Music Income & Finances

Did you know that there are two ways for music creators to increase revenue? Reduce your expenses And/or increase your income Ideally, finding a way to do both will help to maximize your music career revenue. How to Make Money with Music: A Simple Income Exercise Here’s how you can get started identifying more revenue for your music career: STEP 1: First, audit your current income sources. Write down all the sources of income you have related to your music career. STEP 2: Next, write a list of all the main items you have to [...]

Did you know that if music creators develop their business skills they are more likely to succeed in music and be happy?  As we share in this article, being profitable and managing your cash flow keeps your music business fueled, healthy, and even more fun to pursue!  Music and money CAN go hand-in-hand, and the only thing that's standing in the way of becoming a thriving artist is you! Music and Money: Lessons From Personal Finance Late in 2020, my wife and I rediscovered Dave Ramsey's "7 Baby Steps" and "Financial Peace University" systems. Both are simple [...]

Is it possible to live on just one music-related income stream? For music creators to build out a sustainable income they typically have to piece together multiple income streams consistently that add up to a live-able income. In fact, I think it’s a myth (or at least a rare exception) that a music creator is able to do one thing in music and make a sustainable financial living just from that. Case and point, if you were a live, performing and touring musician, and that was your entire means of making a living, you [...]

Before we jump in, I have two questions for you: When your song is used by someone else, are you getting paid for it? If you’re not, how would you even know? These are tough questions to answer. Sometimes it’s not clear how your music is being used, even when a contract is signed by both parties. For example, are you retaining 100% of your writer’s share? How much publishing are you sharing with someone else, if any? Is your music being re-titled? What are the terms and territory agreements, and are terms renewed automatically? These are just a few [...]

Musicians are primarily gig workers. They string together numerous gigs to create a full-time income. When something like the recent coronavirus outbreak threatens musicians’ livelihood (i.e. live performances being cancelled), it’s wise to have other ways to earn income. […]

Recently, I was having a discussion with a friend about the pay for artists’ and musicians’ services. My friend was perhaps half joking/half serious about having me perform at an event for her work.  In a half joking response I said, “Sure, if the price is right.” […]

You’re in a band, which means you have no money. Ah, the eternal joke…but it’s true, of course. Those expensive instruments you bought certainly weren’t free. The thousand-watt amp that the neighbors constantly complain about was not purchased at a Wal-Mart for a low, low price. And instead of going to law school, or learning to be an investment banker, you spent your formative years learning how to play “Stairway to Heaven” without messing it up. […]

Earlier on we identified 6 revenue streams that can make you a full-time musician. Due to the demand of this topic we’re offering a few more approaches to monetize your music that can further your finances. […]

As a new band starting out, you might immediately think that there are only a couple of ways to earn extra revenue.  Between that and the fact that people around you are telling you to give up the musical dream and get a real job, you might think that music will never be an actual job.  But I have good news for you: music IS a real job, and those people don’t get it. […]