Sustainable Sources Of Income For Music Industry Professionals

As children, we all harbored dreams of becoming lawyers, doctors, artists, engineers, footballers, and more. These aspirations were shaped by family influence, innate talent, personal preferences, or societal expectations. At that tender age, our motivations were rarely driven by economic or financial considerations associated with these career paths.

However, as we transitioned into adulthood, the realization dawned upon us that beyond our initial inspirations, the pursuit of sustainable income plays a significant role and often becomes a compelling reason behind these chosen vocations, as it is often said “man wey work, must chop”. 

The music industry exemplifies this notion, transcending mere entertainment to encompass a realm where artists showcase their talents, convey stories and messages, and spread love, joy, and entertainment. However, beyond these intrinsic values, additional motivating factors come into play, including the moral and economic benefits derived from music production and the exploitation of musical talent.

 

In contrast to traditional professional careers, where individuals undergo rigorous training and education, the music industry operates differently. Here, artists often navigate the intricacies of the field through hands-on experience, lacking a formalized training system. In today's era of widespread global technological advancements, the avenues for exploiting musical talents are virtually limitless. From streaming royalties to music publishing, touring, and sync deals, a multitude of opportunities exists to ensure that talent can generate revenue.

Starting with the most straightforward method of monetizing your music—through music royalties and online releases on major music platforms like Spotify, Apple Music, Deezer, Tidal, and others—is essential. 

 

While streaming sales might not result in immediate substantial earnings, they can steadily accumulate over time, particularly as your fan base and monthly listenership expand. Consequently, streaming becomes a consistent revenue stream for numerous artists, irrespective of their experience, stature, or size. Streaming royalties, essentially the earnings you receive each time your track is streamed or downloaded on a digital music platform, constitute a significant aspect of this income. Whether you're a recording artist, composer, or music producer, streaming provides a means to monetize your music in the long run, paving the way for more lucrative revenue streams such as live performances, merchandise sales, and synchronization deals. Distributing your music online serves as a pivotal platform for listeners to discover you as an artist and sample your musical offerings. Subsequently, if they resonate with your work, they're more inclined to take further steps, such as attending your live performances or purchasing merchandise from your website.

 

One of the primary revenue streams for independent musicians lies in the earnings generated from music publishing royalties. Music compositions and recordings are regarded as intellectual property, entailing a distinct set of rights. Consequently, when entities such as radio stations, streaming platforms, and venues wish to utilize this intellectual property, they are obligated to remit an annual license fee. Typically, it is the artist who owns the rights to the work and therefore receives the monetary compensation from these royalties.

Creating and selling your own merchandise stands out as another crucial avenue for generating income as an emerging musician. Manufacturing merchandise can be quite cost-effective when you're savvy about sourcing. Furthermore, vending merchandise at your live performances or concerts can serve as a valuable means to offset travel expenses or venue rental fees. Your merchandise assortment needn't be confined to apparel alone; it can encompass a diverse array of products ranging from mugs and phone cases to posters and bottle openers, and beyond. In fact, offering a variety of products facilitates the establishment of both higher and lower price points within your merchandise line. It's advisable to invest in merchandise once you've begun to amass a following and regularly perform shows or sets, as these occasions typically yield the bulk of your merchandise sales. However, you can also retail merchandise via your own website or through established online platforms. When engaging in merchandise sales, it's imperative to maintain a business mindset. Keep a close eye on your inventory levels and diligently track payments to ensure you're consistently stocked with fan favorites for your upcoming gigs.

There are several revenue streams you can tap into when performing live shows:

• Ticket sales
• Door fees
• Payment from the venue owner or promoter (if it's a paid show)

As you begin to establish yourself and secure regular gigs, whether as an opening act or the main headliner, you can start charging fans for tickets to attend your performances. It's essential to consider any potential expenses incurred as a live performer, such as venue hire/deposit, catering costs, or promotional materials. Therefore, it's crucial to research and negotiate the best value venue deal to maximize your earnings.Moreover, if you're performing original material, it's important to keep track of all your setlists to ensure you can claim the royalties owed to you for live performances.