5 different ways you can monetize your music
Explore different revenue streams that can help you maximize your music’s earning potential.
Creating a steady stream of income can be challenging for independent artists. Fortunately, the digital music landscape affords us plenty of opportunities to get creative when it comes to earning income from our art. If you need some ideas to get you started, we’ve picked some of the top ways you can monetize your music and help further your creative career.
Streaming platforms
It would be weird if we wrote this article without mentioning music streaming platforms. After all, music streaming accounts for around a staggering 84% of the music industry’s revenue today. If your music isn’t on streaming platforms, you’re seriously missing a trick.
If you weren’t already aware, platforms like Spotify, Apple Music, and Tidal enable artists to earn royalties each time their song is streamed. Different stores have different rules and parameters around what counts as a stream and what entitles you to streaming revenue. Plus, it’s no secret that there is much discussion and disagreement about which streaming payout models are fairest, and around the miniscule fraction of a dollar that a stream is worth on some platforms.
That aside, it’s still a good idea to get your music on these platforms, so you can share it with the world. Doing this couldn’t be simpler, luckily.
How to get your music on streaming platforms
- Choose a distributor: In order to get your music on DSPs like Spotify, you’ll need a distributor. Not that we’re biased or anything, but RouteNote distributes to all major stores around the globe for free.
- Upload your music: Next, you need to upload your music to your chosen distributor. If you go with RouteNote, a preferred Spotify distributor, then here’s how to upload to Spotify for free. There’s also loads of helpful information on the RouteNote Support Hub.
- Sit back and relax: Once you’ve uploaded your music, it will be reviewed and moderated (different streaming platforms have different requirements and rules that uploads must meet and comply with), and then sent to stores for everyone to enjoy.
As your music gets listened to, it will start to generate streaming revenue. This will be paid to you by your chosen distributor. Who you go with will determine when you get paid your streaming royalties, and how much of a percentage you get to keep. If you manage to market your music well and garner a decent amount of listens, you could earn a steady stream of revenue from sharing your music on streaming platforms.
Merch sales
Another creative and fun way to monetize your music is by creating unique merchandise. This can be anything from t-shirts, to signed records, to branded coasters. Whatever you like – and whatever you think your audience might like.
There are loads of free platforms out there to help you design your merch, as well as plenty of print on-demand sites. Alternatively, you could shout out fellow creatives you might know by collaborating with them to create your merch. If you know any graphic designers, printers, or artists, then this could be an exciting partnership.
Merch is a great way to bolster your music revenue, as fans love to support their favourite artists in this way. It’s perfect for building stronger connections with your audience, whilst having your brand advertised for free.
You can sell merch at live shows you play, or on your website or social media. You can even sell your merch on Spotify, meaning fans can listen to your tracks and buy cool stuff from you all in one place.
YouTube & social media
Leveraging YouTube and social media platforms can significantly increase your revenue and expand your reach. By creating engaging content and building a strong online presence, you can monetize your music through ad revenue, sponsored content, and fan support.
With YouTube Music becoming the most rapidly adopted streaming service, you’d be missing out on a huge chunk of potential listeners if you didn’t distribute your music there. Additionally, adding your music to YouTube’s (and other social media’s music libraries) content ID system will help you generate revenue when your music is used in other people’s videos.
Live performances
When we talk about monetizing music, your mind might go straight to digital strategies and other cutting edge methods. But, don’t forget the old classic of live performances. We’re not saying it’s easy to get paid for playing shows, but it’s very doable and enjoyable. Plus, it’s a fun and effective way to get your name out there.
You can get paid by venues to play or generate income from ticket sales. It will vary from venue to venue, and can depend on the promoter (if you go through one). You don’t have to be playing sell out arena shows to make money from your music. Booking local venues, shouting about it online, and getting your friends and fans to come along is a strong start.
Live performances are a great way to monetize your music beyond ticket sales, as well. You can sell merch at your shows, giving your revenue a boost and giving fans a souvenir of the event.
Crowdfunding & fan support
Turning to your audience and fans directly can be a great way to monetize your music and diversify your revenue streams. Platforms like Patreon and Kickstarter enable your supporters to financially contribute to your creative endeavors in exchange for exclusive content or perks.
Looking at Patreon for musicians specifically, creators can set different subscription tiers. The higher the tier, the greater access subscribers have to exclusive perks, and the greater the income for the creator. While Patreon is popular among YouTubers and content creators, it can absolutely work for musicians too. You could offer BTS content of recording your latest EP, or you could host tutorials around songwriting or beat-making.
To get the most out of crowdfunding, it’s important to make fans aware. You can do this by telling your followers on other social platforms about it, encouraging them to join with things like exclusive giveaways or competitions.
Wrapping up
Earning revenue as an independent artist isn’t easy, but it’s not impossible. As an already-busy independent creator, it can be challenging to juggle your responsibilities as an artist as well as manage promotional campaigns and organize merch orders.
However, it is best to diversify your revenue streams to open up greater opportunities to earn from your art. Fortunately, some ways of earning music revenue are a little more hands-off than others. Music streaming can tick along nicely in the background while you focus on your social media presence, or your latest run of live shows.
Find what combination of things work best for you, and assess how much time you have available. You’ll soon find a good fit, and have secured a range of methods to monetize your music and boost your earning potential.