By Mitch Rice
When it comes to making money in the music industry, there is an ongoing discussion detailing the ways that musicians can make money in the industry. Whether it’s by maximizing your streams through taking advantage of music and music video distributors or getting advice on making your mixes sound better, there are videos and blog posts galore for those seeking this information.
Interestingly, all of these pieces seem to come from entities that sell goods and distribute artists’ music. This is a little suspicious to say the least since streaming companies and online marketplaces are infamous for crumbling the music industry and cutting musicians’ pay in half. The unfortunate reality is that while streaming services and music video distributors provide an independent avenue for musicians to publish their music, today, the industry has fewer avenues for musicians to make money. Continue reading as we discuss three misconceptions about making money through gigs, touring, recording, and more to help demystify these avenues and provide clarity on how to navigate them.
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Gigs
One of the ways that musicians get paid is through local gigs. These could be gigs where musicians play with a band that is not their own or they could be booking spots for their own band at local clubs. The misconception is that with enough of a local following musicians can see real success by playing out locally and taking as many gigs as possible. The reality here is that most small gigs pay on a pretty wide scale ranging anywhere from $50 and up. For gigging musicians it’s important to determine whether the gig pays well, if the music is good and whether you like the people you’re working with. If a gig fits at least two of those criteria, it’s worth taking.
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Touring
Touring with large acts can be a great way to make money! However most small or even mid level artists find themselves losing money, breaking even or making marginal profits on their tours. Recently, a band called Wednesday released a breakdown of their tour receipts on twitter. Here we can see the actuality of the expenses that go into going on the road. Bands that aren’t represented by one of the 1% of labels that actually have capital behind them have to account for travel, lodging, food and other expenses. Touring may technically be the number one way for bands to make money, but it’s still difficult to actually see a profit from those experiences.
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Streams
Independent bands and artists are able to take advantage of music and music video distributors to get their work online and streamable on major platforms such as Spotify, Tidal, Apple Music and Vevo. This has had both positive and negative effects for music culture. On one hand, there are so many more artists and styles of music than ever before due to the simple fact that almost anyone can record music at home and distribute it on their own. However it has also helped deflate the monetary value of music. All streaming websites pay a fraction of a cent per stream. You read that right. A quick google search will reveal that the amount of streams needed to meet 10k comes close to 2.5 million. Streams are great and show that your music is being heard but it isn’t nearly lucrative enough to make money for most mid level artists.
Things to Consider
Will all this being said, the question remains: how do musicians make money? The answer is both simple and complicated; musicians need to get creative. Developing a network of working musicians in your local city or town is a great place to start for those trying to find opportunities to perform and record with their peers. Those releasing music absolutely should use music and music video distributors to get their music online.
But it’s important to look at music released on streaming platforms as something like an online resume so that fans, artists, collaborators, and potential employers in the music industry can see the evidence of your musicianship. Teaching is also a great avenue to make a steady income in the music industry, especially for those with music production skills. Additionally, composing for and acting as a producer for other artists are solid ways to make money and build connections in the industry.
Conclusion
The reality is that any creative industry can be a tricky field to navigate. Creative work isn’t always consistent and it doesn’t make for a regular schedule. The best piece of advice for musicians wanting to make money is to make sure they are always advocating for their band’s best interest. Stick with it and choose the opportunities that either have at least two of these criteria: good money, good music, and good people.
Data and information are provided for informational purposes only, and are not intended for investment, medical or other purposes.
