How Else Are Musicians Making Money in 2024?
From sponsorships and merchandise to sync marketplaces, we look beyond streaming revenue at 10 alternative ways that musicians are making an income in the 2020s.
It’s not always been straightforward for musicians to profit from their productions, but it got even harder when streaming services took over the world of music consumption. You’ve likely seen your favorite artists and labels weighing in on the ethics of paying artists a fraction of a cent per stream. To put things in perspective, you need over 300,000 streams to make $1000.
Between the poor payouts from streams and the fact that fewer people are buying music, it’s more challenging than ever for even relatively popular musicians to earn a living. With this in mind, we thought we’d suggest a few avenues to income that you might consider exploring to supplement your streaming income.
Here’s some extra knowledge for more career advice and insight in promoting your music.
1. Build your network and your finances with live shows
Whether you’re a singer, an instrumentalist or a DJ, one of the most popular and long-standing methods of making money in music is through live shows. This might be as a touring artist, doing one-off shows at a local club or venue, or performing at weddings, birthday parties and other miscellaneous events.
Unlike with streaming, you’ll usually agree on a fee before you complete the work, thus giving you more security and confidence in your work. That said, the late nights, technical issues and traveling commonly associated with live performances aren’t suited to everyone.
Being a musician can be an isolating activity at times, so getting out, meeting people and honing your craft might be a great way to expand your network and your portfolio. Not to mention, certain live performances such as corporate gigs and weddings can pay very handsomely, and there are specialist agencies out there whose sole purpose it is to land you gigs.
2. Add to your credits and income as a session musician
If you’re a talented performer but your own original compositions aren’t bringing in enough money just yet, you should consider offering your services as a session musician. Other artists, bands and studios are often on lookout for skilled and reliable instrumentalists to provide musical support for a range of projects.
As with many facets of making it as a musician, your network is your best friend here. Go to gigs, turn up to networking events, post on socials and speak to fellow musicians. You never know when an opportunity might arise. The goal is to be present and visible across all of these channels, and once you’ve landed your first gig, it’ll be easier to land the next.
3. Sell sample packs and presets
Maybe you’re not a classically trained musician and performing isn’t your bag, perhaps you’re a sound design aficionado instead. In this case, the process of selling sample packs and synth presets might be more suited to your skill set. If you specialize in a particular style of music or are especially proficient at creating patches in a popular soft synth, why not channel some of your efforts into creating commercial sample packs to sell?
If you have a decent followership on social media, this can be an effective place to spread the word about your products. Alternatively, there are dedicated sample and preset marketplaces that allow you to share your wares with new audiences.
4. Offer exclusivity with limited edition physical releases
As we briefly mentioned at the start of this article, streaming is a relatively new method of consuming music. Prior to streaming, fans were forced to purchase the music they enjoyed on a digital music marketplace such as the iTunes Store. Before that, music was sold in physical form, from vinyl records to cassette tapes and compact discs.
While streaming is undoubtedly more convenient for most music listeners, there is something to be said for the physicality and nostalgia that can be associated with other forms of music such as vinyl, cassette or CD. For certain genres of music that are more popular with DJs, vinyl is particularly desirable.
These are all factors that play to your advantage when looking for new ways to make money as a musician. If you’ve got a particularly well-loved past project, why not reissue it in physical format? While pressing vinyl can be a pricy endeavor, there are services out there today that let you crowdfund the release, so buyers only pay once the minimum order quantity is reached.
5. Share and develop your skills through tutoring
If you’re a good communicator as well as being particularly knowledgeable in any area of music production, offering your services as a tutor might be a flexible method of generating more income. Whether you’re an adept songwriter, pianist, synthesist or mastering engineer, finding a few regular tutees might be a reliable way to increase your revenue.
Again, having a strong network will help you to achieve this, but equally, there are websites out there that are designed to put people with the know-how in touch with those looking to learn. Not only can this form part of your income, but it’s widely accepted that teaching someone else something is a great way to enhance your own understanding of any given topic.
6. Land one-off payments for your productions via a music marketplace
This next tip is most relevant to Hip-Hop producers who create beats for rap artists. The rap beat market is a flourishing one, with a range of services out there that offer the simple sale, distribution and licensing of instrumental productions. They allow you, the producer, to upload your instrumentals and set a price. Rappers and labels can then purchase the rights to your composition for use in their own tracks.
The benefit of this model is that you set the price and receive a single one-off payment for your work. The downside is that in the process, you generally waive the publishing rights to your track. While this might not matter in most cases, if you sell the instrumental to a track that then goes viral, you have no stake in any of the royalties.
7. Reinforce your brand and bank balance with merchandise
Let’s say you have a strong group of die-hard fans, but between them, they’re not quite racking up enough streams to pay the rent. One way you might be able to achieve a one-off cash injection is by offering a limited run of merchandise. This might be caps, t-shirts, mugs, stickers or socks, the opportunities are endless.
As with releasing your music in a physical format, there are merchandise crowdfunding solutions that carry the risk of not selling enough units to make the activity profitable. Aside from the financial benefits of selling merchandise, giving your fans access to branded clobber may help to strengthen your relationship with them. Not to mention, sending out a thousand tote bags with your latest album plastered all over it serves as a great advertisement.
8. Share to your socials and secure sponsorship
You’ve probably watched a few music production videos in your time, but have you ever wondered how your favorite music YouTuber or social media star acquired their knowledge? The answer is more than likely that they produce their own original music alongside maintaining their YouTube channel or social media.
If you first discover someone through their content, it’s reasonable to assume that it’s their primary activity. In reality, most of these individuals were musicians first and have taken up content creation as a means of generating more reliable income. Of course, this isn’t a quick money-making scheme, but once you’ve built up a decent follower base, you can secure paid sponsorship and affiliate deals with a range of companies.
9. Seek sync deals for additional income and exposure
Synchronization refers to the process of placing and licensing music with a range of media such as TV, films, advertisements and more. At the very least, most sync deals involve a one-off payment for the rights to use your song, but in some cases, you can also secure a royalty fee.
Not only is there huge financial potential in synchronization, it can work as a powerful tool for exposure too. Take the placement of Kate Bush’s Running Up That Hill in the sci-fi series Stranger Things, for example. Many viewers were unfamiliar with the 1985 track, but the TV show turned it into a viral sensation causing it to rocket up the charts nearly 40 years after its initial release.
Securing sync deals is often about having your music in front of the right people at the right time. However, there are dedicated sync agencies that accept submissions and are connected with brands seeking unique and captivating music for a range of projects. You can read our dedicated article on Licensing Your Music for Movies and TV Shows to get more ideas.
10. Monetize your mixing or mastering abilities
If you’re organized and experienced with the technicalities of mixing or mastering, offering these services to other artists is a useful way of generating frequent revenue. If you’ve mixed or mastered any of your own tracks, or music for friends, these can form the beginning of your portfolio.
Share your portfolio in your creative circles, on social media platforms and anywhere else your potential customers might find you. As with many of the suggestions on this list, finding your first couple of paid opportunities is the hard part, but these can often lead to more paid work later down the line.
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