Diversifying your Income

Originally posted by So’lano Music Group.

There are a lot of ways to earn an income as a musician. In the simplest form, albums are made, bought, and the profits cover the livelihood of the artist. This is rarely the case. Many aspiring artists work day jobs to support themselves and their musical careers.

With a little creative thinking, however, if its possible to pull in small threads of income from numerous music-related sources, combining them into a respectable living that is still, at its core, musical.

The key is to look for an opportunity to do something musical, and then figure out how to monetize it. If your first love is performing, look into local regulations surrounding busking. It isn’t a guaranteed income, but the right music, a nice day, and a well-chosen street corner can combine to give you the opportunity to play your music publicly and still bring in enough to pay off you cell phone bill.

If online media is more your thing, consider devoting a certain amount of time to music videos, or music industry related vlogging. On the one hand it is an opportunity to show off or simply talk about your passion, and on the other, with a high enough volume of regulars, you can earn income off of the ad revenue from hosting sites like YouTube.

If you simply enjoy writing songs, find new ways to feature them. There may be other bands or artists looking for material, indie film producers looking for soundtrack options, or even podcasters in need of theme songs. Study your songs and consider their possible applications, and then see what opportunities are available.

There is an appeal to the simplicity of having one job, earning one paycheque, and living contentedly ever after, but the reality of the music industry is that it is turbulent, and drawing all your income from one source can mean a lot of frustration if that source advances too slowly for your liking, or catastrophe if it falls apart after years of steady success. Consider diversifying your income sources and you may be surprised at how stable — and large — the sum total becomes.

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