In our previous post, we shared three tips for making money in today’s digital music age. Here, we have two more tips to help you make the most of the opportunities that are out there.
The trends indicate that fans are buying less and less downloads of music, preferring to use streaming services. Even if you’re able to sell your MP3s through iTunes, however, it doesn’t always add up to a lot of money. Because of this, many artists have resorted to selling their music in specialty formats.
Many new albums can now be purchased on vinyl with full, and sometimes exclusive, album art. Likewise, some artists have opted to sell their music directly as an HD digital download. Both formats cater to an audiophile audience that is willing to pay more for the best possible listening experience. Such products also have greater profit margins, as they are often sold directly from the artist’s website.
If you’re not offering some specialty products to incite fans to purchase from your website directly, you may be missing out on a profitable income stream from your already existing music.
Unless you’re a wedding DJ, live performances represent the sector of the music industry least affected by the digital, Internet age. Most fans still believe that there’s still no better way to experience their favorite artists’ music than at a live show. And they’re still willing to pay for it.
Some bands have actually started seeing tours and live performances as their primary income stream and view their recordings as marketing materials for the tour. Of course, they still make money from recordings, but the cash cow of their business plan is performing.
The most important thing for staying profitable in the industry is to stay flexible. You have to treat your music as a business with an entrepreneurial spirit. Almost daily, there are new platforms and resources to discover that provide a new income stream for your music. And, what worked one year may not work the next. Don’t ever get too committed to one way of making music or one way of selling it. Produce a lot of content and follow what sells.