Top 12 Ways to Make Money from Music in 2024

Did you know that the most popular song of all time wasn't from Miley Cyrus or Taylor Swift? It was actually the song "Happy Birthday to You" written by sisters Patty and Mildred Hill in the 1890s. This song reportedly made more than $2 million per year in licensing fees until a legal battle in 2016 resulted in the copyright claim being dismissed and the song was put into the public domain.

One of the biggest challenges in the music industry is how to make money with music. It's the dream of every musician to ultimately become the next Usher, Taylor, Miley, or Bieber, but is it possible to survive on music alone?

It can be a struggle to make a living from music. However, there are ways to monetize your music and create revenue streams from this music. If you're interested in how to sell your music keep reading below for 12 ways to accomplish this.

1. Turn to Streaming Platforms

Streaming platforms are the wave of the future for digital movies and music content. Aspiring and professional artists alike are finding fame through music streaming services like Spotify, Apple Music, and Amazon Music. Each streaming platform has its own structure for paying artists residuals for streaming.

It's important to do your research to determine which streaming platforms are the best for your needs, or if you should make your music as available as possible by distributing it to all streaming services. This can be a key way to put your music out there for a wide audience of music listeners.

Read more: Music Promotion: How to Distribute and Promote Your First Release

2. Hold Live Performances

Still wondering how to make money with music? Go old school and perform live. Live performances are a crucial aspect of a musician's career, offering opportunities to connect with fans, showcase talent, and generate income.

Choose venues that align with your brand and target audience. Consider factors such as capacity, location, and audience demographics to maximize attendance and ticket sales.

Engage with your fans before, during, and after your live performances. Offer meet and greets, exclusive backstage access, and other VIP experiences to create a memorable, personalized experience for your fans.

Sell tickets to your live performances through various channels, including online ticketing platforms, your website, and at the door. Offer early bird discounts, VIP packages, and group deals to incentivize ticket sales.

Use digital marketing tools and strategies to promote your live performances. Leverage social media, email marketing, and online advertising to reach your target audience and drive ticket sales.

3. Create Unique Merchandise

Merchandise sales are a valuable revenue stream for musicians. They offer fans a tangible way to support their favorite artists while also providing a unique branding opportunity.

Offer a variety of merchandise items that appeal to your fan base. This can include t-shirts, hoodies, hats, posters, stickers, and accessories. Creating limited edition or exclusive items can also help drive interest and sales.

Design merchandise that reflects your brand as an artist and resonates with your fans. Work with graphic designers and artists to develop eye-catching and unique designs that stand out.

You should also ensure that your merchandise is of high quality. Quality merchandise not only looks better but also has a higher perceived value to fans.

4. Develop a YouTube Channel

With the use of social media and video platforms on the rise, it's more important than ever for artists to establish a strong online presence. YouTube is a vital tool for artists looking to get exposure, show their stuff, and sell music. After all, Justin Bieber himself was discovered singing covers on YouTube in 2008.

YouTube is a fantastic place to upload music videos of you performing your music. Beyond music videos, you can also create original content such as behind-the-scenes videos, vlogs, cover songs, jam sessions, and live performances. This helps to keep your channel engaging and attracts a wider audience.

Join the YouTube Partner Program to monetize your channel through ads, channel memberships, and Super Chat during live streams. This allows you to earn money from your videos based on views and engagement.

You can even collaborate with other YouTubers, musicians, and influencers to reach new audiences and expand your reach. This can include featuring each other in videos, collaborating on songs, or co-hosting live streams.

5. Pursue Sync Deals

Sync deals involve licensing music for use in visual media like TV, films, ads, and games. They offer burgeoning artists valuable exposure and credibility. It's also one of the best ways to create steady revenue streams from music.

To secure sync deals, register your music with performing rights organizations (PROs). It's also important to network with industry professionals and pitch your music to music libraries and supervisors.

Tailor your music to industry needs, be professional, and consider using sync licensing platforms. When negotiating, consider factors like license duration, territory, exclusivity, and fees for use. Ensure that the terms of the agreement are fair and beneficial for you as the artist.

Consider using sync licensing platforms such as Musicbed, Songtradr, or Syncr to showcase your music to music supervisors and filmmakers looking for music for their projects.

6. Teach Music

Teaching music can be a rewarding way for musicians to share their knowledge, earn income, and build a strong musical community. Education and music go hand-in-hand toward enrichment and personal growth. Connect with local schools that are looking for qualified music instructors.

Hold workshops and online courses to teach music theory, composition, and performance techniques to aspiring musicians of all ages and skill levels. Sell online courses or tutorials on platforms like Teachable and Udemy. This allows you to reach a wider audience and earn passive income from course sales.

