Extra ways musicians can earn revenue
Aside from monetizing content and collecting the royalties, there are a bunch of other ways artists can earn revenue for themselves and their brand, including licensing, and digital and physical merchandise.
In a previous blog post, Jamvana advises artists to focus on releasing music on 10 digital service providers (DSP). This entails doing some research as to which ones will best suite the artist’s sound and which ones have the most users. Jamvana has never encouraged an artist to put all of their eggs in one basket, and there are solid reasons as to why. If an artist only released their music on Spotify and Spotify all of the sudden filed for bankruptcy and went belly up, what happens? The artist’s music disappears. Releasing music on a multitude of outlets acts as “backup plan” as well as a revenue generator.
When researching DSPs to release on, think about which ones you, as a consumer, use on a daily, weekly, or monthly basis. Which ones are visited the most? Which ones are most intuitive and user-friendly? We do not recommend releasing on platforms the artist is not familiar with because chances are, they’re not going to promote that outlet or direct their fans to that distributor. Get a solid understanding of the main platforms and figure out which ones will work best for the artist.
Opportunities are available all over the place. Everywhere you go, there’s music. Artists could write jingles for commercials, TV infomercials, shows, and movies. A lot of artists will produce music on top of the music they’re already producing but archive it for purposes of licensing for commercials, TV infomercials, shows, and movies. Should an opportunity for a film placement arise, the artist will have a catalog the film, commercial, or show can choose from. Furthermore, having music placed in a well-established show enhances the artist’s worth.
Another opportunity for income is physical and digital sales of music and merchandise. Earning revenue on physical sales can be tough, though. If an artist doesn’t have a following, then the revenue isn’t going to be very substantial. In fact, it might not be the best route to take when trying to earn revenue, as it may cost more money to get merchandise setup, shipped, and kept track of.
Performing is another great method of income for artists. Artists such as deadmau5, Calvin Harris, and Skrillex charge upwards of $500,000 per show. The artist doesn’t, of course, receive the entire cut, but a solid portion of it. Depending on the artist, performing may generate more revenue than royalties from streams via Spotify, Apple Music, and other DSPs.
For more information on how an artist can earn money, check out Bandzoogle’s article on 18 Ways Musicians can Make Money.