7 Great Ways To Make Money By Music In 2024
Are you interested in ways to make money from music? There are many music artist and musicians who deal with unique, technological challenges to earning a full time living from their music. Whether you are looking to make money selling music, or offering your own music services. The good news for you is there are a wide range of ways to make money that weren’t around even a decade ago. Would you like to know how can you earn money from using your own music? In this article, I’ll be revealing seven profitable ways to make money by music in 2022.
1. Write Song Lyrics
Selling songs outright isn’t common, and that’s probably a good thing. Who wants to make just a few bucks on a song that might become a big hit?
Instead you typically get mechanical royalties or performance royalties. Mechanical royalties earn you a statutory rate of $0.0755 per song, per manufactured unit. So if the song you wrote is on 10,000 albums, you would make $755.
You’ll earn performance royalties whenever the song you wrote is performed. To collect those, you have to join one of these three performing rights organizations:
2. Teach Lessons Online
If you know how to play an instrument or you can sing, you can probably teach others. YouTube is not only a fantastic way to earn money from your skills, but it is also a good place to get paid from hosting live-stream video lessons. You can also make money giving free video lessons if you monetize those tutorials. In addition to creating lessons, you can record yourself performing and put the videos on YouTube. Many musicians share their songs to others to help generate more revenue in their career.
3. Create a Blog or Website
A website or a blog is a great way to showcase and even sell your music. You can make money by advertising your products and services. You can also share links on your blog, social networks, and YouTube videos. The great thing about it is that you can choose what music to review and talk about.
4. Digital Music Sales
You should strongly consider selling music through your own website to generate the most money, but also via online retailers. Keep in mind that online retailers will take a percentage of sales (For example, iTunes takes 30%, Bandcamp takes 15%). Some online distributors who add your music in stores like iTunes and Amazon will take a cut on top of that.
5. Sell Music Beats
The newest upcoming music artists who are on the raise will be in the need of music beats. Selling instrumental beats on digital marketplaces is one the quickest way to make money online. Platforms like BeatStars and Airbit exist to help producers run their beat-selling business by facilitating payments, legal documents, and file delivery. That means there are no upfront costs like owning a website to start selling beats online. And, it’s a fast-growing business. According to Urban Masterclass, “The beat selling industry generates at least $30 million a year. If you can get 0.1 percent of that, you’ll be able to make $30,000 a year.”
6. Become a DJ
DJ gigs are hard to come by during the COVID-19 pandemic, but that won’t always be true. The most common ways to make money as a DJ is to work at bars, clubs and private parties. You can also make this a very lucrative business by building a brand, putting on big shows, selling merchandise and doing endorsements. Also, depending on the venues you work, you might be able to play some of your own tunes alongside the popular requests. You might soon have a following.
7. Live Performance
Many fans love listening to their favourite songs and musicians play live, so this is a perfect match for the creator and the consumer. One of the most profitable parts of the music industry is gigging, which will have generated up to $31 billion worldwide by 2022. The chances are you will be earning money from online tickets sales, tickets bought at the door or an agreed percentage of sales from the event promoter or venue owner.
In conclusion
These are seven great ways to make money by music. If you enjoy music, these are some awesome opportunities for you to not only do something you enjoy but also earn an income for doing it. When you have revenue as a musician or independent artist is much easier than ever, with free platforms give you the ability to grow your online fan base, and sell your products in a way that was never before possible. In this modern era, making money from music is one of the best ways you can earn a decent living. I hope you enjoyed reading this article, and I recommend you visit the blog page.
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