With the way the world economy and my personal finances are going now, there is no business idea I have not thought of. I know my voice is not all that but it is not bad either- I am sure that with a little voice training here and there, I might have a future in music.
Jokes aside, have you ever actually thought of how musicians make their money? Let’s get into it.
1. Streaming platforms
Gone are the days when people had to sell CDs out of their car trunk or buy discs and tapes from vendors (though some people still do!). Now, most musicians upload their tracks to streaming platforms like Spotify, Apple Music, and YouTube. While the profit per stream might seem like chicken change, if you have a hit song that gets millions of plays or streams, those pennies can add up to be a reasonable amount of money.
2. Selling merch (think T-shirts and everything in between)
Ever seen a band T-shirt that is cooler than the actual band? Making merchandise is a fantastic way for musicians to make money. Witty slogans and eye-catching designs appeal to fans who love to wear their favourite artists on their sleeves—literally! Merch (hoodies, or even y items like socks or coffee mugs) can also be a lucrative side hustle for artists on tour.
3. Live performances (this is the real deal!)
E for energy! There’s nothing like the energy of a live concert. Musicians often make a significant bulk of their profits from live show tickets. Some of them play (or sing) in a packed stadium, like the popular O2 shut downs in the UK) or in intimate gatherings- this kind of thrill in front of an audience is just hard to beat. Plus, there’s always the chance of being paid in tips—just be sure to have a good PR.
4. Songwriting and Licensing
To be honest, not every musician wants to be in the spotlight. Some people just prefer to work behind the scenes, writing music for others. Songwriters can earn quite a lot from royalties when their songs are performed or recorded by other artists. There is also licensing music for social media, commercials, movies or TV shows.
5. Influencing
Everybody is an ‘influencer’ these days, and social media can definitely be a great platform for musicians to make money. If you are able to build a large following on platforms like TikTok or Instagram, you can get sponsorships and brand deals. This obviously requires a lot of effort and business mindset but it can be done.
Would you ever consider becoming a full-time artiste? Or do you think music alone is not lucrative enough to make a living in this generation?
