Nowadays, there are several ways for a musician to earn money through their work than before. Downloads and streaming are the latest conventional revenue sources in the present modern era. Most artists know that they can make money based on their sound composition and recording. However, a new phrase was required for defining the way of gaining revenue from more advanced, non-conventional sources. And that new phrase is known as monetization.
How’s Monetization Different from Other Means of Earning Money from Music?
That’s a significant distinction. During the first 100 years of mass-distributed radio, live performances, and recorded music, songwriters made money when their music composition was pressed on a physical channel like CD or vinyl or performed live or played on the radio. On the other hand, artists made money when their music recording was sold through a physical channel.
If the artist was credited as the songwriter, they made money through multiple sources. These ways still apply to songwriters and artists today. That continued until about the mid-2000s when music streaming came in. Songwriters and artists receive royalties from their music when it’s streamed. However, according to its current definition, making money from streaming isn’t strictly referred to as monetization.
So What Exactly Is Music Monetization?
If making money through composition performances, streams, or sales is not strictly monetization, then what truly is? As per the current times, music monetization is seeking revenue from new, non-conventional sources like the different online platforms that allow you to earn money when your music is used.
Ways To Monetize Your Music Online
- Distribution Platforms:
Now, it’s easier for independent artists to upload their music to an online distribution platform for reaching out to their existing and new fans. These platforms distribute your music across several streaming services and gather royalties for you. Listed below are four popular distribution platforms you can choose from to monetize your music:
Amuse works essentially with independent music artists and does not take any commission. Amuse distributes your music across 9 famous platforms in its free subscription, while in the pro plan, it offers distribution across 14 streaming services. Though Amuse does not deliver music across many streaming services, their free subscription is still appealing to the new artists.
Keith Richards and Jay-Z use TuneCore for distributing their music. Though TuneCore does not offer any free plan, it does not take any commission, just like Amuse. TuneCore may seem a costlier option; however, they provide helpful services to the artists, such as exclusive offers to get sound engineering from Grammy-winning sound engineers.
- CD Baby:
CD Baby distributes music in more than 150 varied streaming services. The platform, which boasts renowned artists like Sarah Bareilles, offers two different plans: standard and pro. It costs $9.95 if you release a single song under the standard plan and $29.95 if you release it on its pro plan. CD Baby keeps a 15 percent commission on the royalties that you receive from your music.
Spinnup is yet another famous distribution platform to help you sell your music online. It does not have any free plan, and you need to pay annually for releasing your music on the platform. They distribute music across 35 music streaming services and don’t take a commission from their artists.
- Self-Managed Platforms:
Self-managed platforms are another way to monetize your music online. They forgo the middle-men and allow you to upload music for selling directly to your fan following. Though they take a commission, you get to enjoy more control by setting your prices. Bandcamp and Splice are the two famous self-managed platforms that let artists upload their music online.
- Sell Music On Your Website:
If you do not wish to divide your income with a third-party platform, you can sell your music through your own site, which lets you control your customer experience and branding and connect with your fan following directly.
And that’s all! These were some of the ways to monetize your musical creations across various platforms. We hope that the article helps you diversify your revenue streams and shine like a crazy diamond.