The music industry is a very lucrative industry, and as a music artist, your earning potential is enormous. However, many aspiring musicians earn next to nothing from their music.This could be explained by the high population in the industry and also by how unreliable strictly depending on streaming platforms can be for earning a steady income. According to research, you need to get at least 90,000 streams a month to earn the minimum wage, and as an upcoming artist, this could be a struggle.
However, your earning potential in the music industry isn’t limited to your music streams. The following are some important measures that would aid you in improving your earnings in the music industry.
Improve your social media presence
The most essential way to make money from your music is to get people to actually listen to it. A good way to make this happen is to have small clips of your songs readily available on different social media platforms. Creating great content with your songs, like dance videos, mini live performances on your page, and other relatable and exciting videos Tik Tok has about 1.53 billion users, with 1 billion of them being monthly users. Instagram has about 2 billion active monthly users. These two social media platforms are great for short videos and would be a great starting place to build your social media audience through music.
Prioritize live events and singing gigs
While there is a lot of money in music on the internet and live performances can be stressful, they are still very important.It is not only a good way to supplement your income, but it is also a good way to build a personal relationship with your audience and even get more people to listen to your music.Great performances have been known to be great means to improve a musician’s fan base. The iconic American singer and songwriter Beyonce is also very popular for her amazing stage performances, as is Nigeria’s Burna Boy. It is important to perform at more live events without stressing out about the size and to also improve your performance style in line with your genre of music.
Working with other artists and other creatives in the music industry, both established and upcoming, can definitely boost music streams and improve awareness of your art. All of these artists have gotten their big breaks after important collaborations that have helped open them up to a wider audience. Collaborations are not limited to just releasing songs; they could also be joint concerts and tours. This would increase the audience at this event and give your music the attention it needs.
When collaborating, it is essential to be careful with your choices. Collaborate with artists and creatives that are in line with your genre of music and the brand you are building for yourself.
Sell merchandise and digital products
Your presence in the music industry can be monetized in diverse ways. selling merchandise like shirts and tote bags.Hats can be a great way to improve income. You can also sell them in preparation for an upcoming event or concert. A lot of artists make side incomes from this. Justin Bieber has created a brand by selling shirts and head warmers. Beyonce is currently selling merchandise ahead of her upcoming Renaissance World Tour. This can be a very lucrative side hustle for any artist to get involved in. You can also sell digital products to your audience, like art and other digital products. Rema sold NFTs in 2021, which also gave their buyers extra benefits like access to his concerts for a limited time. Growing money as a musician is also great.
If you have started building a reasonable number of followers on social media platforms through your music, you could earn extra with your growing audience. A lot of brands need people with an audience to represent them and open them up to a larger audience. As a music artist, you can take advantage of this and earn more income while improving the awareness of these brands. It is also pertinent that you work with brands whose values align with yours.
Finally, there are lots of ways to make money through your music, and there probably will be more with time. However, before focusing on the money aspect, it would be great to polish your songs and consistently share them to create an audience. Once this is done, your earning potential is almost endless.