While many artists focus on getting their music playlisted, streaming platforms like Spotify are just one piece of the puzzle when it comes to building a sustainable income as an artist or musician.
The key to thriving financially in the music industry? It’s all about diversification and collaboration.
Plan Your Releases
Develop a release strategy that goes beyond just Spotify. Nearly all platforms — Instagram, TikTok, Snapchat — pay for music featured on them, so distribute your tracks across these channels too and build an engaging strategy for each.
Tailor your video posts to fit each social media platform’s unique style and audience. The goal is to create a reaction, so whether your content is emotional, humorous or educational, always stay true to yourself so that it resonates with your audience. By strategically posting with your music in the background, you can generate streams directly from social platforms, which can then convert into plays on DSPs like Spotify and Apple Music.
Nurture Your Fans
Ever heard of the “One Thousand True Fans” theory? The thesis proposed by Kevin Kelly is that a working creative only needs one thousand true fans willing to spend $100 on their art each year to earn a living. While that may be only very loosely true, it does hold some value.
Your core fans are the ones who are most likely to buy merch, turn up to your shows and download your music, so treat them well. Reply to their comments, make time to meet them after shows and let them know how grateful you are for their support.
Collaborate
Collaborating with other artists can be a powerful way to elevate your music career and expand your creative horizons. Releasing tracks with other artists can put you in front of new audiences, boost your profile and open doors to fresh opportunities.
Collect Your Royalties
Wherever your music is played, you should be earning royalties for it, whether it’s in stores, on a small radio station or even a live performance at your own show. To collect these royalties, you’ll need to register your songs with a PRO (Performing Rights Organization). For UK artists, this means signing up to PRS, MCPS and PPL.
Set Up a Merch Store
Selling merchandise is a powerful way to boost your income and express your creativity as an artist. While CDs and vinyl records (yes, they’re still popular!) are great starting points, you don’t need to stop there. Apparel like T-shirts and hoodies are often fan favorites, and print-on-demand services like Inkthreadable eliminate the need for bulk purchases or expensive inventory.
Digital downloads of demos, unreleased tracks or alternative versions of songs are another great option, as they require no manufacturing, shipping or storage costs, and handmade items like artwork or lyric sheets add a personal touch that fans love. Set up an online store through a platform like Bandcamp or Big Cartel and provide links on your website and social channels.
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Play Live
Getting out into the real world and performing live is more than just a chance to connect with your fans — it’s a significant revenue stream for many artists. Playing shows allows you to earn through ticket sales or performance fees, while also offering a great opportunity to sell merchandise directly to your audience. Don’t forget to log each performance with PRS to receive your performance royalties!
Sync Licensing
Though challenging to break into, sync licensing can be an incredibly lucrative path for musicians, involving the placement of their music in visual media such as films, TV shows and commercials. Beyond boosting income, sync deals can offer valuable exposure to wider audiences, and for many musicians, securing a sync deal can be a significant career milestone, opening doors to further opportunities in the industry.
Breaking into sync licensing requires time, effort and persistence, but you can start by connecting with music supervisors and sync agents, registering your songs with PROs and building a portfolio of your most sync-worthy tracks. Pro tip: Always have instrumental versions ready to increase your chances of landing a deal!
Livestream
Platforms that support live streaming, such as TikTok and Twitch, can be a great way to connect with your fans online while earning some extra cash. On Twitch, revenue can be earned through subscriptions, viewer donations and ads. TikTok allows for monetization through its virtual “gifts” system, where viewers send gifts that convert into real cash for you.
Set Up a Patreon
Setting up a Patreon or a similar membership platform allows you to offer fans exclusive content through a subscription model. For a small monthly fee, your most loyal supporters can access perks like unreleased demos, behind-the-scenes videos or early access to new music, all while connecting with you and fellow fans in a dedicated space. Platforms like Patreon can provide a steady income stream in an often unpredictable industry, and allow you to engage directly with your audience without relying on ever-changing social media algorithms.
Host House Concerts
Looking to connect with your fans on a deeper level without a big budget? House concerts have become really popular in recent years and are a fantastic way to create unique and personal experiences for small, engaged crowds who genuinely care about your music.
Play Functions and Covers
Let’s face it — many songwriters and artists dread doing cover gigs and prefer to focus on their original music. But while these shows may not feel quite as fulfilling as performing your own music, they can be an easy way to earn regular income. It’s all about perspective: view them as a means to supplement your earnings, allowing you to invest more in your passion projects, while also honing your performance skills.
Offer Session Work
Are you a mean guitarist? A flawless vocalist? A talented pedal player? Playing instruments or singing on other artists’ projects expands your portfolio and pays you to do what you love.
Final Thoughts
By embracing your creativity, staying persistent and remaining open to new opportunities, earning a living from music in 2024 is absolutely within your reach. It’s all about taking control of your career and making the most of the diverse income streams available to you.
