10 Ways Bands can Make Money – Income Options for Bands
Having a talent for playing an instrument is a fantastic feat in a person. The countless hours of training from childhood to even university degrees in music can put people at the top of their confidence levels with their musical talents. However, thousands of musicians who are real talents are unable to make it in the real world. Sadly, they have had to find alternative careers in other industries to either support their passion for music or they have to give up their talent. In the world of music, the chances to shine musically is limited. Not everyone who has a knack for singing or playing an instrument can become a Joe Satriani or a Lady Gaga. There is a lot of politics and chance that comes to play when you look at the big bucks.
There are both traditional and modern ways a band can earn money these days. Here are ten ways a band will be able to bring income from their talent:
- Flash Drives, CDs and DVDs – If you are a musician who has got a chance to play a few live shows, remember to always keep some Flash Drives, CDs or DVDs of your music on hand. They are great souvenirs for audiences who have loved your music at the event, and most people will be glad to pay the price for a copy of your CD.
- Vinyl – Vinyl is back. The number of people who have been buying vinyl has increased since 2013. Therefore, having a few copies of Vinyl for sale at your live shows are a great way to bring some income.
- Internet Sales – As a band, you have probably already thought about this strategy. Everyone wants to sell their music on iTunes and Amazon. However, understand that retailers take up to 30% of the income that you music generates. The best way to get past this is to sell your music on your website.
- Streaming Music – There are several streaming services available that will be able to showcase your music. Even though the fee for the pre-stream is still needed, fans will be able to discover the music that you have to offer.
- Live Shows – This is probably the most wanted and highest cashing out the stream for making money for bands. It is the best way to make an income by charging a small $5 fee for the show at a local venue. Performing at live shows helps in generating revenue from several sources such as selling merchandise as well.
- Physical Merchandise – The merchandise you sell depends heavily on the number of people you need and the number of live shows you play. Make sure that you concentrate on getting you live concerts, and the merchandise will automatically
- Digital Merchandise – For those who visit your band’s website you can have an option for them to buy merchandise from your site. You can give them videos, images for posters, PDFs for the sheet music, exclusive photos, etc.
- Crowdfunding Websites – Several websites are available for crowdfunding these days. Put up your music and the goal of your band on crowdfunding. You will not just find exposure for your music but also interested parties who want to support it.
- Publishing Royalties – Sign up with a performing rights organization and collect royalties for the music that you play. Types of royalties will include public, mechanical and sync royalties that you can receive.
- Songwriting – You can also generate income for your talent by becoming a session musician. You can work with other music projects and get paid for your work as a songwriter or as a band.