Making money by doing something you love is such a fulfilling way to earn a living, and it’s something we all dream of. Generating reliable income as a musician isn’t always easy, especially when you’re first starting out. But it is possible, especially if you’re willing to get creative and think outside the box.
Whether music is your full-time career or a way to make some extra money on the side, the best way to create reliable income is to set up unique and diversified revenue streams. Having money coming in from a variety of different sources reduces the risk and improves your chances of turning music into your lifetime career.
Here are the top 12 unique ways to make money as a musician that you may not have considered. Try at least a few things on this list to diversify your income, whether you’re a new or established musician. Monetizing your music in several different ways ensures that you still have money coming in, even when you can’t perform live shows.
1. Create Music for Film, TV, or Video
Businesses and publishers are always looking for music to use in commercials, movies, videos, and more. Music licensing companies like Marmoset Music connect musicians like you with people who need licensed tracks for their projects. Having your song featured in an ad or film is a great way to make some extra money and get your music out there. Many creators are happy to give you credit for your work, so it could also open up more opportunities for you in the future. Be sure to submit your authentic work to a licensing company in the highest resolution possible to increase the chances of your song being selected.
2. Teach Online Music Lessons
Teaching online music lessons is a great way to create extra income as a musician and practice your craft at the same time. Teaching online allows you to work with students all over the world on a diverse schedule. All you need is your instrument, a device with a webcam, and video chat software like Facetime or Skype to get started.
3. Write Music for Other Musicians
Do you enjoy writing music? If you are a talented songwriter, writing music for other musicians is a great way to earn additional income. You could even compose music for movies or TV.
4. Create a Patreon Page for Your Fans
Patreon is a platform that allows fans to support your music career with a small monthly pledge. Musicians can offer their fans fun rewards based on the amount of money pledged. Pledge levels are usually something like $1, $5, $10, and so on, but you can set it up however you like. Access to rewards like exclusive music videos, first listens to new songs, or music downloads can be offered to your patrons right on your Patreon profile. You can also post exclusive content to entice new patrons, such as behind the scenes vlogs, live streams, or even VIP passes to shows.
5. YouTube
YouTube offers two wonderful opportunities for musicians who want to diversify their income streams. First, you can start your own YouTube channel where you can post your music videos or video music lessons and monetize the videos with ads. If your videos get decent views, you could end up making a steady income. Second, you can allow creators to use your original music in their monetized videos. YouTube will pay a portion of any advertising money generated from that video to the person who holds the rights to that song.
6. Internet Radio Shows and Podcasts
Internet radios shows and podcasts offer fantastic opportunities for musicians who want to get their name and music in front of a large fanbase. While you may not receive cash for an interview or live show on the program, you will have an opportunity to promote your future live streams, as well as online merch, CDs, and downloads available for purchase on your website.
7. Get Sponsors
If you have a decent fan base, companies may be willing to sponsor you to connect with your fans. Depending on the company, the sponsorship could mean cash in your pocket, or free products, services, and gear.
8. Crowdfunding
Are you lacking the necessary funds to market and produce your album? A well-run crowdfunding campaign is a great way to generate an additional income stream and it’s a great way to raise those extra funds you need to advance your career.
9. Digital Royalties
You could allow your music to be played on webcasts, Sirius XM radio, Pandora, Spotify, and other digital platforms. Every time your work gets played you earn a royalty fee. It’s free to sign up for an account with SoundExchange to collect digital royalties.
10. Sell Merchandise Online
You probably already know that your website is a fantastic place to sell your CDs and music downloads, but there’s so much more you can offer! Fans love to wear gear that promotes their favorite musicians, such as buttons, hoodies, t-shirts, beanies, and baseball caps. Some other fantastic ideas are posters, stickers, autographed photos, or even PDFs of your lyrics in a variety of price points to motivate sales.
11. Digital Music Sales
We’ve already mentioned selling digital music downloads right on your website, but there are other places to offer them, too. Online retailers like Bandcamp, iTunes, and Amazon offer great platforms for digital music sales, but keep in mind that they will keep a percentage of your sales.
12. Do Virtual Live Shows
Virtual live shows are a great way to reach a huge fan base from all over the world, eliminate travel, and minimize overhead. You can broadcast your show right from your own living room! You could ask viewers for tips/donations, or charge a fee to gain access to your live stream. You can use Bandsintown to get the word out and be sure to promote your Patreon page and website merch during the show, too! YouTube Live and Instagram offer excellent platforms for live streams, and Facebook Live even has a fantastic toolkit just for musicians. Venmo or PayPal can be used to collect tips and donations during and after the show.
Final Thoughts
From time to time you’ll have to think outside the box if you want to earn a living from your music, but the opportunities are virtually limitless if you’re willing to work at it. Give some of these unique strategies a try to diversify your income streams and ensure that you have money coming in even when it’s hard to book live performances. A little money coming in from several places can make a huge difference!
