Musicians and Money Matters

Many of us have at one time or another imagined being a super star performing incredible music before adoring fans. We also expect that we would be making oodles of money. The truth is that the vast majority of musicians do not make that much money, and most are forced to keep “day jobs” to make ends meet.

Sales of recorded music were the traditional method of earning but this has declined significantly. With the advent of the digital age, with digital downloads and streaming and collapsing album sales, as well as the scourge of piracy, artists face huge challenges, as they seek to generate income.

We have all heard the term “multiple streams of income.” The need to diversify earnings becomes even more glaring when it comes to musicians and other creatives. Here are some money tips for musicians as they navigate this uncertain terrain:

Playing live is one of the surest ways of making money as a musician; live shows continue to be popular. Income from ticket sales will vary depending on the size of the gig as well as the terms of the concert promoters. If you are just starting out and you go home with only a pittance, don’t be discouraged; every low paying gig is an investment in your future. You need to be performing live, and regularly.

 Whenever you are performing live, try to have some merchandise with you. Merchandise tends to do well immediately after a show, as fans would still be reveling in the aftermath of a great show. Don’t spend too much on merchandise; attractive T-shirts, stickers, inexpensive mementoes are all that you need. Having some autographed CDs on hand is also a good idea; they make great takeaway souvenirs.

Many original artists put up their noses at the thought of playing covers. There is nothing wrong with playing other people’s music. This is a great way of earning money while you are building your fan base as an original artist, and of course it keeps you performing regularly. It also affords you with the opportunity to attract new fans and promote your own shows, where you can then showcase your original songs.

 Playing at events such as weddings funerals as well as in the background at restaurants and bars can pay decently and forces you to keep practicing and developing your repertoire.

 Collaborate with other musicians, so you can stand in for one another. When a band member can’t make a gig, you should be that reliable someone that comes to mind, and you could earn some sporadic income from this.

Seek professional advice from an entertainment lawyer with regard to the technical area of earning royalties, so you understand what should be due to you and can protect yourself appropriately. As a musician in a perfect world, you ought to be able to earn publishing royalties when your music is played on radio and TV. Digital royalties also exist when your music is played on specific platforms.

Partnering with YouTube is a great way to generate revenue. Whenever your music is used in videos that have ads, YouTube will pay the holder of the rights to the music a portion of the advertising revenue. It takes time to build a fan base and subscription list so naturally; it is the popular artistes that earn significantly here. The key is to get started. Content is key.

If you have enough influence or simply have a huge following, you may be able to land yourself an endorsement deal, as some corporates may wish to reach that fan base. This may be in the form of cash, free products and services, where you become a brand ambassador.

For composers, commissions are perhaps the most sought-after method of making money for original work. If you are a prolific songwriter, write songs for other musicians or compose specifically for movies, TV shows, adverts, jingles, video games and so on. Commissions may come in the form of either a lump sum for a one-time project, such as a movie score for a production, or in a recurring contract, such as scoring a television series, which gives talented composers consistent work. The sums may not be much in the early days but over time you will find that a steady stream of income builds.

The best way to become more skilled at what you do is to teach. If you are a singer or an instrumentalist, people will pay to learn from you. Teaching at a school on weekdays is a great way to earn doing what you love and leaves you enough time to build your business. In school, you are kept on your toes as you must deliver quality instruction to your students every day; this will help you to develop your craft, supplement your income and have an impact on others as well.

Write new songs, create new beats; make new music. Build a war chest of material that you can pull off the shelf at any time. Keep it fresh and current. Revisit old work that you never released and perfect it. Continue to produce, even during the quiet times. You never know when it will be needed and pay for itself.

Even though sales have been consistently declining for CDs and Mp3s over the past decade, nothing stops you from selling your music on your personal website. An elegant website that is easy to navigate and designed with e-commerce in mind may get you some sales over time.

If you fail to embrace technology, you become a dinosaur. The world is at your fingertips as the Internet makes it possible to reach millions of fans all over the world and very cheaply and efficiently.

Do you have a website? Are you on Twitter, Facebook or YouTube? If you cannot handle your social media needs yourself, hire help; there are excellent social media managers out there that are affordable. You need to be out there.

When last did you enroll on a course or have some formal instruction for your instrument to make you a better pianist or keyboard player, singer, bass or lead guitarist? With deeper knowledge of your craft, you become more versatile and can take up other opportunities such as transcribing which require more technical skills. There are thousands of musicians out there. Don’t be mediocre; practice makes perfect; strive for excellence and be the best that you can be.