How to Make Money in the Music Industry

by Contributor

With the music industry increasingly thriving online and CD sales decreasing, it’s hard to know how to accommodate these new times and still make money in the music industry. Don't despair. With the proper strategy, you can still make money in the music industry.

Sell merchandise. Making T-shirts, hats, buttons and all other paraphernalia isn’t too expensive of a process. It’s good to have a product to sell as a musician in the music industry, or as anyone trying to make money. Every musician has a merchandise table for a reason. Even if you’re just starting out, have a couple hundred T-shirts made with your name on them.

Put your music on CDs and on the Internet. These days, CDs aren’t selling like they used to. Most people use programs such as iTunes, Rhapsody, eMusic or the mp3 website to buy music nowadays. Put your music up on at least one of these Internet sale sites, and link the site on your web page so people know where to find your music. Actual CDs are important too because you can sell these at your merchandise table when you have shows.

Go on tour. One way to make money in the music industry that will never go away is touring. People will never tire of seeing their favorite musicians live. Tour like crazy, in every city you can, and you’ll be reaching out to new fans (who will buy your shirts and buttons too if you’re lucky), and you can also make money just by playing the shows if it's a big enough venue.

Produce music for other artists. If you’re good, there’s a lot of money in music production. They always say that those who can’t do, produce. But you can play music and produce if you’ve got the skills (or the recording studio). Especially if you have a studio in your house, offer to produce local bands’ CDs on your down time.

When you’re at home, teach music lessons. A lot of musicians give guitar, drum or bass lessons when not touring. It’s a great way to make money by still doing what you love, and sharing that gift with others. The music industry can be tough, so music lessons can supplement your income a bit if you’re struggling.

Tip

  • check So many musicians are denied money they deserve due to bad business deals. Have a good lawyer on hand for advice.