Making money with your music is not as hard as you might think. There are many ways to do it! In this blog post, we will discuss 9 of the best ways to make money with your music in 2023. Some of these methods may be new to you, while others are tried and true. But all of them can help you make a profit from your music. So read on and start making money today!
How to Make Money with Your Music in 2023
1. Music Streams & Sales
One of the easiest ways to make money with your music is by streaming it online or selling it. You can sell your music on platforms like iTunes, Amazon, and Google Play, or stream it on Spotify, Pandora, and Apple Music. Now, this doesn’t mean you’ll be an overnight millionaire. For example, Spotify only pays $0.0033 on average per stream. So to make even $1000 through Spotify will take a large number of streams. That’s not a great way to make money but due to music streaming popularity, it has become a lot easier to reach new audiences this way.
But if you are looking more at the money-making aspect, then focusing more on selling your music will work better. This means, however, that you will need to provide ways for people to sample your music before they buy. This may mean releasing a song for free somewhere or pushing out content on your social profiles.
2. Busking
If you’re a live performer, then busking is a great way to make money with your music. You just go out and play on the street. The key here is to build up a following in your city or town. Once you have a following, you can start playing at bigger venues and events. Busking is a great way to make money because you keep all of the profits. You don’t have to split it with anyone else. And if you’re good, you can make a lot of money doing it! Just be sure to get a permit from your city or town before you start busking. Otherwise, you could get in trouble.
3. Performing in the local music scene
Another great way to make money with your music is by playing in the local music scene. This can be anything from bars and clubs to coffee shops and restaurants. The key here is to find places that will pay you to play. Some places may only give you a small amount of money, but if you play multiple gigs, then it can add up. And if you’re really good, you might be able to get a headlining gig that pays quite well.
4. Playing Corporate Gigs & Weddings
If you’re looking to make some serious money with your music, then playing corporate gigs and weddings is the way to go. These gigs usually pay a lot more than other types of gigs because they are often for high-paying clients. And if you can land a regular gig with a company or wedding planner, then you can start making some good money. Just be sure to have your rates set before you start playing these types of gigs so that you don’t get taken advantage of.
5. Merchandise Sales
Selling merchandise is a great way to make money with your music. You can sell anything from t-shirts and hats to CDs and vinyl records. And if you have a large following, then you can really make a lot of money doing this. Just be sure to create quality merchandise that your fans will want to buy. And don’t overcharge for it. Otherwise, you’ll lose fans and sales.
6. Livestream on Twitch or Youtube
People already make money by live streaming their gameplay sessions on Twitch or Youtube. You can also use these platforms to live stream your music performances. Just be sure to set up a donation button so that your fans can donate to you. You can also use these platforms to promote and sell your merch and other products.
7. Youtube Ad Revenue
If you have a large following on Youtube or just get a lot of video views, then you can make money with your music by running ads on your videos. This is a great way to make money because you don’t have to do anything other than put the ads on your videos. And if you do have a lot of views, then you can make a lot of money doing this.
8. Patreon
Patreon is a great way to make money with your music. You can set up a page where your fans can donate to you every month. Just be sure to provide quality content for your fans and don’t overcharge them. This could mean giving your Patreon supporters free copies of your songs as they are released, behind-the-scenes content, or even more personalized content. The key is to make sure it is something that will entice them to continue supporting you month after month. This makes Patreon a great way to make money because it gives you a consistent income every month.
9. Brand Deals & Sponsorships
If you have a large social media following, then you can make money with your music by doing brand deals and sponsorships. You can contact brands and companies that you think would be a good fit for your music and see if they’re interested in working with you. Just be sure to read the fine print before you sign any contracts. You don’t want to get taken advantage of or end up promoting something that you don’t believe in.
If you have a valuable brand, then you can even arrange for deals where you put your branding on a product for a share in the sales of that product. The band Periphery is a great example of this. Beyond the usual fare of their music, touring, merch, and so on, Periphery have put their brand on software products, guitar pedals and similar products, music teaching camps, and even their own clothing line.
2023 Could Be Your Year To Make It
With everything we listed, that doesn’t mean there won’t be even more opportunities that come out this year. 2022 saw the rise and fall of NFTs for example. So there may be another new opportunity around the corner. You just have to keep your eyes and ears open. Beyond all of this though, you should take this year to further educate yourself on business finance and know as much as you can about your finances.