Music Money: All you need to know about cashing out from your music
As far as the music business is concerned, there is no better motivation in it than raking in the ‘Music Money’ for your hard work. While some earn their own music money from performing at gigs and live shows, others are still earning money solely from physical record sales. However, only a few are aware of some “hidden” sources, where a lot more money is made.
Remember, one of the foremost consideration for musicians is to always put out great content, and in the name of Hustling, many artist careers have nosedived due to their steady release of below par content. For you to stand a chance to make money from your music, your content must be exceptionally good. Our advice is this; take your time to make great content – you can’t underestimate the opportunities one good content can bring you.
Here are some opportunities you can exploit to cash out in the music business:
Music Distribution: Gone are the days where music distribution was dependent on Record labels and ‘Alaba boys’. We are in a digital era where getting your music on streaming platforms such as; Spotify, BoomPlay, iTunes, Musicplus, YouTube and the likes are now the surest way to getting your music available to your fans, regardless of their physical location. There are several advantages digital distribution offers, one of such is the ability to earn money, via music streaming and royalties. Other advantages are the playlist features it offers as well as a platform to grow and promote your music. The process might seem tedious hence the need for licensed distribution companies such as Freeme Digital. You can sign up at www.freemedigital.com to get your song(s) on all digital platforms like that.
Endorsements / Sponsorship: This refers to when an artist is signed as a brand ambassador for a particular brand/product for the purpose of leveraging on the popularity of the artist to create awareness and drive more sales for the product. Such brands could leverage your music i.e. use it as a soundtrack or even your persona. Placements are gotten through music supervisors, agents or managers – as the case may be.
Merchandising: This is a sure way for artists to make money, not only from their music but from their brands. The idea is; fans want something that comes from or is attached to their favorite artists, something that isn’t offered on a digital streaming platform – something tangible that can be felt. Notable examples are; branded shirts, shoes, cups, scarf etc. Such initiatives/undertaking give you as an artist another platform to earn, asides from your music.
Obviously, there are other ways to cash out from music business but we hope these tips will enlighten your mind and strengthen your “hustle” till we share more of such tips to help you milk your cash-cow.