A popular source revealed, ‘’In 2020, music streaming revenue hit 13.4 billion U.S. dollars worldwide, more than 28 times the figure recorded a decade ago. Revenue growth may have slowed over the past few years, but continues to be a vital income stream for artists around the globe, with the number of music streaming subscribers worldwide reaching 487 million in 2021. If you have an audio streaming platform, driving revenue should be impactful. There are multiple ways to make money with music, you just need to identify the key players.
Thus to help you make money with music, we have listed those 10 revenue-driven methods.
10 Revenue Driven Ways To Make Money With Music
1. Royalties
The best to earn money with music as a business owner is via royalty. For instance, say that you stream podcasts, you can distribute this content to other platforms such as Spotify, etc. and whenever someone streams or downloads your podcasts, you earn royalties from it.
2. Music royalties
Say, for instance, that you have a music streaming platform and another source wants to use your content, for example, radio, etc. In such cases, these sources have to invest in a license. There are two types of licenses, mechanical license is where you can earn money whenever your song is downloaded or streamed or converted into a physical solution.
The second type of license is performance royalties, where you will earn money whenever your song is being used or played. For instance, on the radio or on a live show, etc.
3. Personal merchandise
Merchandise is a great way to drive more revenue via an audio streaming platform. Since your users will be hooked to the platform, they will invest in the merchandise you offer them. This merchandise can be in multiple formats, such as clothes, masks, etc. You can even advertise them when your users listen to any of your audio formats.
4. Stream live shows
Live shows were a significant source to feel and live the music. But with the pandemic, this had to be reduced or either cut off. Thankfully, streaming services have allowed users to feel the same music. Online sources revealed, ‘’Music streaming makes up 84% of the U.S. music industry revenue.’’
You can stream any of your audio content via this method. Similarly, how you charge a concert per ticket, you can do the same by allowing users to pay in the pay-per-view. model
5. Sell face to face
While your streaming business is doing well, it is always great to set up a physical space once in a while to engage with your audience better and sell your solution. For instance, if you are a podcast speaker, you can have creative spaces to speak about the same and drive more user engagements. You can have shows or host mini clubs for the same.
6. Partnerships
Another great way to make money with music is by engaging invaluable partnerships. A partnership can help you drive more users and earn better from it. For instance, you can engage with popular audiobooks and earn royalties if you write books. You can even get into a long-term partnership with them, so you have a stable income.
7. Engage in deals
Another great to earn money from music is to strike as many deals as possible. For instance, you can have other brands use your content for multiple options. Say, for example, you share motivation podcasts, and you can have tie-ups with the corporate world to feature your content. This can be conducted via the licensing method.
8. Crowdfunding/Membership
Another brilliant way to make money with music is via getting users to fund your audio content. This can be done in two ways. The first is crowdfunding. You can have pages that allow your users to donate/support after viewing your content with crowdfunding. The second is a membership subscription. Here you allow your users to pay a fee to subscribe to your content or access your content for the same. A source claimed, ‘’82.1 million Americans are paid subscribers to on-demand music streaming.’’
9. Creating libraries
Another way to make money for streaming music is by creating music libraries. You can develop audio streaming platforms dedicated to certain genres or users. They can access the unlimited audio content library you offer via different revenue models. For instance, you can have a premium fee to access exclusive content or a transactional model for users who wish to listen to one time of content, etc.
10. Educate about your skill
Lastly, the best way to drive revenue is to educate others about your skills. If you’re a great podcast speaker, you can educate the upcoming podcast speakers on how to ace these skills. You can conduct live sessions, sell your content on your audio streaming platform, etc., to make it accessible for your users. There is always a demand to learn a new skill thus, converting it into a monetary form can earn you higher revenue.
Conclusion
You now have the answer to the most common question of business owners, ‘how to make money with music?’. With the money-making process in front of you, it’s time to set up your audio streaming platform.
To speed up the process and get in the game, it’s suggested to invest in a music streaming app provider that is an expert here and offers relevant features to enhance your audio/online video platform.
So, tell us, when do you plan to get started? Also, which solution are you choosing to make money with music?
