It is often said that profit follows passion – implying that if you simply focus on doing what you love, the ways in which you can make money from it will manifest over time. As an Artist Manager I disagree.
If you are a musician of any kind (be it artist, vocalist, songwriter, or music producer) you are already following your passion, but many of you may not be making the salary you need to live, never mind want.
Whilst those who are committed to making a career out of music may persevere until such a time they are afforded to be able to continue doing so, the journey needn’t be any harder or longer than necessary. Monetising your music is something you should be purposefully focusing on, as opposed to waiting/hoping/wishing to happen. This is why one of the modules in my Self-Manage Your Music Career course is dedicated entirely to monetising your music.
Yes, you love what you do, and perhaps would (and no doubt have) done it for free. But just because you have chosen to turn your passion into your career doesn’t mean that you shouldn’t expect or want to be paid for it. We tend to think of ‘jobs’ as work we don’t like so if you love what you do there can be some resistance to expecting to make money from it.
This is the first thing you need to remedy to make money from your music – getting in the right mindset. Without this, it will be hard to ever turn your music into a profitable, sustainable endeavour.
Here’s how to make money from your music:
Get in the right mindset
As a music artist you need to think of yourself as a business, and no business would launch without a clear idea of how they were going to make money, how much they needed to make and when they might expect this to happen. I want to encourage you to do the same.
You can’t simply follow your passion (creating and performing music) with a view to making a living from it, whilst neglecting the how’s, when’s, why’s and where you’re going to make that living. This is generally the first mistake Artist’s make when it comes to monetising their music.
You are the owner of the business that is ‘you’, so how are you going to make money from that business? It’s important to have a sense of the how and the when.
Know how you can make music from what you do
Do you know all the ways in which music can be monetised? Are you aware of the various potential income streams, and which of these might apply to your medium and skillset as an Artist (for example these may be different for a singer than they would be for a music producer)? If not, this is a good starting point.
At the time of writing, the top 3 income streams for Artists in commercial music are touring, songwriting royalties, and brand partnerships. These will not be applicable to all Artists, and it’s also important to remember that these may not be profitable before you have built up a strong brand and an engaged audience. However, understanding how Artists do monetise their music is important so that you can focus on the income streams which apply to you.
Viable income sources include streaming and sales of your music (recording), publishing of your songs, live performance, selling physical products (merchandise), music synchronisation (placement of your music in media, such as films and TV), revenue from social media and session singing or playing.
Be entrepreneurial & diversify
Having read the list of income sources above you may now be panicking slightly when you realise that, to make a living from any of these, you’re going to need to be able to do at scale – which means with a sizeable fanbase behind you. The good news is that there are far more ways to make money from your music than you may currently be considering.
It’s important to try and think outside the box with this. Using the musical talent and skills you already possess, what else could you do, create or facilitate that would provide an income stream from your music? This might be creating a product, turning one of your services into an online course, or facilitating music workshops either locally or online, which might not be as difficult as you think. Are you already doing something (or have a great entrepreneurial idea) based on your music skills which you could turn into a new income stream for your business? Get creative and innovate.
Also, diversify where you can – Artist’s rarely make a living solely from just one income stream, which is just as well given the impact that the internet had on record sales, for example…
Aim to make 100% of your income from music
If you do need to have a job that facilitates (and perhaps provides much needed funding) to support your music career, why not make this something music-related? In my experience of working with Artists, at times when they need a second job to help pay the bills, it often feels far more positive to them if this is music-related.
Not only do they find that this less draining than doing a job that feels a million miles from the musical life they want, it also inevitably provides them with relevant experience, knowledge and – perhaps most importantly – fantastic networking opportunities.
Any job within the music industry is going to provide you with all the above, which will no doubt be of use in your Artist career. This could include music teaching, music shops and venues, or an administrative role within a music company. If 100% of your income comes from your music and/or music-related work, this really helps to put you in the right mindset.
Whilst I agree that a certain amount of working for free can be beneficial early on in your music career, try setting income goals for yourself in the same way you would set career goals. If I were to ask you what you wanted to achieve in music this year you’d probably be able to tell me opportunities you hoped to secure, venues you’d like to play, and songs you plan to release. Try also setting some income goals for what you need to make monthly, alongside what you would like to make in the medium to long term.
Of the music work you are currently undertaking, which percentage of the monthly income you need does this provide? If you’re not reaching your income goal, what could you do to make up the shortfall now that you know how you can monetise your music? Be aware of the difference between short term income streams (session playing for example) versus long-term income streams (such as songwriting royalties) here. Your initial focus may be on cash flow, so what could you do with your skills in music that will make money now?
Lastly, whatever work you do take on as a vocalist or musician, have set prices for your time across the various work streams you undertake. Do you have an hourly or session rate for each of these that you are comfortable with? If not, drawing up a price list for your services can be a very useful exercise. Unsure what to charge? The Musicians Union have some guidelines on minimum rates for live performance here and recording sessions here.
Want to hear more on this topic? Watch the Facebook Live video here. To find out more about how to monetise your music you can register your interest in our Self-Manage Your Music Career online course here, with an entire module dedicated to exactly that!