Seven Clever Ways to Profit From Your Music
In this blog post you will learn some of the best proven strategies used by some of the most successful musicians around today. If you have been a professional musician for decades or are just starting out today this article is for you. These seven clever ways to profit from your music have been tested and proven by some of the best musicians out there. This article will help you monetize and maximize the impact of your new musical release.
7: Sell Stems
An other strategy that caters to musicians is to enable people to buy the ‘stems’ (individual tracks or instruments) that comprise a song. This strategy will likely only make you money from other fellow musicians. For instance a rudimentary version of this strategy is to sell an instrumental version of your track and remove the vocal stem from the final product. You could also sell just the vocal stems. Perhaps if you are Carlos Santana you could sell the guitar parts only. It is up to you how you slice up your songs and sell the parts. Some musicians refuse to show the listener ‘under the hood’ of the artwork. It is revealing when you tear apart a song into its components. The purpose (from the consumer’s end) is to isolate individual sounds to create a better remix or sample of the song. If you want to encourage others to remix or sample your song, you should consider releasing the stems to one or all of your songs.
6: Sell High Quality Files for More Money
One clever strategy is to enable the purchase of your music in multiple file types. MP3s, the most common musical file type, is compressed. Compressed files are great to conserve space and to pack as many songs as possible on an iPod or your phone. Compressed files are not high quality. Some careful listeners (a.k.a. Audiophiles) will be able to notice the difference between a compressed file and an uncompressed file if the song is played on high quality speakers or headphones. If you want to make more money from your music, sell different file types at different price points. One great platform that enables you to sell different audio files is Bandcamp.
5: Sell a Package Deal
Give your customers incentive to buy all of your albums or an album rather than a song. Some clever musicians prevent the purchase of particular single songs on iTunes and encourage people to buy the album to gain access to that particular song. You can also sell a package that includes your music as well as apparel or memorabilia. You can give a relative discount, compared to buying each item separately, to your fans for buying the package.
4: Touring Up-sales
As you tour, you can and should maximize your reach by selling products at the show. You can sell apparel such as hats or shirts. You can sell memorabilia such as posters or stickers. You can sell your music by offering physical sales of your album. The key to this strategy is hiring someone to manage and run your merchandise table while you are focused on preforming. You need to make sure that your sales will continue while you are on and off stage. Collect emails and make sure to reach out to your fans!
3: Raise Money From A Crowdsourcing Platform
This technique is especially useful for young musicians or musicians who are tight on cash. Are you ready to get into the recording studio but the price tag is intimidating you from pulling the trigger? As your fans for support in exchange for an exclusive offer or bonus. Your fans can help you raise the money needed to get into the recording studio and create that album you have always dreamed of. Crowd funding reduces the risk of launching your album to the sound of crickets and a negative bank account. Every musician should understand that there is a huge investment of time and money to create, record, and promote their music. With some support from your fans, you will know that people want to hear what you are working on. Not only will you be assured that people are interested in your upcoming release, after your first sale, you are in the green and making profit. You no longer have to worry about ‘breaking even’. Your expensive recording costs will disappear. Your ‘studio time’ will be already covered and you now have a solid base of fans to help you promote your work when the launch date arrives. There are many crowd funding platforms that are popping up but two of the most popular platforms are: Kickstarter, and Indiegogo. For a great resource to compare the two platforms: click here
2: Pre-sell Your Album
If you have an established fanbase, one of the more lucrative strategies is to presell your upcoming album. Pre-sales create excitement, anticipation, and money for you, the artist. When the album is finally released you can be sure that all of your pre-order customers will be thrilled to finally get their ears on your music. Your pre-order customers will help generate a boost to the awareness of your music. Your music depends on word of mouth and people becoming aware of your music. By pre-selling your album, your album will launch from a solid base of passionate fans who will help you every step of the way. Imagine launching your album knowing that you already have 1,000 people who have already bought your album at $10. That is right, you just earned $10,000 prior to the first day, and you now have 1,000 excited fans sharing your album all over social media! Compare that to launching with no guarantee that your album will sell to anyone. Of course if you do your homework by creating incredible music, touring to create enthusiastic fans, and promoting your music on all of your platforms you will likely not launch to the sound of crickets. What is there to loose? Nothing. By Pre-selling your album, you will only extend the time you are able to sell your music. You can even use some of that revenue prior to launch to hire the best mixing and mastering engineers to give your album even more value.
1: Sell Your Free Music
How can you sell you free music? Great question and the answer is not necessarily obvious. You can sell your music in exchange for an email address (example: enter your email to download). An other strategy is to take the middle path. You can also leverage multiple platforms and cater to those customers. For example: Pretty Lights a Colorado native has demonstrated this strategy with extraordinary prowess. Pretty Lights enables free downloads from his website while simultaneously selling the same music in iTunes. Derik Vincent Smith, the mastermind behind Pretty Lights, has said that he earns $100,000 from iTunes per month! (Source: Fast Company)
Thats it! You have now know the 7 Clever Ways to Profit From Your Music.
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