Here are 3 of the best ways to make money with your music and finally get paid as a music producer.
Why make money with your music?
Imagine a life where you can say goodbye to your 9 to 5 job and enjoy doing the things you love most. Such as spending more quality time with your friends and family or having the freedom to make your own beats at any moment of the day. Well, sign me up!
But is this even possible for a musician and how can you earn enough so that you don’t have to worry about money ever again?
The good news is you can even start getting paid today. So, stay tuned to the end, as I will share my best tips for last.
METHOD 1: Earn royalties from your music
As an artist, you can easily collect royalties. Royalties are payments you get when someone else uses something you own, like your music. When you create a piece of content, like an audio clip, you automatically become the rightful owner. And this precise right is what can earn you a bunch of money.
Get paid using digital services
Now, one of the most popular ways to get royalties quickly is by using digital services that want to sell your music. For example, think about iTunes, Spotify, Amazon and even YouTube. They can distribute your hand-crafted songs to millions of people worldwide either as direct downloads or streaming services. In return, they will usually keep some portion of the sale. And of course, you will get your well-deserved share as well.
Claim royalty rights
Another way to get royalties is by claiming royalty rights every time your song is being broadcasted on television, radio, or in clubs and retail businesses. However, you may need to register yourself and your music in order to make a rightful claim. But for most of us, our songs are not yet good enough to be played on radio or television. That’s why I’d say focus your effort on the digital services first.
Pros & cons of using royalty services
But before you go ahead and upload all your tracks, be aware of the up and downsides of these royalty services.
First the good stuff:
- You only have to create a song once and it’ll work for you forever. Even when you sleep.
- You can sign up today and start selling your beats straightaway. Anyone can do this.
- You can reach a huge audience and basically earn an unlimited amount. Of course, depending on the genre and quality of your music.
Now, let’s take a look at some of the downsides:
- Your songs will have to compete with those from other artists. Obviously, you’re not the only kid in town trying to sell his work.
- You have to learn how to optimize your offer and reach enough people on your chosen platforms. Each service has their own rules and audiences.
- Don’t expect to earn a significant amount when you release mediocre or unpopular music. Hell, even if your work is totally godlike, royalty payments in general are usually pretty low. So, in order to get a good amount of cash, a bunch of people need to download or stream your song.
Nonetheless, even a few hundred bucks a month is a great way to earn passive income. And potentially, a hell of a lot more. That is, IF you make awesome music.
To help you achieve that, make sure to grab my free EDM sample pack. It has been downloaded more than 50,000 times, which is absolutely amazing.
In conclusion, if you want to get additional income, signing up for one of the available royalty services is a great place to start. And this is something you can do immediately.
METHOD 2: Release for a record label
A record label is a company that markets, promotes, distributes and sells you and your music. Thereby, you will get a jumpstart with more exposure, new bookings and potential royalties. In return, you must sign a contract first and often hand over the rights of your songs.
Share an awesome demo
Now, as an artist you can choose to sign with any record label and potentially earn a big sum of money. Though, in order to get in, you often must share a demo of your work. They will then examine it and make a deal with you once you qualify. As you can imagine, your music must be of great quality to raise your chances of success. But that’s why I’ve created Screech House with the aim of helping you achieve that.
Big and small record labels
Furthermore, record labels come in different sizes and ranges of influence. This way you have big ones, small ones and anything in between. Obviously, the bigger the record label (and the better the contract), the more money you can potentially make. However, it’s also much harder to get your “pro card” so to speak.
On the other hand, a smaller record label usually has less benefits to offer, but getting in is much easier.
To give you a real-life example, when I was still an innocent beginner, I decided to send a very mediocre rave song to a smaller record label. And to my surprise, they responded with a heartwarming message that they wanted to release my work overnight. Long story short: I didn’t go forward with their proposal and continued locking myself up in my bedroom. Hashtag #producerlife.
Sending your song to a record label
Anyhow, that’s why depending on your current level, you have to choose which company fits you best. Thereby, realize that others may value your work differently than you do. The song you think sucks may already be good enough, and the track you find phenomenal may still need some work.
But let me know; have you ever send your demo to a record label and what was their reaction? I think it would be very interesting for everyone to read that story. So please share it with a comment.
Pros & cons of releasing for record labels
As always, there are pros and cons to any endeavor and especially when we talk about releasing your music for record labels.
Let’s start with some of the pros:
- Automatically benefit from extra exposure, marketing and distribution. Record companies already have an established network to reach thousands or millions of people. So, the sky is the limit, also for your potential income.
- Depending on your contract, you will earn royalties when people download or stream your song.
- You can get paid when people want to book you for events. You’re the artist now and people admire you that way.
