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Five Easy Ways to Make Money in the Music Industry
Trying to make money in an industry that seems so saturated can seem like a daunting task, but it doesn't have to be. Here are five ways to make money in the music industry that aren't as hard as people make it seem.
Make great music.
It goes without saying, really. If you want people to actually invest in you and spend their well-earned pennies on you, you need to give them a great product in return. Make sure that what you are creating is really the best it can possibly be, and if you have the ability to do so try to invest in a good studio to record in. Even if you are making your music out of your bedroom (which most people are doing nowadays and they can still make a pretty penny). Be sure that you have the best equipment, but be sure to stay within your means! Going broke before you have had the chance to even make your money is not the way to go.
Get your music online.
One of the easiest ways to make money from your music is to get it online for people to listen to on streaming platforms. Not only does this become a form of passive income, but there isn’t really much work that needs to be done to do this. Websites like Distrokid allow you to upload your music and cover art. Then they do all the leg work, uploading your music to all major platforms such as Apple Music, Spotify, Deezer, Tidal and so many more. The money made on streaming platforms isn’t a huge amount, but I promise you it really does build up over time. The more you promote your music the more plays you will get which equals more money! The starting membership is only $20 a year and it can be used all over the world. If you are interested in signing up to Distrokid here’s a link to get you a seven percent discount on sign up. (Please be aware that this is a referral link so I will get paid a small amount for each person that signs up using this link. But hey I mean, it saves you money too, boo).
I cannot stress enough how important this is. No matter what style of music you make, the best way to make some real cash, is to do live shows! Of course, if you are only just starting out and your following isn’t the largest you may have to start off by doing some freebies to get your foot in the door. But, once you have built up your confidence and your following you will be able to charge more and more for your live performances, including travel costs, riders and your actual payment for being at the show. You can also start putting on your own events to show your true potential to venues in terms of the following that you have and the amount of custom you will be able to bring them.
Make industry friends.
A way to build trust and gain opportunities for your music is to make more industry friends. Now, if you are starting from scratch and literally don’t have anyone around you that may have some industry connections, I recommend using social media as a tool to do so. Begin following people such as those who put on live events, other artists and radio presenters and start talking to them! Build some rapport and if they like what you do, they may even provide you opportunities before you have to ask, but this goes on to my second point. NEVER BE AFRAID TO ASK! If you know people that would be able to help you to progress further ask them to help, they may charge you for their help or they may offer it as a favour in return. Either way, it can never hurt to ask. Be confident and believe in yourself.
My last point, then, is to sell merch. People love to be a part of something. By selling merchandise relevant to your music, it just gives your fans/listeners another reason to feel a part of your team. Now let's be honest, it can be expensive to get mech, and what if you don’t manage to sell it all? Well sometimes we do have to take these small losses, but just be sure not to over spend when you buy it. You don’t need too much and exclusivity can really help things to sell as people really want the chance to have something if they know it will be limited edition.
The point I want to end on though, is to remember to give back to the people putting money in your pocket. In order to keep your fans, you need to appreciate them, reply to dm’s, communicate with them and make them feel the love. That way they will always come back to you.