Sep 04, 2023

8 Tips to Monetize Your Music in 2023

In 2023’s fast-paced music industry, making money from your music is challenging but possible. We compiled 8 tips to help you turn your passion into revenue. Keep creating and stay authentic – success awaits!

Are you wondering how to make money as a musician? At gigmit, we know that creators face numerous challenges when it comes to monetizing their craft. However, with the right strategies and a focused approach, it is possible. Here are 8 tips to make money from your art, let’s dive in!


1. Develop a Strong Online Presence

Having a robust online presence is crucial for any artist looking to make money from their music. First, build a professional website or EPK. Then, create an engaging social media presence by using consistent branding, sharing diverse high-quality content like performances, behind-the-scenes moments, and personal stories.
At the same time, actively interact with your audience through live streams, collaborations, contests, and tailored platform strategies.
Showcasing your musical journey and authenticity will help you connect with fans and build a memorable online brand. Additionally, consider all the social platforms to showcase your talent and reach a wider audience.


💰 Earnings potential:
A musician can potentially earn a significant income through social media platforms by leveraging their fan base for sponsored content, merchandise sales, and virtual concerts or live sessions. On average, a musician could potentially earn around €400 to €1,600 per post or event through social media, depending on their popularity, engagement levels, and the nature of the collaboration. Keep in mind that these figures are approximate and can vary widely based on individual circumstances and negotiations.


2. Consider Influencer Marketing

Explore partnerships with brands that align with your values and aesthetic. These strategic collaborations involve partnering with brands for a range of activities, such as sponsored content, endorsements, and the promotion of products and events. Through this dynamic approach, artists can tap into a broader stream of revenue while maintaining the integrity of their craft and connection with their audience. Seek out opportunities to promote products or services that resonate with your audience.

For the record, influencer marketing payments can be structured in various ways, such as flat fees, commission-based models, or a combination of both.

Famous musicians with large followings and high engagement rates on platforms like Instagram, TikTok, YouTube, and Twitter tend to command higher earnings for influencer marketing collaborations. These earnings can range from a few thousand dollars for a single post or shoutout to tens of thousands of dollars or more for more comprehensive campaigns!


💰 Earnings potential:
Sponsorship and brand collaborations can be highly lucrative for artists. On average, emerging musicians can earn approximately €500 to €3,000 per partnership, though earnings vary widely based on factors such as the artist’s popularity, reach, and the scope of the collaboration.


3. Leverage Streaming Platforms

Making money with your music on streaming platforms is all about turning those plays into paydays. Think of each stream as a note in your revenue symphony. Craft standout tracks that resonate with your audience, then get them grooving on platforms like Spotify and Apple Music. As those streams add up, so do your earnings through royalties. It’s like turning your beats into a business – the more listeners, the more you score.

Remember, every stream counts, so keep promoting, engaging, and fine-tuning your melody for a harmonious stream of income. Moreover, aim to get your music featured on curated playlists to increase visibility and reach potential fans.


💰 Earnings potential:
Streaming platforms pay artists royalties based on the number of streams their music receives. On average, artists can earn between €2,500 and €15,000 for every million streams, depending on factors such as the platform and the artist’s contract.

Our PRO tip: Furthermore, consider releasing exclusive content or remixes on platforms like Patreon or Bandcamp to reward your most dedicated fans.


4. Create Engaging Visual Content

Investing in high-quality visual content is essential for captivating your audience. Create engaging music videos, lyric videos, and behind-the-scenes footage to enhance your online presence. Visual content not only adds value to your music but also attracts potential partnerships with brands and influencers, opening up new avenues for revenue.

For instance, well-produced music videos can captivate your audience, deepening their connection to your music and brand. Engaged fans are more likely to attend concerts, purchase merchandise, and support you on platforms like Patreon or crowdfunding campaigns.

Music videos can generate income through monetization on platforms like YouTube. It offers monetization options, allowing you to earn a share of ad revenue displayed alongside your music videos. As your videos gain views and engagement, your earnings can grow over time. On top of that, If you consistently create compelling music videos, you can develop a loyal subscriber base on YouTube. Once your channel meets certain criteria, you can apply for YouTube’s Partner Program and earn revenue from ads, channel memberships, and Super Chat.

