How To Monetize Your Music

Musicians have more control over their careers than ever before. But one of the biggest challenges facing musicians is making money. 

According to the MIDiA report Independent Artists: The Age of Empowerment:

"Artists’ income streams vary widely. Streaming income, along with earnings from live performances, make up the majority of artist revenues today. For independent artists, streaming is now their primary source of income at 30%."

Streaming continues to take up a larger percentage of an artist’s revenue. Given that streaming music payouts are measured in fractions of pennies, it’s more important than ever to find other sources of income to help you build a sustainable career.


Ways To Monetize Your Music.

Digital downloads

Digital downloads are experiencing a similar fate as CDs. Sales are now decreasing with the popularity of streaming music platforms. Yet just like CDs, digital downloads remain a source of revenue for many independent artists.

When selling digital downloads, be sure to sell direct to fans through your website. Not only will you make more money, but you'll also collect valuable email addresses. This way you can let your fans know about new releases, upcoming shows, and more

Streaming revenue

Streaming music can be a sensitive topic for some musicians and songwriters. While payouts from streaming music tend to be small, they can add up to become a significant revenue source over time for some musicians. 

In addition to streaming music being an income generator, it’s also about music discovery. Streaming platforms provide actionable data that you can use to help with marketing your music and booking gigs.

Live shows - online

Online shows let you reach fans from around the world in areas you might not be able to get to while touring. Plus, they’re a great way to generate extra income.

You can broadcast the live show right from the comfort of your own living room. Fans can pay to get access to the live stream, or you can pass the virtual hat for tips during the show. 

Resources for online shows

YouTube Live

Instagram Live for musicians 

Physical merch

Selling physical merch can create a nice additional income stream, especially at your live shows. If you play live often or go out on tour, always have plenty of merch in stock. 

T-shirts, CDs, and smaller items like buttons and stickers are usually good sellers. Be sure to also have all of your merch items available for fans to buy directly through your website. 

YouTube

When music is used in a YouTube video that is running ads, YouTube pays part of that ad money to the rights holder of the song. This includes videos on your own YouTube channel, as well as videos using your music that are not on your channel.

Digital distributors can collect that money from YouTube on your behalf. They’ll search YouTube for any use of your music, and you might collect money from videos that you didn’t even know about.