It was hard for musicians to make money…and that was before Covid19. Yet in some cases, artists are either unaware of potential sources of money or under-utilize others. If you’re under quarantine anyway and have extra time on your hands, here are 5 things an artist should know to get paid.
1. Songs are the real estate of the music business
Songs generate revenue in multiple ways, potentially over long periods of time. Songwriters are automatically granted certain rights over material they create which include Performance, Streaming, Distribution, Creating derivative works & Creating digital representations of your song. The takeaway – write great songs. Take a deeper dive here
2. Understand “Royalties”
Royalties are payments that go to recording artists, songwriters, composers, publishers, and other copyright holders for the right to use their intellectual property (music). Royalties are complex but important to understand given that they could be your biggest source of income. Take a deeper dive here.
3. Tour Smarter
Before Covid-19, live gigs were a primary income for bands. When you first get started, a new band may feel like they have to accept just about any gig. The sooner you learn the ropes of live touring, the less stress and more money you’ll make. Use these tips to tour “smarter”
- Lockdown” hometown fans. Making money on the road normally begins with strong hometown support. Do all you can to make your hometown, “Homebase” for your fans. It will also lead to easier, local gigs as well
- Build relationships with club owners and talent buyers. These relationships are crucial to getting solo gigs or as a national act headliner. You’d be surprised what a friendly visit and box of donuts can do.
- Know Your Numbers What’s the least you’re willing to settle for doing a gig? How many days/week are you available for gigs? How far can you travel geographically? What are your estimated daily gig expenses?
4. Youtube - great for promotion, hard to make money with -
You’ve got a hot video. It’s gotten about 300,000 for the month. How much would you make? About $70. That doesn’t mean you give up on ad revenue, just focus on making the very best music you can for fans. Take a deeper dive on making money on Youtube here
5. Selling to fans isn't "selling out"
- Make your music available for where fans want it (Spotify, website, at gigs, etc.)
- Merch is more than T-Shirts. You’re an artist – get creative. Check out BTS’s merch game
- Monetize your live stream. Sell tickets to your streaming show or set up a “Tip” Jar
You can’t do anything about a Pandemic, but you can take this time to get better. There are many opportunities for musicians to make money – if they know where to look. Quarantine time can also be great “study” time.
Organiksol Marketing is an accomplished, collaborative & innovative marketing team recognized for driving sales and engagement. Using our experience with musical instrument manufacturers, record labels, non-profits, artists and entrepreneurs, we “speak” the customer’s language like few can. By focusing on their values, likes & dislikes, we implement strategies, campaigns and content that emotionally connects with customers to get results. Read more on What we do.
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