Monetizing Your Music - 5 Tips to Earn from Home
Monetize Your Music with these tips
When the pandemic hit, musicians everywhere had to become more resourceful when it comes to monetization. We've been really impressed with the innovative ways that artists have generated income from their work. If you've ever wondered "How can I monetize my music" like most other artists, we have you covered with this list.
Teach Your TalentThis is a great time to start offering music lessons. Rolling Stone notes that many people purchased instruments earlier in the pandemic with the hope of learning or relearning to play. You can capitalize on this opportunity by offering lessons to other budding musicians.Whether you're starting a YouTube channel you hope to monetize through ads or sponsorships, or you're developing and selling an online course for a platform such as Udemy or Coursera, make sure you organize your content in a practical and sequential manner. Categorize your content into titled lessons and create a plan for each video so they're easy to follow and effective. Also, be sure to monitor the comment section so you can engage with your audience, receive feedback, and answer questions.Keeping your content looking organized and professional will boost your credibility as an instructor and musician. This will also help you get better reviews on your content, which can increase its popularity and reach.
Hold a Virtual Concert in Your HomeTake to your living room stage and live stream yourself giving a performance. Suit or sweatpants, cabaret or karaoke, plugged or acoustic, the possibilities are endless because you have total creative control. Sell tickets or charge for access in advance and make sure you promote your show online. Have your PayPal, CashApp, or Venmo name visible on the screen so people can send donations during the show as well. As a bonus, you can take audience song requests live.
Sell Your MerchMusic Industry How To points out that selling merchandise can be a very useful marketing tool because you engage current fans and expose more people to your work. Merchandise is usually clothing of some sort, such as T-shirts, sweatshirts, and hats. However, you could always try something more unique or unconventional to appeal to your fans.If you don't feel you have a wide enough fan base yet to make selling merchandise a feasible idea, consider selling merchandise with more generalized designs. There are plenty of websites with tools available for designing your own t-shirts. Many artists love apparel and other products that show off their love for music. If you go this route, ensure that your work is completely original and doesn't infringe on any existing copyrights. You can also incorporate social media into your merchandise venture by holding a design contest or giveaway for your followers.
Become a Sole ProprietorYou'll eventually need to solidify your venture as some type of legally recognized entity. One way to do this is to set up a sole proprietorship. You have complete control of the business and you are not taxed separately on your business's income. A sole proprietorship is also fairly inexpensive and easy to set up, especially with the help of a formation service.
Just Keep CreatingWhether you're teaching kids to play an instrument or holding a Zoom concert in your pajamas, the most important thing is that you keep creating. Having musical talent affords you the ability and opportunity to make money even in these unpredictable and volatile times.