10 Ways for Musicians to Make Money

The struggle for musicians to make a living solely from their craft is a well-known narrative. But the digital age has ushered in a myriad of opportunities for musicians to diversify their revenue streams and transform their passion into a sustainable profession, without needing a traditional record deal. 

In a world where streaming dominates the music industry, musicians face the challenge of navigating a landscape that requires adaptability and innovation. But while the internet has disrupted traditional revenue models, it's also opened up avenues that were once unimaginable, from affordable home recording software to online live concerts and music/merch sales.

Embracing these opportunities is crucial for any musician looking to thrive in the digital era as you build your music career - let's explore the various strategies for musicians to make money, giving your fans as many opportunities as possible to support you! 

10 Ways for Musicians to Make Money

1. Streaming Royalties

Okay, let's start with the not-so-great news - streaming royalties are well-known for being notoriously low. Payout per stream of a song generally ranges from $0.0011 to $0.01 - so at the "high end" of $0.01 per stream, for example, you'd need 100,000 streams of your song to earn $1,000. But over time, streaming platforms can eventually offer a consistent income stream that adds up, especially if you have a track that gets popular, or a lot of tracks available for listening. Streaming platforms also serve to make your music discoverable, so get your music online!

Musicians can monetize their catalog through a wide range of popular streaming services, including Spotify, Apple Music, Soundcloud, Amazon Music, YouTube Music, TikTok, Tidal, Bandcamp, and Deezer. Non-interactive streaming services like SiriusXM Radio, Pandora, and cable TV music channels are also options, but are more difficult to break into; you'll also need to sign up with a service like SoundExchange to make sure you're getting your digital performance royalties.

You can also choose a music distributor, such as Unchained Music, DistroKid, or TuneCore, to help simplify the process; they act as an intermediary between artists and streaming platforms. Once you decide on which services you want to use, start uploading your songs/albums (make sure to include all of your metadata, such as track names and artist/songwriter names), set a release date and a pre-save link, and promote your music on social media!

2. Merchandise Sales 

Selling merchandise is another powerful income generator! Musicians can easily use platforms like Fourthwall to set up their online stores and sell high-quality products directly to their fans; Fourthwall even has a complete guide to Band Merch Ideas.

There are so many options for the types of merch you can sell, ranging from small items like buttons and pins, mugs, stickers, and tote bags, up to T-shirts and full-sized posters. And of course you can sell CDs and limited-edition items like special vinyl releases of your songs. Pay close attention to your designs, color choices, and logos to keep merch cohesive and easily identifiable with your brand as a musician or band.

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3. Live and Live Streamed Performances

Few things live up to the energy and fan camaraderie of a live show, which is why live performances, whether in-person or virtual, remain a significant source of income for musicians.

Depending on the kind of audience you're trying to build, you can book live gigs at festivals, traditional live music venues like clubs and bars, restaurants and coffeehouses, colleges and universities, or even just stage your own live show event. Live gigs are also an excellent place to sell your merch (see below.)

Live streaming music on platforms like Twitch, YouTube, or LiveSpace can provide even more opportunities to connect with fans and generate revenue, as fans can tip and subscribe to you right online; you can use services like Restream to stream to multiple platforms at once.

4. Music Licensing

Getting music placed in films, TV shows, commercials, or videogames can be a lucrative venture. Music licensing provides both exposure and financial benefits for musicians. Your revenue can vary wildly, as they'll be dependent on the production's music budget; but there are a lot of opportunities here, from licensing a song you've already released, to composing music specifically for a movie or game.

The trick here is catching the ears of music supervisors, the people who select music for film, videogames, and television. Sync licensing agents ("syncing" means combining music with a visual component, like a streaming show or a movie) can assist you with this process, as can uploading your tracks to music libraries. You can simply do a lot of ground-level networking on your own, or use services like Songtradr to help you seek out licensing and sync opportunities

5. Crowdfunding

Platforms like Kickstarter and Patreon enable musicians to engage directly with fans and receive crowdfunded financial support for new projects or ongoing creative work.

