4 Ways To Monetize Your Music Today!
Monetize Your Music
With streaming services now the preferred method of music consumption these days, where are the opportunities for independent artists, songwriters and musicians to actually MAKE MONEY? It’s a legit question, and one of utmost importance to ask yourself if you want to make a living writing music.
As creative individuals, we must make music. We were born to create, it’s in our blood. It’s what gives our creative lives meaning and direction. But, let’s face it… working a full time job doesn’t leave much time and energy to create the way we desire to create. In fact you may have even asked yourself, “what is my motivation to invest time and money into creating music when there is very little opportunity for any financial reward? Is there some secret to success that I don’t know about?”
There is, in-fact, a secret. Not only have I spent the last 14 years of my life making a comfortable living creating music, but along the way I have helped many build their own successful career. What is this secret? Simple: music licensing.
A whole industry has been built around teaching artists ABOUT music licensing, though few artists are really learning HOW to get their music placed in TV shows, Commercials, Films, Video Games, and other mediums.
In reality, there are a plethora of opportunities for you to monetize your songs.
The 4 Paths
Let me first break licensing down into 4 simple paths, or routes, that you can take.
1 – Direct To Music Supervisors
The first, and most profitable path, is getting your music directly to music supervisors. This requires due diligence on your part, and involves building relationships with the music supervisors on an individual level. It also requires a solid knowledge of contracts and strong negotiating skills, as you’ll be administering your catalog by yourself. That said, administering your catalog can easily become a full-time job.
2 – Exclusive Music Libraries
Which brings us to the second path. This involves signing your songs over to an exclusive catalog, or library, and requires giving up all, or a portion, of your publishing. The benefit is that you now have an agency actively pitching your music to their contacts within the industry, as well as handling all the negotiations and contracts for you. This frees you up to spend your time creating. However, be aware that this will lock your songs into an exclusive deal with this company for a number of years.
3 – Non Exclusive Music Libraries
The third path involves signing your songs over to a non-exclusive music library. When you sign your songs non-exclusively, this allows you the ability to continue to market your songs directly, as well as sign them with a 2nd or 3rd non-exclusive library. While this may initially sound like the most promising option, and one that was popular for a time in the mid 2000s, in reality, it isn’t.
4 – Royalty Free
The final path to monetize your music, is to sign your songs over to a royalty free library. I personally do not advise this unless you’re purely into creating music for the sheer joy of it. Royalty free music licensing agencies provide music for producers of independent films, student films, and personalized projects such as wedding videos. You will receive a very very modest one time fee for the use of your music, and that’s it.
Which Path To Choose?
Now that you know the 4 paths to monetizing your music, the question is, which one is right for you? There are a lot of factors to consider in choosing the best route to monetize your music, which are covered in detail in this article: Make $100,000 a Year Writing Music.
There’s nothing more gratifying than knowing that the music you create is generating a consistent income and millions of people around the world are hearing it on a daily basis.
What are your musical goals? Share with us in the comments section below.
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