How Musicians Can Earn Additional Revenue
Whether you are a struggling musician trying to break through or a global megastar, most are looking for additional ways to make an income. The world of music can be fiercely competitive, so arm yourself with these other revenue streams if you want to make the most of this special talent.
- Online Gigs
After recent world events, musicians had to cancel their tours and postpone live events. It has sent a lot of them online to provide remote gigs and performances on social media streams. But the problem with this was that they were not able to generate an income from these online gigs. But Facebook saw this problem and stepped in to enable them to charge their fans a small fee for their online content. Thus, social media online performances have become one way to make money online at the moment – and it is here to stay.
If you are new to a city and finding your feet as a new local act, this can be a great way to do it. And if this is the case, check out the other best ways to save money when moving to a new city as well!
- Selling Rights
The more successful individuals may be able to sell rights to their branding and name to earn even more money. For example, some are selling their brand to game developers to make additional income. And it is not just music video games either. Some bands like Electric Six sold their rights to even make an online slot game called Danger High Voltage. This method of generating extra revenue is very attractive as it can be applied to a wide range of products and services.
- Selling Albums and Merchandise
It is not just the ticket cost that goes into the pocket of musicians on gig night. They can also promote new albums and merchandise for sale, including the classic items like band t-shirts. But the modern rock and pop stars have moved on to other merchandise too. Now you can buy dolls of your favorite celebrities, which contributes to the profit margins.
These guys and gals are talented, and they may have developed their talents from hard work, a natural gift or both. But if you are also able to teach music, you can earn additional money outside of gig night. People are willing to pay a lot for private lessons, whether it be piano, guitar or a voice coach. And because of the developments in technology, it is not too hard to provide good music lessons over video conferencing software, making tutorials even more convenient for the teacher.
And last but by no means least, you could go back to your musical roots and start busking on the street to earn a few more coins. Not only is this an excellent way to make money as a musician, but it can be a lot of fun to play randomly in front of the passing public. Just be careful because some countries and locations require permits to enable you to busk there. You don’t want to go out to try and make money and be hit with a fine instead!
One other financial source of help for musicians is in crowdfunding. Check this out soon!