If it seems like nobody is buying music these days….
It’s because they aren’t.
The days of artists making boatloads of cash from $1.29 singles in the ITunes store are over. Streaming kind of killed that. Yet, the 2017 report from the IFPI ( International federation of the phonographic industry) reports that music industry revenues are the highest they’ve been in DECADES. How could that be?
The fact is, organizations and fans are still very interested in paying money to support music- they just do it in different ways now. Here’s the top four ways modern musicians are making a killing these days.
1) Music Licensing
Right now, we are in the golden age of television- and entertainment in general. T.V shows, movies, commercials, video games- you name it. They all need original music, and companies are willing to shell out big bucks for the permission to use yours.
Average payouts range from $4000- $6000 per song, but are reported to have gone as high as $250,000. Really, it depends on the company, how big a hit your song is, and how badly they want it.
The best way to get paid through Youtube is through placing advertisements on your videos. Recent data has shown that artists generate upwards of $2,000 per million views. Not bad at all.
YouTube has a pay-per-view model as well, but honestly it’s not worth doing. Reported data finds that Youtube pays approximately $65 per million views.
Like, are you f****** kidding me? At that point, you’re famous- and workers at Mc’donalds are bringing in more cash from a single shift.
Just stick with the ad revenue model, and you’ll be golden.
“Hey guys! Check out our merch table after the show….. These T-shirts are sick!”
While band t-shirts are cool, if you want to make serious money by selling branded products, sell your fans on more than just sweaty concert rags.
Think shoes, glasses, and even perfumes. Beyonce’s latest fragrance called “Heat” did $400 MILLION in sales. Freaking insane, right? Just goes to show you how leveraging fame into a product can make you shit tons of cash.
Don’t want to make a product? That’s okay, you don’t have to. Instead, you can settle for saying nice things about other brand’s products. Although mega corporations like Coke and Pepsi offer hefty paychecks- there’s more players in the game.
Smaller brands are worthwhile chasing too, especially new start-ups that need to get their name out.
Bottom line is this-
You should focus on attracting companies that sell products that line up with your brand. Are you edgy? Comical? Mysterious? Passionate? Sexy? It has to be believable that you would support your endorser in real life- otherwise a company will most likely pass on signing you.
For example, in 2016 Lil Wayne starred in a commercial for Samsung, displaying how the new Galaxy phone was waterproof by pouring Champagne all over it. Samsung picked Lil Wayne for two reasons.
A: He has been known over the years for his ability to poke fun at himself.
B: He mentioned Samsung in one of his songs- long before they ever approached him to do business.
Know your industry. Know your brand. Know how to sell what you can bring to the table.