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, stacking revenue streams, or having multiple income streams, is a smart business move.
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 probably were knocked on your behind when COVID hit and you, like many others, had to scramble and pivot to ensure you could maintain your current way of living and save your income.
When you save multiple income streams you don’t have to panic as much (at least financially) when unfortunate, and/or uncontrollable circumstances occur. Remember, it’s not a matter of IF these situations occur, but WHEN, so always be saving and preparing! This is even more true during prosperous times, when the money is flowing like water from a faucet. Be sure to keep putting some of that away and always plan for the worst!
I think of revenue stacking as building multiple income streams on top of one another. The idea is to be efficient with your time, energy, and skills to maximize the income potential of the things you’re already doing. The end result is having multiple income streams that are related to or derivatives of your existing revenue streams.
Here’s just one example of how I use revenue stacking as an artist: