By Jacob Ezra
As an independent and up-and-coming artist, monetizing your music in this day and age of streaming can be a challenge. However, it is not impossible, and there are certain strategies and methods that can help make the monetization of your art a reality. Even if it doesn’t become a full-time profession right away, having your passions partially pay the bills or allow you to reduce your workload can be incredibly rewarding and worthwhile. In order to effectively make money from your music, it’s helpful to diversify the methods in which you earn- coming up with creative, outside-the-box, DIY solutions is key to the process. Roundhouse Music is here to help with that in this short guide, as well as discuss the foundation and basis for which artists can make money off their work.
A major step towards monetization is the cultivation of a community around your music. Building a dedicated fanbase (dedicated is more important than large) is something you should always be working on congruently. Like I discussed in our previous guides (see our guide on building stronger connections with listeners), people should have reason to emotionally invest in you as an artist, and feel like they’re a part of a community or even a “movement”. You can do this by telling relatable, emotive, or inspiring stories through your music, content, and branding/ promotion- such as times you overcame obstacles, challenges you faced, stories that have happened in your life, what you’re interested in as a person, and many more potential narratives. As an artist, if you can paint an honest, vulnerable picture of who you are, people are more likely to relate with it and feel like they are a part of something and connected to it due to shared experiences and values, etc. Cultivating and providing value for this community should really be your priority first- before actually trying to earn money actively- as this can form the basis for monetizing your music (check out our free guide on how to build stronger connections with your listeners for further reading and guidance on this topic).
But, on to the nitty-gritty. Let’s discuss some practical methods and ideas by which you can start to monetize your music as an independent, DIY artist from a ground level. It’s good to diversify these income streams- so that you’re earning a little bit from various methods, and it all adds up. I’ll divide these ideas into “digital” and “physical”.
“Digital” methods of earning money from your music:
I think one of the most interesting ideas for earning money online from your music is the cultivation of a “fan club”. Building and sustaining a “fan club” can allow you to earn money through selling unreleased and exclusive content and music that might not otherwise be heard- as well as personalized content, videos, and even songs for fans, and you can create virtual experiences such as shows that you can monetize, and more. Personalizing content can be especially important as it creates a one-on-one connection with the listener, and gives them something special and memorable for their purchase. There are many ways that you can craft a great experience for fans through an online “fan club”, and you can make it subscription based, such as through patreon.
Another methods is the collection of “tips” for your music and virtual performances, which can be collected through applications like Love Jar or Tip Jar+, or on Spotify, SoundCloud and other platforms- or you can add links to your tip jar via platforms like PayPal, Venmo, or Cash App. You can also perform live via YouTube, Instagram live, or Twitch and earn tips this way. There are online platforms like StreetJelly or Session that act like “virtual busking”, where fans can tip you during your online shows. Besides tips, you can also host your own online shows for which you can sell tickets- potentially collaborating with other artists for these shows can also help bring in a wider audience.
Thirdly, you can bring value to other aspiring artists- such as teaching skills related to music online, consulting, and selling beats, samples, drum kits, etc. You can also offer your skills as a producer, vocalist, etc. to another artist’s song or project, crafting instrumentals, playing instruments as a session musician, rhyming on a guest verse, writing a chorus, etc.
Sync licensing is another viable option to monetize your music. As an artist, sync licensing allows you to earn money by granting permission for your music to be used in visual media like TV shows, films, advertisements, and video games. When a music supervisor selects your song for a project, they negotiate a fee with you (or your representatives) and obtain a legal agreement. This not only provides financial benefits through sync fees and potential royalties but also increases exposure, attracting new fans and opening doors for future opportunities in the music industry.
Of course, there are digital sales as well, with platforms such as BandCamp providing a good option for artists, but we all know how measly streaming payments are these days.
“Physical” methods of earning money from your music:
In this day and age, live shows are still one of the best ways to connect with your audience. Along with selling show tickets, shows are a great opportunity to sell merch. It can be useful to go beyond the usual methods of selling merch, with personalized merch for your listeners that is customized for the individual. For example, one can include hand-written notes, hand-written lyric sheets, hand-made drawings, additional bonus material, or anything else that helps give fans something memorable. It can also be good to tailor the merch to your niche/ community, including elements of your interests or personality in the merch that might be shared with your audience.
Collaborating with other musicians can also enhance your monetization opportunities. By joining forces with fellow artists, you can tap into each other’s fan bases, expanding your reach and increasing your potential income from merch and ticket sales. Partnerships can lead to shared resources, such as studios or equipment, reducing expenses and allowing you to invest more in promoting your music. Additionally, collaborating with artists who have experience in sync licensing, crowdfunding, or other monetization methods can help you learn from their expertise.
Overall, monetizing your music can be a challenging, but rewarding undertaking. The most basis for this lies in fostering an engaged, dedicated following and community around your music, and then figure out creative ways to consistently provide value to this community. Hopefully some of these tips and ideas can help you with this process, from the perspective of independent, DIY artists approaching monetization their music from a ground level.
ROUNDHOUSE MUSIC 