Spotify & other Streaming Platforms
When it comes to streaming revenue, Spotify can still be a great tool for getting traction and gathering momentum if you have your original songs released. It’s not only about releasing a song, Spotify helps you build a wider rapport with your audience, but about how many people see your song, which you can monetize, get paid for, and re-release in the future. So Spotify marketing in 2023. Since there are so many singers, but only 1/10 actually release a song, it’s still a profitable market. So there’s not that much saturation in this market. But dive sooner. Spotify is filling up fast with podcasts and remixes and cover song licensing. Make sure you monetize that correctly because it might take a while for people to acknowledge your song and get it on their feed.
YouTube Monetization
Whenever you think about YouTube monetization, some of you might think YouTube is so overcrowded almost to the level of being saturated. How do I do it? For example, it doesn’t matter if you have an original song with just around 1000 listeners. They may come back to it several times and generate streaming revenue. As soon as your song has a catchy hook that people are addicted to, your YouTube channel will gain momentum if those people share the song. Create a branded and marketed YouTube channel.
Affiliate Products like MyKit
There are hundreds of products and services a musician can endorse, and the market is constantly growing. Affiliate marketing can be one of the best ways and probably the largest share of your entrepreneur’s income. You can affiliate market your kid, the microphone you use, or the sound system you follow as a musician. Your affiliate subscribers can click on those links and become your affiliate subscriber and buy the products and through which you will earn a certain amount of income as well if enough people look up to you. When you include affiliate links in your description, for example, under your YouTube video, you are required to disclose your affiliate income and revenue.
Sync Licensing
If you have a knack for producing quality tracks and melodies, You can get a background score exclusive to big TV shows, TV ads, movies, or OTT platforms like Netflix etc. You might be able to sell them a single license so they can have your song or have it on the show they host. Having that will allow you to create not just a one-time sync license payment, but also royalty payments if the song or show is aired in the future. Sync licensing opportunities are the next big thing 2023 onwards, and as a musician, you should know more about it. Find out more about sync licensing in this article.
Paid Collab’s
You might need time to accomplish this if you’re just getting started. However, if you have enough traffic and audience, you may get people to collaborate with you on a paid basis. You don’t have to be that big if you’re a fan of Snoop Dogg or Justin Bieber. Despite having 1000’s of followers following you, there are other artists with the same stage stature that you are. You might even get approached by bigger artists if they see that your song is appealing to them, even if your music is very talented. You might be able to work with them on your next song, or cover one of your songs, or do any kind of paid collaboration that you may get involved in. Look out for any collaborative opportunities in general, paid or otherwise!
Help produce other people’s songs / Mix Master Tracks
Going forward, 2023 onwards, it is advisable for musicians (especially those aspiring to be songwriters) to be a producer of their own. We’ve mentioned in another article that it’s advisable to be a producer, which might go along with this one. Singer-songwriters who do not have mixing knowledge may find it difficult to sustain different aspects of an artist’s journey. Having some of that mixing knowledge can be useful even if you have your own sound engineer. If you can produce your own songs well, you can charge for producing other people’s songs well.
Start your own label
If you have successful songs, and you know little bit in and around the Industry, you can establish your own record label venture. Today, people don’t always sign with the big labels, or if they don’t want to be signed with Sony Music, Universal Records, or Atlanta Records. Perhaps you want to start your own record label with a twist; perhaps you want to offer one additional feature to your record label to help people produce and release their songs. Start a label, think of something out of the box, perhaps disrupt an entire industry, and think disruptively in your entrepreneurship as a musician, and go ahead, do it. Your label gets hit if your song gets hit, and you start selling to multiple brands simultaneously.
