With the help of modern income streams, even musicians can earn a living. The following tips are helpful to musicians for earning and managing money:
- Additions to your live shows . Sell CDs, vinyl records, and other merchandise at your live shows. If you don't have a CD but do have digital files, you can create an artist profile on ReverbNation, SoundCloud, or BandCamp and hand out cards that promote the URL where listeners can hear the music.
- Free Music Samples . Offer free music samples on your website as well as a library of music to purchase through digital download. It's possible now to generate income from music sales just through digital channels, which eliminates the need to pay for manufacturing CDs.
- Sell other digital merchandise . Look to partner with creative minds at universities who are studying graphic arts and software development. You can work on digital products together such as animation, ebooks, images, ringtones, apps, and video games.
- Take proper care of your fans . At live shows charge an admission fee and provide a tip jar where fans can see. You may want to do free shows for exposure, but every now and then you need to plan to do a special show that ties in with community activity.
- Crowdfunding through sites . Selling through websites such as Kickstarter and Indiegogo has become a popular way for small businesses and individuals to raise money from their own networks and promote a goal or cause that attracts investors.
- Payment from various sources . Get paid royalties from publishing, digital exposure and live performances from music venues, clubs, and restaurants. Publishing royalties include payment for music that is broadcast on radio.
- Licensing . Licensing music to use in visual arts is an important revenue stream for artists because it commands a lot of music industry credibility.
- Promotion of the music brand . Work for hire arrangements can be made with marketers that hire artists to write theme songs or commercial jingles that promote their brand.
- Music Lessons . Offering music lessons can be a steady stream of income for musicians. Create a training program that can be sold to several clients.
- Working as session artists . Be available to recording studios to work as session musicians. Learn as much as you can about your instrument, how it is played, and many cover songs.