Additionally, branded content collaborations or product placements in your videos can lead to additional revenue streams.


💰 Earnings potential:
Rates for sponsored videos vary widely, but can range from approximately €300 to €3,000 or more per partnership, depending on factors such as reach, engagement, and the brand’s budget.


5. Collaborate and Network

Collaborating with other artists, producers, and songwriters can expand your network and expose your music to new audiences. Seek out like-minded musicians for joint projects or feature opportunities, which can offer valuable insights into how to make money as a musician. Eventually, collaborations can lead to shared promotional efforts, cross-pollination of fan bases, and increased exposure for all involved.


💰 Earnings potential: Collaborations can result in revenue sharing or split royalties, depending on the agreement between artists. In addition, joint promotional efforts can lead to increased music sales, streaming numbers, and merchandise purchases.


6. License Your Music

Exploring licensing opportunities can be a lucrative avenue for artists. Firstly, consider submitting your music to sync licensing agencies, film, television, and gaming companies. Your tracks could be a perfect fit for commercials, movie soundtracks, or video games, resulting in both financial compensation and increased exposure. Moreover, licensing your music can open up new doors and opportunities in the industry.


💰 Earnings potential:
The earnings from licensing music vary greatly depending on factors such as the project’s scope, duration of usage, and the artist’s negotiation skills. Licensing fees can range from approximately €500 to €5,000 or more per placement, depending on the specific project and terms negotiated.


7. Perform Live and Tour

Live performances remain one of the main sources of income for musicians. Arrange gigs at local venues, festivals, or even consider organizing your own mini-tour.  Live performances not only generate revenue but also help build a loyal fan base. If you’re struggling to find gigs and make money as a musician, don’t hesitate to regularly check the gigmit gig search and the Festival and Venue Database. Through it, you will be able to get in touch with an infinity of promoters of all kinds.


💰 Earnings potential: Live performances can generate income through ticket sales, merchandise sales, and sponsorships. Earnings can vary widely based on the venue size, ticket prices, and the artist’s popularity, but successful artists can earn anywhere from approximately €200 to €5,000 or more per show, depending on the factors mentioned earlier.


8. How To Make Money with Merch As A Musician

Picture this: fans rocking out in your band tees, strutting their stuff in your signature hoodies, and sipping from your branded mugs. As you may know, merchandise isn’t just about fashion – it’s about turning your music into a lifestyle. From gigs to online stores, merch is your backstage pass to making money as a musician.

In fact, live shows become treasure troves when fans snatch up your merch as souvenirs. But it doesn’t stop there. Your online store, powered by platforms like Shopify or Bandcamp, transforms casual listeners into dedicated buyers from around the world, raking in those dollars between tours and releases.

On top of that, limited editions and custom items let you cook up exclusivity, enticing fans to snag a piece of your music magic before it’s gone. Plus, bundles that pair your beats with must-have merch? That’s a power duo fans can’t resist.

Think of your merch as a stage for your brand. T-shirts don’t just clothe fans; they parade your persona. And those stickers? They’re like mini billboards that spread your sound far and wide. Remember: It’s not just about stuff – it’s about sparking a connection that turns listeners into lifelong supporters!


💰 Earnings potential: Merchandise sales can provide a significant revenue stream for artists. Profit margins vary depending on factors such as production costs, pricing, and sales volume. On average, emerging musicians can earn around €2,000 to €10,000 per year from merchandise sales, depending on factors such as the popularity of the artist, the appeal of the merchandise, and effective marketing strategies.


While the music industry landscape continues to evolve rapidly, the potential for artists to monetize their music and learn how to make money as a musician remains significant. By focusing on building a strong online presence, leveraging streaming platforms, collaborating with others, licensing music, performing live, creating merchandise, and seeking brand partnerships, artists can position themselves for success in 2023. Remember, perseverance, consistency, and a passion for your craft are vital ingredients on the path to monetizing your music.

Keep creating, stay authentic, and embrace the possibilities that lie ahead!


🎵 Join gigmit PRO today to unlock a world of musical opportunities and turn your passion for music into higher earnings! 💰🎶