ARTICLE BY LYDIA CHAN

How To Monetize Your Talent as a Musician

As a musician, you may wonder if you can maintain a steady income while pursuing your passion. Making money requires educating yourself about the music industry, but you can boost your revenue through various strategies, including the following options. Keep reading for these tips from musicians for seniors.

Build Your Streaming Audience

A record label or distribution service can upload your music files to streaming services like Spotify. A streaming service will pay you a royalty percentage depending upon specific criteria in exchange for including your music in its library. You can maximize your royalties by updating your social media accounts with new music release announcements and directing fans to platforms where they can listen.

Maintain Your Website

Your website lets your listeners, presenters and others learn more about you and your music. Updating your site with upcoming performances and new music or adding a blog will entice your audience to return. In addition, utilize your hosting company's free logo maker to design a recognizable icon that establishes continuity between your site and social media channels. A logo can also embellish swag to sell with CDs and downloads through an online store connecting with a payment service like Paypal. Remember to give your site's visitors an option to join your mailing list to ensure you have a way to reach fans about your new releases and performances.

Consider Freelancing

Many musicians who enjoy steady cash freelance to create multiple income streams. For example, you can teach music to others or perform at a local club. You can also monetize your non-musical talents by freelancing as a writer, proofreader, crafter, gardener or anything that provides flexibility to work on your music while supplementing your income.

Start a Music-Related Business

Consider starting a music-related business that complements your goals and offers networking opportunities. For example, you can learn to tune pianos and start a piano tuning business or teach others to play an instrument by forming a music lessons company. A business plan, including a marketing strategy and financial projections, is essential regardless of your choice. This document can help you obtain a small business loan or attract investors to help fund office space, equipment, staff, training and anything you need to get off the ground.

Carefully choose a business structure as well. Forming an LLC will give you benefits like liability protection and pass-through taxation. You can register an LLC in Pennsylvania through a formation service, which is considerably cheaper than hiring an attorney.

Apply for Grants and Residencies

Grants are a significant source of income for musicians who depend upon them for financial support while working on their projects. Although grants are highly competitive and often involve lengthy applications with rigorous requirements, they provide musicians the resources to propel their careers.

Musicians working on specific projects can also apply to personal or group artist residency programs lasting weeks or months. These programs provide housing, meals, housekeeping services or other daily assistance to give musicians the freedom to explore new artistic directions, network with other professionals, and collaborate. Some residency programs also offer stipends for recipients to use as they prefer.

Sell Beats

Movies, commercials, singers, instrumentalists and others have an endless need for new music that makes beat-making an excellent revenue stream for composers or producers who can develop unique beats consisting of the ideal balance of melody, repetition and variation. Although monetizing this skill requires investing in advanced software programs that assist with layering different sounds, the financial rewards are significant.

If you’re a musician, you can bring in revenue by freelancing, streaming your music, selling beats, starting your own business, and more. Regardless of how you choose to make money, diversifying your income stream will ensure you can continue supporting yourself as a musician.