You can develop different levels of sponsorship or rewards for specific donations, to encourage people to support your musical ventures. Patreon, especially, can help you find "patrons of the arts" who are willing to support your work long-term, and you can change up your levels and rewards as your Patreon grows to welcome in new supporters.

6. Direct Fan Support

Direct fan support gives musicians a simple, classic route to getting extra revenue. Since different people use different methods, set up as many direct support platforms as you're comfortable with, so people can send you tips using their credit/debit cards or Apple Pay.

A couple of the easiest to work with are PayPal (make sure you have a paypal.me link) and Ko-fi; these basically function as cashless, contactless tipping platforms that allow your fans to throw you a little extra support at any time. Fourthwall also allows creators to accept donations from supporters, both on your homepage or as part of your supporter’s checkout experience; you can add a donation section to any page you create on your Fourthwall site, and you get the full donation minus credit card fees (Fourthwall does not take a percentage.)

7. Social Media Monetization

Leveraging social media platforms to your advantage is a big component of being a successful musician. In addition to promoting your work, platforms like Instagram and TikTok also offer monetization features for creators, so whenever your music is used in someone else's video content, you have an opportunity to earn. Make sure you've opted into social video monetization (where it's available) on the platforms that you use.

Collaborating with other musicians and with influencers is another way to maximize your socials. Use the "duets" feature on TikTok, approach other musicians directly to record a song for YouTube, or offer a track to an influencer for their use - you can then make an agreement to split the revenue that comes in from these ventures.

8. Brand Partnerships and Sponsorships

Collaborating with brands for endorsements or partnerships can bring in even more income. This could involve promoting musical gear, clothing, or other relevant products that you can talk about and showcase on your social media, during your live streams, or at your live shows. If you've already built up a fanbase, you're even more likely to snag a sponsorship, as brands can leverage your existing audience to reach more people.

There are many levels of brand deals; some may solely provide you with gear, while others will bring in revenue. Finding brands that really complement your own brand and vibe will open up more possibilities; a good place to start is with gear or products that you're already using, as these will be some of the most authentic endorsements you can do.

9. Session Work

When you're not working on your own original music, you can also offer your musical skills to others. Session musicians are not generally members of a band, but are hired for individual gigs or recording projects; you may or may not need to read music, but you definitely need to be a quick study, able to match your singing or playing to what the song/artist requires.

While session musicians do not typically get royalties from recorded music, the average session musician typically makes between $40-60 an hour; if you're a union member (for instance SAG-AFTRA or the American Federation of Musicians), check with your local branch to find out the specific minimum payment you should get.

Session work can also be a great way to network with other musicians for future collaboration and performance possibilities.

10. Teaching

Offering music lessons can provide a steady supplemental income stream. If qualified to do so, musicians can teach their craft to aspiring artists and enthusiasts.

One-on-one music lessons could be offered in person or as an online virtual class; you could even have some of your fan subscriptions include teaching materials like video lessons or sheet music of your songs/compositions as a bonus perk. Classes on music production techniques and the usage of such recording programs as GarageBand or Audacity are also in demand.

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Amplify Your Music Income with Fourthwall!

The journey from sound waves to sales is paved with plenty of diverse opportunities for musicians, whether you're selling CDs, promoting a new track on Spotify, hyping your upcoming live show, or designing some fire merchandise. Fourthwall can be an important tool in your music career as a transformative platform -  it offers integrated solutions for musicians to promote and sell their music, and can simplify website creation, enable merchandise sales, and connect musicians directly with their fanbase.

As the music industry and digital landscape continue to evolve, musicians can amplify their income and reach new heights by embracing the multifaceted features that Fourthwall offers. Embrace the power of Fourthwall, and watch your music career become a hit!