For every career that we choose, the goal is to earn a living and make some extra cash in the process. Learning to monetize your music skills will determine whether you will be successful in the music industry or not.

That is the reason why this article is aimed at equipping you with the necessary pieces of information you need to know to help you make money as a musician. Watch out for the following points:

• Youtube Channel
• Sell your Music
• Playing Small Gigs
• Create a Website or a Blog
• Record labels
• Teach Music Lessons
• Streaming
• Compose Music for Theatre
• Songwriting/Composing
• Take advantage of Licensing
• Performing at Weddings or Bar
• Work as a DJ

But while it’s easy to dream of being the next Springsteen, Nicki Minaj, Drake or other leading names in the music industry, actually making your dream a reality takes considerable work. 

If we are being honest, making money in the music industry isn’t always as simple as negotiating a salary and waiting for your paycheck to come in. The pay structure of many music industry jobs is based on percentages for one-off deals and freelance-style work, but different music industry careers are paid in different ways.

The good news is that you can actually make a decent living as a musician. The average income earned by musicians is around $35,000 per year, and with more ways to monetize your art than ever, yours could far exceed this.

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Easier said than done, though, with record sales in decline, you will need to approach your sources of potential revenue streams with an open mind. But, if you have a good business sense, making money as a musician isn’t actually that hard. A little creative idea can get you started.

Youtube Channel

With the number of users on the Youtube platform, monetize your music skills should not be that difficult.
YouTube allows musicians to make money every time that viewers play their content. The beauty of using YouTube as a platform is that it’s free, you don’t need to know anyone in the industry, and you can try over and over again. Here is what you need to do.

Grab a camera, record yourself, and take advantage of YouTube’s advertising program to make some extra money.

The easiest way to earn money on YouTube is with Content ID. Content ID is a popular digital fingerprinting system that content creators can use to easily identify and manage their copyrighted content on YouTube.

Videos uploaded to YouTube are compared against audio and video files registered with Content ID by content owners, looking for any matches. On YouTube, whenever your music is used in videos that are running ads, YouTube pays a portion of that advertising money to the rights holders of the song.

There are so many successful musicians and even pop stars started on YouTube, from Justin Bieber to Soulja Boy.

Sell your Music

Digital distribution is a must; you need to be readily accessible through all media platforms or find a friendly aggregator that places your music all over the net for you or you may choose to set this up yourself.

Selling music at shows is also important. You can sell CD-Rs, make sure they are reasonably priced to sell at all your gigs, or online. If you’re pressing physical copies, check out your local record shops to get them in on consignment.

You can easily duplicate your CDs without spending much, including printing and a plastic-wrapped case, so most of each sale will be profit, even after huge discounts.

Playing Small Gigs

Book any gig you can, no matter how tiny your audience may be. And you may have to accept that you’ll struggle to earn anything close to what you think you’re worth for some time. That’s part of the journey toward making a living from your music.

Research on small gigs shows that buskers can earn between $50 and $100 per day, so you might be able to pull in a little more for gigs in bars or at weddings. Session players typically receive anywhere from $100 to $2,500 daily, too.

Create a Website or a Blog

A website or blog is a great way to showcase your music to sell your CDs and advertise your availability for gigs. It is a good idea to have a website that features some examples of your talent. Ask your client to write a recommendation on your website if they are happy.

In case you are thinking of how to effectively use your music website, the guys at giglue.com have a platform designed specifically for band websites. The platform can help you to create a professional-looking website. 

Record labels

Most musicians dream of being signed by a major music label, but this area of earning a living does not come easy. You need to works hard enough, network connections, and promote yourselves in the right manner.

That being said, record labels typically won’t sign newbies and also most record labels really don’t give much money to bandmates. If you don’t have a following of your own, they won’t give you a penny. If you do have a small-but-growing following, you may be able to get a record deal.

Teach Music Lessons

Before becoming a big name in the music industry and earn big, teaching music lessons is another way you can earn a living from your music career. Your music teaching skills will be useful in schools, a private lesson, and other avenues.

But you must be incredibly proficient at any instrument you plan to focus on. There’s no use trying to pass on your knowledge to others if you’ve only played for a few months. 

It can be hard to find students when you’re starting out, but keep your rates low and target the local community with ads at public libraries, community centers, malls, etc. Austin-based songwriter Caleb J. Murphy offers music lessons through Musika Lesson, for instance, so he can pull in enough money to make his songwriting passion possible.

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You can expect to earn between $30 and $120 per hour, but teachers with more experience and credentials to their names are likely to secure payment at the higher end of that range.

Streaming

When online streaming has become a trend in the music industry, it should be a no brainer that your tracks need to be on this platform. Whenever your music is played on streaming websites, they pay royalties.

Although per-stream payouts from streaming services tend to be small, they can add up over time. These services also help new fans discover your music, and shouldn’t be seen solely as an income generator.

Compose Music for Theatre

If you like to collaborate with others and you are willing to start off small, then the opportunities for creating music for theatrical productions are endless. A great jumping-off point is your local theatre. You can associate with a theatre group for work. They have a frequent requirement of songs and compositions for their acts specific performance.

Songwriting/Composing

If you’re a songwriter, you could write songs for other musicians, or compose music specifically for film and television. You’ll earn performance royalties whenever the song you wrote is performed.

Another way to earn as a musician is making a few bucks writing about music on a freelance basis. One way to capture attention and earn valuable experience is to launch your own blog. Gather as many readers as you can, and use this as a platform to demonstrate your talent when applying for freelance gigs.

Freelance writers can generate as much as $42,000 per year, but it takes time to build a name and a quality portfolio. Just like with playing gigs, getting to the sweet spot with writing about music takes time.

