Music has always been a sector of many people since the early ages. Good Singers and bands becoming well-acclaimed nowadays are adorable and perform in front of fans. They also spend a huge amount of time making good music. In this age of technological upgradation, right now, it’s not too tough to earn money. Whenever an artist or a band transforms a passion for music into a profession, a question comes eventually, ‘How do they earn?’ There is a myth and a common misconception surrounding everywhere about the ‘Starving Musician’. But that’s not true. There are numerous ways which are taken nowadays to earn money.
Let’s understand and discuss some ways that can be taken to earn money:
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Composition
Good compositions are always welcome. Numerous artists with great talent continuously try to create something genuine and distinctive. These compositions give us joy and merriness. Sometimes, artists and bands do their compositions, and sometimes not. Some people work for them and compose music. When music labels or companies earn money by selling CDs/DVDs of these compositions they pay composers a bulk amount from there and that’s how their toiling gets paid. If the band or the artist does the same, companies get their commission from the profit and pay them.
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Royalty
Royalty is a key factor in the industry of music composition. Every composer wants to get paid and named for their creation. In this case, royalty comes as a partner. After the composition, when it is going to release, to have full authority over the song Royalty is paid to the composer. This payment is absolutely necessary. Royalties are generally two typed:
- Mechanical: The reproduction of the recordings must be licensed. Either Physical or Digital.
- Public Performance Royalties (PRO): When a song is played on TV, Radio, Disco, Clubs, and Restaurants. These royalties get paid to bands/lyricists/publishers and composers by ASCAP/BMI/SESAC.
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Live Shows
It is said sometimes, “Recordings and composing cannot provide such an amount of money an artist or band desires.” So here live shows come to save and give them what they deserve. When people buy tickets and come to watch the show, a paycheck gets offered to the artist or bands.
There are several types of live shows that offer a lot of money.
- Wedding
People get crazy about songs when it comes to weddings. That’s a time when an artist gets hired for a presentation. If any artist joins a band and plays together, things get professional. That time for becoming a part of the band the amount payment becomes higher. In some cases, it can go up to $500/per person.
- Restaurant
Another place where even a fresher band or artist can start the journey. People who are passionate about music join different restaurants nowadays and get paid for attracting people. Restaurants pay these bands or artists daily basis which can go up to $200/day.
- Original Shows
Live shows are sometimes sponsored by other companies and organizations and usually take a lot of money as commissions. In that case, sometimes, Artists and bands announce and set up their shows. Although it takes a lot of extra effort to take care of every situation but ultimately at the end of the day, a bulk of bucks come into the pocket.
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Seasonal Shows
Despite being quite similar to the live shows, seasonal shows are a little bit different from that. Live shows can be constructed anytime but seasonal shows don’t happen all the time. ‘Summer Festival’, ‘Winter Festival’, and ‘homecomings’ are the time when artists and bands get their opportunity to earn a good amount of bucks.
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Teaching Lessons
This one is considered one of the most primitive forms for an artist to earn some money for them. Teaching is such a good process to practice your skills. Sometimes it becomes tough to maintain a busy schedule for professional work and teaching. Live shows and collaborative works don’t pay much sometimes. In that case, Teaching is a good process to earn more. It pays almost $20/per person.
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Merchandise
It’s not so sure how much money merchandise earns for a single artist but when it comes to bands, things are different. Bands collaborate with craftwork artists and decorators, who make merchandise, and when it makes profits, the band pays those craftwork artists for their contributions. That’s how merchandise works.
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Social Media and YouTube
As one of the most popular media nowadays and 2nd search engine in this world, YouTube is ruling over the internet. Musical and Visual, with both these capabilities, YouTube has its distinctiveness. Over the years it has become a very effective platform for artists, musicians, and bands. Adsense is a very effective form to earn a lot of money as YouTube provides numerous opportunities. Posting videos on YouTube with tracking activities to get an ample audience are not easy together. So in order to resolve this trouble there are well-revered organizations that are ready to take care of and give solutions.
Also, there are diverse honorable mentions which help Bands and singers to earn money such as ‘Sponsorships’, ‘Funding, and ‘Grants’.
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