While making music is a passion for many artists, few often find ways to realize their dreams in a way that financially makes sense for them. Instead of creating all day, they are forced to take a side job to pay bills and pick up extra money in numerous ways not knowing that there are so many routes to monetize their music. Here are a few that we know of.
1. Sync Licensing
Every day a new reality tv show is hitting the market with a new cast of characters ready to fight over something trivial. And, what’s a good fight without some good background music?
While it’s initially hard to get into the industry, you can monetize a bunch of your old beats by submitting them to music libraries in hopes that they’ll be featured on a popular television show! The payouts can be minimal, and the libraries will o take a piece of the action for their part in delivering the music to the music supervisors/companies, but YOUR fees add up too, and it’s a nice way to make a living.
2. Streaming
That old beat tape you released for free on Soundcloud? You should put it on Spotify, Apple Music, & Tidal to monetize it. While the chances of people running across the tape without your promotion of it can border on low to none, the few pennies that you’ll pick up via streaming can take care of your gas tank, a quick meal, or a new pair of socks? I dunno. But you get it, right? The point is to MONETIZE!
3. Build a Movement With Someone
One of the best ways to monetize your music is to work with someone new. And that doesn’t mean do one record with them and walk away. It means to find someone that you have chemistry with and work with them until the wheels fall off; something good is bound to happen from working this way.
Don’t shortchange relationships by worrying about the short term payments for beats, or studio time because, in the long run, they’ll prove to be unimportant if and when you both move onto something more. Find that producer or rapper that you feel has that spark and work with them immediately. Put the money on the backburner…for now at least.
4. Exclusive Content
The most popular model content creators have these days is the subscription model. Essentially, you create a fanbase and get the most dedicated listeners/watchers, etc. to sign up for mentorship, private classes, exclusive swag and much more!
Subscriptions for your brand are good because they give your fan base something to rally around. Fanbases, in general, are important because when they believe in your mission and what you aim to do for their lives, and their goals they’ll compensate you somehow; if for no other reason than they’ll miss you if you can’t give them content anymore.
5. Build a Brand
Although your ultimate goal is to make money off of your music, the best way to do so is by building a recognizable brand that people want to associate themselves with.
If you can build something that stands out in people’s minds, and that helps them reach their goals in ways that they previously thought to be unreachable they will want to be a part of your journey. Part of them showing support is rocking march, attending events, etc. all in the name of the brand you’ve built. So in a cheesy but not so cheesy way remember: It’s about the journey. Build a brand that people will love and the money will come.
Signed,
The Drum Machine Addicts
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