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7 trends you may have missed about music industry income streams

shutterstock_221639881The music industry is huge and it crosses continents and cultures. Having said that, with the advance of technology and the internet, music from all over the world is now easy to find and it gives us the opportunity to broaden our music horizons. With such a far global reach, the revenues generated from the selling of songs per download is skyrocketing. Not only that, but nowadays a customer can purchase a single song instead of a whole album, which has really helped in boosting revenues. But on the flip side there is a lot of illegal downloads taking place, which has had drastic effects on the industry and the artists.

There is a lot more to the music industry than being a performing artist or songwriter. You can earn a good income as a music producer, writing music blogs, as a tour coordinator or as a sound engineer. The options are endless, you can even get involved in teaching music if you have a good musical and instrumental knowledge.

If you are a songwriter or interested in becoming one, then you’ll want to know about the different ways that a songwriters can make an income. Instead of waiting for the song to be published, you can get your money before hand by getting a publisher advance that is paid to you on the closure of the publishing deal. You can also make quite a big income when  your song is reproduced through collecting on the royalties that come with that reproduction. Of course any reproduction of your music needs a license which can only be given with your approval, but if you’re collecting royalties on it, then it’s probably  worth it.

If you decide to work for a choir or orchestra you can collect commission from them for composing original work. If you really want to make some good money as a songwriter, you’ll want to push a synch license. This essentially allows TV shows, commercials, movies and other video settings to use your song. You make money through giving them a licensing deal to use your work. You can also get royalties for your song when it is played in public performances or on the radio. Today, nobody leaves their house without their cellphone in their purse or pocket. That’s good news for songwriters as they can earn revenue by sealing a licencing deal to have their song used as a ringtone.

If you’re a recording artist or hoping to be one soon, there are many ways that you can make money. For starters, when you sign a deal with a record label, they give you an advance, even before you have recorded your music. Once your music is recorded and your albums are in stores, you’ll be making an income from retail sales of your music. This may not sound like you can make a lot of money these days with everything moving online, but when it comes to the music industry, fans are still very focused on the albums and they continue to bring in a significant revenue. That being said, artists are making a huge income from their music that’s available online. Essentially when a fan comes to a site like iTunes for example, each time they download a song the record label makes a payment to the artist. Youtube also contributes towards an artists income through paying them a percentage of the money generated from advertising. Having a popular website can also bring in some bucks when you host ads on your site for a cost.

When artists perform live concerts, they make an income from it through the ticket sales and through the albums that are sold onsite. You also get a cut each time your music is played in a public performance, so you’ll be making an income from a variety of different sources. Just like songwriters, recording artists also make money off synch licences, allowing tv shows and even video games to use their music. AARC royalties are handed over to the artists for digital recordings of their songs. By having a better idea of all of the avenues an artist can make an income from, we can begin to understand how they can accumulate wealth so quickly. Artists also earn their”salary” through the sale of t-shirts and posters that are branded and sold at their shows.

Session musicians, although they are used as “fill ins” within the music industry, can earn quite well. They can be paid a salary if they become a member of an orchestra. Concert promoters pay session musicians to play certain parts within a music performance and they get paid for these. For example if an artist has a show and needs a pianist for a specific part of the show, a session musician can fill in and play the piano as required and get paid for doing it. Session musicians can be paid for their work in both a live or studio setting, depending on what the requirements are of the artist and the record label. As session musicians play a temporary role, they are usually not mentioned in the album credits, but instead they are paid a non-featured artist fee. So even if you don’t become a music superstar, there are some pretty cool ways to make an income as a  session musician.

Artists and their recording label can also make money through corporate funding. Either fans can lend their financial support to an upcoming recording project or a company can get involved and lend their support to an artists upcoming tour.

You can earn a lot of money from the music industry. It requires determination, hard work and dedication to really come out on top and stand out from the other artists in this very competitive industry. If you look at the artists who are topping the charts, you can tell that they have really learned how to make it work in this industry, of course with the help of their record label.

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