Take advantage of Licensing

Every single movie and television show will need to have a soundtrack or a background song at one point or another. Music supervisors on film, TV, commercial, and trailers are always looking for fresh tunes that fit the mold for their project.

If you get your song placed in a film, commercial, or TV show, chances are they’re going to pay you a licensing fee. Licensing refers to the act of getting the rights to use the music. Musicians will often contract themselves out to create soundscapes for movies and television.

Some musicians even offer their music licensing rights to production companies for a set fee. These fees vary greatly, depending on the budget for the project, and how badly they want your particular song.

Performing at Weddings or Bar

Playing cover gigs at bars, weddings, and other private events are frowned upon by some musicians. You won’t become a rockstar playing at weddings. But those shows can pay really well, and allow you to get paid to play your instrument.

There’s no shame in that. And if you do well, word will spread and you’ll soon have a bonafide business on your hands. If you’re still working on getting a regular following for your own music, this is a relatively reliable source of income that lets you play music.

If you,re-performing an original composition, you can earn royalties from live performances. Whether you perform at a bar, restaurant, club, or other music venue, Performance Rights Organizations (PROs) will pay royalties from those live performances.

Work as a DJ

You know music and you know how to have fun, right? Start djing for events, and while you’re there, throw a couple of your own songs into the mix. Most venues will give a very large percentage of the money people spend on concert tickets directly to the band.

The bigger the venue you’re able to fill, the bigger your paychecks are. DJs generally make money through bookings at clubs and bars. Rock bands tend to book in rock venues and the occasional nightclub.

When you’re a band with a good following, throwing a lot of concerts is a very financially wise decision. It’s a great way to get exposure for your music. Well, unless you’re producing hip-hop and you’re djing a polka party.

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You may already be playing gigs on a regular basis and perhaps writing about music, but your earnings aren’t quite high enough. As you start to gain experience and build a following, you can start exploring ways to make more money from your talent. Try the following ideas to take your income to the next level:

• Set up your own Patreon account. Patreon has become an invaluable platform for creators looking to earn money from their art and build their own following. You can set up a page and accept contributions from a group of patrons with various tiers. You can build trust and foster loyalty from your fans on Patreon, but it takes work to keep your audience happy. Interact with followers and gather feedback to make sure you’re rewarding their commitment fairly. Offer incentives to motivate followers and secure their donations. Rock band Future Sunsets, for instance, gives patrons behind-the-scenes access. They post band photos and updates that only patrons get to see. Consider offering free tickets, merchandise (see below), early access to new tracks, behind-the-scenes insights and more to contributors at different tiers.
• Take part in video meetings with followers. Live video platforms empower musicians with the means to interact with followers in a direct way. Chatting face-to-face is a more personal experience than social media conversations and offers deeper connections than a brief meeting after live gigs. You can offer video hangouts to Patreon contributors to mark certain milestones (such as earning a specific amount) or as a regular incentive. For example, followers who pledge $15 per month could receive an invitation to take part in video hangouts on set dates. You can even welcome fans to grab their own instruments and play together to reward Patreon members donating a higher amount. Take the time to make them feel valued.
• Selling merchandise. Buying merchandise is a simple, affordable way for fans to support their favorite musicians or bands, which is why it’s such a common approach among musicians. You can offer a huge range of merch, from T-shirts and baseball caps to exclusive vinyl (back in vogue now among collectors) and tote bags. Custom printing companies are easy to come by, or you can try producing your own if you’re willing to invest in printing equipment. (Be warned: It’s not cheap.) There are many sites out there that you can use to distribute your merch, such as Dizzyjam, Shopify and Bandzoogle. You should offer merch at your live gigs, too, not just online. Always make sure your merch is of a high standard, though, and be willing to sacrifice quantity for quality when your budget is stretched tight. 
• Becoming a music producer. As a producer, you can help different musicians create albums and discover their own sound by adding a professional flourish to their tracks and helping them explore fresh ideas. As part of this, you also can get paid to oversee the production and recording of their music and possibly arrange session players for solo artists. Music producer Jordan Bolch explains the role, “Working with a music producer is a crucial step forward for any musician or band aspiring to breakthrough success. They’re impartial and focused on helping artists unlock their potential for the good of the music. Being a music producer is the kind of career that keeps giving, however, you need to have vision and the ability to feel the zeitgeist of the moment. It’s key. Ask the greats, without it, music production may not be in your wheelhouse.”
• Not every musician should go the producer route, and it takes a little work to build the credibility necessary to sell your services, but once the ball is rolling, producing can be a great way to earn a living from your musical passion.
• Invite fans to choose their own rate. It’s become increasingly common for musicians to invite their fans to pay what they want for their work. In some cases, the artist will set a limit but accept higher rates. For example, synth-artist Carpenter Brut stipulates a minimum for his albums but still allows for more from fans. You may want to keep your minimum payment low, perhaps even just a $1. This might seem like a risk, but it increases the chances of newcomers taking a gamble on your material. It also provides your followers with the opportunity to show their appreciation for your work, even on a small scale. Never underestimate the generosity of a devoted fan. Adding additional content to a pay-what-you-want package offers greater value and can incentivize buyers to put a little extra on top of their payment, too.

Making money as a musician can be a real challenge, especially when you’re only at the beginning of your journey, but drive, determination and a willingness to keep honing your skills can take you where you want to go. You just need to take the work seriously and commit to a regular process of creativity.

Nobody’s going to bestow fandom, fame, and fortune upon you if they don’t know you exist. Follow the steps discussed above to grow your audience, raise awareness of your skills and ultimately boost your income.