Provide private music lessons in person or online. Tailor your lessons to meet the individual needs and goals of each student, whether they are beginners or advanced musicians.

7. Utilize Music Production Services

Music production services involve offering services such as producing, mixing, and mastering music for other musicians, artists, or projects. By offering these services, musicians can build a portfolio and attract clients through networking and marketing. This is a great way to generate revenue with your music.

Choose a high-quality music production program like Soundtrap to ensure that your recordings meet professional standards and stand out in a competitive market. You'll want a user-friendly interface that will let you access its features easily. You'll also want high-quality sound effects processing and robust editing tools to enhance sound quality.

Premade loops and sounds allow you to set a beat or complement a song's melody and rhythm effortlessly. This enhances its overall sound and production quality. MIDI capabilities allow you to connect electronic musical instruments, computers, and other devices to create, record, and play back musical performances with precision and flexibility.

8. Sell Beats Online

Utilize websites like BeatStars.com to sell your beats to artists, producers, and content creators. These platforms provide a marketplace for buying and selling beats. It allows you to reach a global audience and make money off your beats.

Set up a profile and create a beat store on BeatStars.com to showcase your beats and your music production skills. Organize your beats into categories and make them easy to browse and purchase. Upload high-quality, professionally produced beats to attract buyers. Consider offering a variety of genres and styles to appeal to a wide range of artists.

Use social media, email marketing, and other online channels to promote your beats and drive traffic to your BeatStars profile. Collaborate with artists and producers to expand your reach and attract new customers.

Provide different licensing options for your beats, such as basic, premium, and exclusive licenses. Clearly outline the rights and usage terms for each license to avoid any confusion.

9. Sell Physical Copies of Your Music

For music makers everywhere, the tried and true methods of the past are still the best strategies for how to make money with music and get the word out. Offering physical copies is a proven way to connect with your audience and provide them with a piece of your artistry that they can hold in their hands and cherish.

Consider selling physical copies of your beats, such as CDs or USB drives, at live events or through your website. Physical music copies can be a unique selling point and appeal to fans who prefer tangible products. Include a personal note or message with each physical copy to add a personal touch and make the purchase feel more special for the fan.

By offering physical copies of your beats, you can create new revenue streams from your music, connect with fans in a meaningful way, and differentiate yourself in a crowded market.

10. Tap Into Brand Partnerships

In the music industry, it's often who you know that matters. That's where brand partnerships can be a major benefit to aspiring musicians.

For live performances, brand partnerships can provide sponsorships of your performances. This could include brand placement, product endorsements, and co-promotion. These sponsorships aid in giving you an additional source of revenue.

Brand partnerships can help musicians reach new audiences that they may not have been able to reach on their own. Brands often have established marketing channels and platforms that can be leveraged to promote the musician's music to a wider audience. This, in turn, leads to improved visibility.

Partnering with the right brand can help musicians align their brand image and values with those of the brand. This alignment can strengthen the musician's brand identity and appeal to their target audience. Over time it can lead to long-term relationships that benefit both parties.

11. Crowdfunding

In the modern age, crowdfunding is one of the top ways to get the funding you need for everything from medical bills to passion projects. Musicians are using crowdfunding platforms to raise much-needed funds to support their music careers.

Crowdfunding is a popular way for musicians to raise funds for their music projects, tours, and other expenses. It works by soliciting small donations from a large number of people, typically via online platforms. Fans contribute what they want toward a set goal like the production of a new album or single.

While some musicians may not like the concept of asking for handouts for their music career, crowdfunding offers a way for fans to support artists directly. The crowdfunding aspect lets music fans feel like they're a part of the creation process. This can also be done in exchange for exclusive content, merch, experiences, or early access to music.

12. Consider Music Royalty Investment

Music royalty investments can take various forms, such as buying a percentage of the royalties from a specific song, album, or catalog. It can involve accessing different types of revenue streams while also providing funding for a music project in exchange for a share of any future royalties.

Michael Jackson set the precedence for music royalty investment when he bought the rights to The Beatles music catalog in 1985 for $47.5 million. While you don't need Michael Jackson's money to accomplish this, there are still some risks involved.

Before investing, you should conduct due diligence to assess the potential return on investment. This may involve evaluating the track record of the artist, the popularity of the music, and the terms of the royalty agreement.

Discover How to Make Money with Music by Using Soundtrap Today

It can be tough to make money from beats. These methods can help you monetize, promote, and sell your music more effectively. If you're looking for the ultimate tool for how to make money with music, try Soundtrap.

With Soundtrap, you have access to an innovative cloud-based digital audio workstation (DAW). Soundtrap revolutionizes the way podcasts and music are created in the digital era. Soundtrap is designed by songwriters, music producers, and audio experts so you can unleash your maximum creative potential.

To explore what Soundtrap is all about sign up for an account today.