How to Make Money from Music in 2023. The Guide for Musicians
Today, the stereotype of the poor musician is still strong—and it may be that the pandemic and the economic crisis have done a lot to support this stereotype. Often, in order to make ends meet, a music-maker often has to do some sort of side hustle. But on the other hand, the Internet and globalization make it possible to easily make money from music in 2023.
How to earn money as a music maker?
You can make money as a musician with a band or solo artist if you do the right things and work hard. In fact, in 2022 there is no one easy way to enter the music industry. There are several music careers and activities that can help you get noticed. You can succeed as a singer or a musician composer—all of which require hard work and grift.
It will require dedication, hard effort and perseverance, but most of all, an unwavering passion that will keep you from counting the hours as you climb the ladder of success. A singer's public image is just as important as his or her voice in making money—so you have to take care of that, too. If you want to know how to make money from music, you need to reevaluate your image and style.
Ways to earn money as a music maker online
Let's take a look at the various ways you can distribute your music and earn quite a bit! There are a couple of ways to earn money as a musician – and not all of them are appropriate for all musicians.
CDs, vinyl, and cassettes
Who is buying CDs today? Well, actually, 2021 was the first year that CD sales increased, albeit slightly. However, vinyl or even cassettes can also be an interesting collector's item. People know that if they buy a physical medium, they can play it as much as they want. Similarly, selling CDs at concerts is an inexpensive way to make extra money as a musician, and if you sign them, your fans will have a great souvenir.
Digital recordings
You can make money online as a music maker by making your recordings available, whether you sell albums online at stores like Amazon or use services like Patreon. You can give subscribers early access to new songs, discounts on goodies, live-streaming and more. Independent artists who sell music online continue to make money from digital downloads.
Profits from streaming music
Even if the returns for streaming one song on YouTube or Spotify are small, they can accumulate over time. You should allow people to stream your music so that other fans can find your band. In this way, you also develop your brand and increase brand awareness which will help you gain financial freedom as a creator.
Merchandise
T-shirts, mugs or gadgets are a great way to promote your business, turn casual listeners into fans and draw attention to your music. You can sell accessories online cheaply. Start with T-shirts and add more as you gain fans and sales.
Live performances
Live performances and tours have long been a good way for musicians to make money and sell merchandise. Live performances can take many forms, so you can play in clubs, cafés, but also at concerts or music festivals. During the pandemic, musicians often performed via live-streaming - you can also learn how to make money from TikTok or other social media.
Music licensing
Your song can also be used in a movie, TV show or commercial. This way you earn passive income from your music. Video game soundtracks are also a good way to make money as a musician. Release an instrumental version of one of your best songs as game music—especially if you work with electronic music.
Teach how to play
Teaching an instrument is a great way to make money and develop your skills as a music maker. You can teach music in person or online on SkillShare. You can typically sell video courses so that you can make money and pass on your skills to others.
Once you are well known locally and online, you can sell your own songs and albums. You will also collect royalties when others stream or watch your songs. As you can see, there are many ways to make money as a music maker - without having to pawn your own instrument!
