and share your music: Reddit, YouTube comments, Facebook groups…the list goes on.

Don’t be afraid to put yourself out there; if people like your music enough, chances are they’ll be happy to offer feedback or even an endorsement or two.

8) Don’t be afraid to start over.

It’s easy to get caught up in how far you’ve come. Take a look back on your year and pat yourself on the back, but don’t let yourself fall victim to complacency.

We change constantly over time, and those around us do too—it’s important that we adapt accordingly. Don’t be afraid of starting over in a new place, or by switching paths entirely. Life is about learning from mistakes and moving forward.

So if something isn’t working out for you, make it work out for someone else! And if it’s not meant to be, at least you can say that you tried.

10 Things You Can Do to Make Money with Your Music This Year

9) Keep track of every dollar you make.

If you want to be successful in anything, you need to set goals and make sure that your money is being spent wisely. Set a budget and start tracking your spending.

That’s where Personal Capital comes in. They are a free online tool that helps you track your income and expenses. They can connect directly to your bank accounts, credit cards, and investment accounts for real-time access to all of your financial data across all of your devices.

By connecting all of these accounts they give you an instant snapshot of how much money you have available to spend right now.

10 Things You Can Do to Make Money with Your Music This Year

10) Get a manager if you want help growing.

A manager might be your best bet if you’re trying to reach a wide audience and sell more music. A manager will help you secure better-paying gigs, negotiate deals with record labels, create contracts, get press for your music, handle finances and more.

It’s also worthwhile for someone who doesn’t have time or is not sure how to manage her music career. But make sure you hire a reputable manager; otherwise, it could cost you money instead of earning it.

Also remember that managers typically take 15% of your earnings. If you don’t think you can afford that, consider hiring an independent contractor (IC) instead—an IC may charge 10%–15%, but won’t offer as much guidance and support. Follow these 10 Things You Can Do to Make Money with Your Music This Year

In Conclusion

Making money off of your music isn’t rocket science, but it is hard work. If you commit yourself to staying organized and keeping a plan in place, you’ll be able to make money with your music all year long.

In order to make money with your music you have to stay consistent, constantly growing and never give up! With that being said I hope these tips help you achieve success in! Thanks for reading my top 10 Things You Can Do to Make Money with Your Music This Year! Let me know what you think by leaving a comment below or by connecting with me on social media. Until next time… Happy Making Money!!

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