3 Ways to Make Money in the Music Industry

When it comes to excelling in the music industry as a new artist, you will most definitely have your work cut out for you. For the people who have a dream of making it in the world of music, no other form of work can really ever cut it. These are typically highly motivated individuals who are willing to work jobs that pay the bills and support their passion, and strategically over time move toward their dream of pursuing music full-time. 

The journey to being fully supported by your music is one that looks different from artist to artist. For modern artists, there are a lot of amazing opportunities to produce and release content like never before. Technology has advanced to the point of studio-grade recording capabilities being easily accessible in a home. Things like music distribution services and music video distribution services make uploading your own music to major platforms easy and streamlined. 

Some of the world’s most famous artists, like Post Malone, actually got their start on self-publishing platforms like Soundcloud, which is a testament to the wide range of possibilities that technology can now afford. Where at one point in time a physical studio had to be hired to record music, or artists realistically needed the backing of a label to even publish, now independent artists can share their music with almost no restraint. 

While this is a great thing for the world of music as more and more artists are able to share their work, the question of how to actually make money in the music industry isn’t quite so clear-cut. Yes, you can eventually make money off of your streaming, but streaming services are notorious for paying fractions of pennies on the stream. While a lot of artists are willing to hustle with side jobs to make their dreams come true, it still doesn’t negate the long-term goal of being financially supported through their music. 

So, if you are wondering about how you can become financially dependent on your music as an artist, here are some ideas to bring in revenue and help you toward your goals! 

Create Merch

This is one of the first ways that you can accomplish two things, brand establishment, and securing some revenue. Fans love to support their favorite artists, and if you have a fan base then giving them the chance to support you through merch is a win-win. Not only does merch like t-shirts, hoodies, hats, and stickers act as a free advertisement, but it can also be a legitimate source of income. 

This can also be a great way to push promotional events like the release of a new single or fundraising for a future album. If you have it in the budget to invest in merch as an independent artist with a fan following, merch could be the right way to go. 

Play Live Shows

This isn’t just something for artists that are trying to get off the ground, this goes for even the biggest names in music. While streaming has afforded a wide expanse in the reach of music, it hasn’t done a lot for the revenue of music. That’s why playing live shows is a legitimate source of income and a large source of income for any sized artist. 

If you are just starting out, this is a great way to get your music in front of new faces, possibly get some tips, and expand your art. If you find that you already have a dedicated fan base, this is perhaps one of the best ways to not only expand that fan base but bring in revenue. 

Use a Fundraising Site

There are multiple fundraising sights that artists commonly use to fund their projects. From GoFundMe to Patreon, these sights give your fans a specific way to support you with a high degree of impact. These methods can be strategically used to help get your music out, and increase the actual buy-in of your fan base. By allowing your fans to have a financial hand in the release of your music, it can strengthen your relationship with them in important ways. 

Conclusion: Don’t Give Up

The journey to actually making money in the music industry is unique for everyone, but typically it’s one that requires a decent amount of commitment. The most important thing you need to remember is to never give up pressing for your dreams no matter how long or surprising the journey may be!