In today's rapidly changing music industry, understanding how to make money is crucial for artists and new label owners. Many still cling to outdated methods, unaware of the current landscape of music monetization. The traditional reliance on album sales and radio plays has given way to new opportunities and challenges in the digital age. If you're looking to boost your earnings from your music career, it's time to shift your focus. This blog post will unveil the secrets to making real money in the music business, exploring unconventional yet lucrative avenues that can transform your approach and skyrocket your income. Get ready to discover where the real profit lies in today's music industry!
What makes money now in the music industry?
Although streaming is a license it’s not a profitable one. This is why you have to position your music in other ways.
Resuppliers (DJs, Sync agents, Sample & Sound Libraries)
Fan Experiences (Physical / Digital)
Tangible Media (Physical & Digital)
Exclusive content (Subscriptions and pay-per-view)
Supply line Products (Masterclasses)
Streaming - Where money is made later
Streaming is a byproduct of creating awareness and breeding curiosity about your music and talent. It's so effective that people need to fully listen to your song to determine if you're good enough to earn a branded “rent-free” place in their minds. They don't actually view a stream as a purchase from you—and neither do you! Instead, they see it as a convenient free sample. Eventually, money is made from streaming and it's usually after the promotional period is over.
Money will always be made here…
Money will always be made with people who need music for specialized use cases. In these instances, the popular medium of consumption is costly or specialized for singular use, and the desired experience is more in-depth and requires focus. Additionally, the barrier to entry is high. For example, synchronization and clubs fall into this category.
Why is money not made in streaming?
Although revenue can be generated from streaming, many music business owners notice that it costs significantly more to produce content that creates awareness and breeds curiosity—essential steps before people actually stream. As a result, other product options become much more viable.
But people got rich back in the day!?
Yes, but the barrier to entry was higher back then. You needed a much higher quality product because otherwise, you'd be stuck with unsellable inventory that you'd likely end up discarding. This situation is similar to what distributors are doing with songs that don't get streams but occupy server space. It's also why Spotify raised the monetization requirement to a minimum of 1,000 streams per year.
How will we make money in the future?
Money will always be made when customers seek more value for their experience, as cheaply and easily as possible. Keep your eyes peeled for emerging platforms that allow you to either sell your music at a premium or distribute it for innovative new use cases.
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Focusing on what makes money now!
Switching your approach to these methods will launch your career, and streaming will become a byproduct of those efforts. Your creative peers will not understand how you did it, but you'll simply say, "It's simple—I just stopped focusing on streaming."
Focusing on strategies of the past
Will leave you at square one. You'll continue struggling to understand why you can't gain traction, and you'll likely fade away gradually.
Conclusion
By embracing these modern music monetization strategies, you'll transform from a struggling artist focused solely on streaming to a savvy music entrepreneur. You'll diversify your income streams, create valuable experiences for your fans, and build a sustainable career in the ever-changing music industry.
Remember, success in today's music business isn't just about plays and streams—it's about creating multiple touchpoints with your audience and monetizing your talent in innovative ways. By implementing the strategies we've discussed, you'll be well on your way to turning your passion for music into a profitable and fulfilling career.
Don't let outdated methods hold you back. Take action now, explore these new avenues, and watch your music career thrive in ways you never thought possible. The future of music monetization is here—are you ready to be a part of it?
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