How to Monetize Your Music?

Music is a passion that people can transform into careers or at least a revenue-generating source. If you also want the same, then read this interesting article on how to monetize your music. It will help you generate revenue that you can use to buy equipment, instruments, and other stuff.

Understanding Music Monetization

Music monetization is a simple way in which musicians can make money in a digital format. One way to monetize music is to earn revenue from royalties. There are different types of royalties like composition copyrights, sound recording copyrights, etc.

Streaming music is also a way to earn money where the musician gets an average payout per stream. It’s not very profitable as the payout average can be as low as $0.006 and $0.0084.

Why Music Monetization?

The simplest reason for musicians to monetize their music is that it’s profitable. When you put the music in a digital format, more people will access it, listen to it and download it.

Another reason is that when your music becomes digital, you can connect with your fans. The more you connect with your fans, the better it would be for your brand.

How to Go About Music Monetization?

Now, if you are convinced that you need to monetize your music, then here are a few ways to do it.

Try a Distribution Platform

A distribution platform will give you the exposure and accessibility you need. It will distribute and collect royalty from the streaming services. They can send your music to different streaming platforms like Spotify, Google Play and Apple Music, and many others. This will help you to grow your audience.

Enable Digital Downloads

You can also sell digital downloads on a community platform or a website, as it will allow you to get the money directly while the music goes directly to the customers. The platforms don’t charge a fee and are 100% free. Examples include Bandcamp and SoundCloud.

Build a Website

If you want more control and more money, you can also start your own website, build a brand and offer access to your music exclusively through the website. You can use the website to attract the attention of directing managers.

Go for a Music Licensing Service

If you want to generate profit, you can also sell the license of a song. There biggest music licenses usually come from content creators, advertisers, movie productions, and big brands. You can try a few top services are Epidemic Sound, LuckStock, and Music Vine, among others.

Other Options

Some other options you can try to monetize your music are selling band merchandise online, providing music lessons, making money with live streaming or a virtual concert.

Final Words

Music monetization is a great way to enhance your brand, connect with the audience and generate a decent income. There are a lot of options available to you, and you can choose one that works best for your brand, lifestyle, and schedule.

Need some inspiration? Read about the top 10 Canadian musical artists here.

Also, you can consider starting a music blog. Read here for more.  


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