Though, here are a few things you have to watch out for:
- You may not earn as much as you’d like. The amount depends mostly on your contract, the reach of a record label and your quality as an artist.
- The record label will most likely earn much more from your music than you do. And that’s why they’re still in business.
- Expect to lose the rights of your music to the record company. So, be sure to read the contract.
However, if you don’t mind the way a record label does business, it sure forms a powerful way to start a career as a professional artist. Thereby, if you want to raise your income, simply become a valuable artist and make more incredible music. But if everything fails, you can always start your own thriving record company and earn your share that way.
Though, if you truly want to be financially free, you may need more than record-label or royalty income. That’s why, saved for last, the next money-making strategy has that huge potential. I’m not going to lie, it is the most challenging, but can be totally worth it in the long haul.
METHOD 3: Sell your own music
In order to maximize your profits it can be the most lucrative to sell your music independently. By selling your own music, you are in control. You can determine your own prices; you will keep all the copyrights; and you can attract an endless number of customers.
Make great music
Build an audience
Also, people need to be able to find you. If nobody can find you, you can have the best songs in the world, but you won’t make a dime. So, how can you get people to find you and buy from you?
Here’s the secret: learn to build and maintain an excited audience who loves you and your music. They will love you if you give them what they want. Therefore, always focus on the quality of your products and present yourself as someone who genuinely cares about others. If you care, they care. So, always give your best.
How to build an audience?
However, most of us start with zero fans. So how do you build a massive audience in the first place? Well, that’s the million-dollar question. There’s not enough time to go over many details, so feel free to leave a comment to suggest a future topic, but here are some key points.
A great place to start is putting your attention on growing a widespread social media presence. You can access platforms like YouTube, Facebook and Instagram right away. Use those to share your amazing content with people across the globe. And if people like what you present, they’d love to become part of your tribe.
Additionally, you can increase your reach and skyrocket your sales by using an email list. With an email list you can send out promotional material or sell your beats immediately to your fans.
Where to sell your music?
But this poses a problem. All those people can’t buy from you if you don’t have an online store. So the next million-dollar question is: where can you sell your products?
There are a few considerations. You could sign up for already existing services, such as Amazon, iTunes or Spotify and earn royalties that way. But you can also do it yourself. For example, start your own beautiful website or blog and sell your songs as digital products. This way, people have a dedicated place to go, and you will get to keep 100% of the revenue.
And the best part is you can sell a heck of a lot more than only beats. Anything related to your music now has the potential for added revenue, such as merchandize, DJ services, coaching services, etc.
Not a quick and easy fix
Mind you, selling your own music may not be a quick and easy fix. You have to be dedicated and consistent. You probably need to have a plan to reach more people and learn some marketing and promoting skills. Luckily, Google can always come to the rescue if you get stuck. And once you get it working, your business can be extremely profitable.
Pros & cons of selling your own music
That’s why it’s important to look at some of the benefits and drawbacks of setting up shop.
First, some of the benefits:
- You basically have an unlimited earning potential. The more people you can reach, the more money you can make.
- You can determine your own prices and keep 100% of the earnings. But I’m not talking about taxes here.
- You will be your own boss. So, you don’t have to make a lopsided deal with any company, and you can live by your own time and schedule.
But there are also some drawbacks:
- You have to manage everything yourself whether it’s posting on social media, building a website or marketing your products. That is, until you hire someone.
- To make it legal, you may need to register your business, keep an administration and do tax work. Yippie!
- It may take a significant amount of time to set up your business and make it profitable. After all, it takes a while to build a huge audience, create a beautiful website and make engaging content.
Nonetheless, if you’re not in a hurry, getting started with a side business should be considered as one of the better money-making methods, especially in the long run. Thereby, the more valuable your products, the more customers you can attract and the more money you can make.
What is the best way to make money with your music?
So now, what’s the best way to make money for you? Only you can know that but let me share my two cents (pun intended).
Make money with one method
Good results require some time and focus. Hence, just focus on one method first. The one that fits your situation best. For example, if you’re a DJ who wants to make a career, it’s probably better to go to a record company and not start your own business.
Make money with multiple methods
Once you master your chosen path well enough, or if it just doesn’t jive with you, shoot for another method. There are multiple effective ways to make money. Take advantage of that. And over time, your eggs are not all in one basket. Besides, having multiple streams of income is a great secure feeling.
Make more money faster with high-quality music
But remember that no matter which route you go, people judge with their wallets. If their wallets stay closed, they expect more. All it usually means is that you need to increase the value of your material.
If you don’t feel like you have much to offer, don’t sweat it. Anyone can improve. Also you. You can start by watching my other videos and getting my books, such as The Ultimate Melody Guide or Mixing EDM Music. They’re bestsellers in their categories, so don’t miss out and use the links to get started.