© 2009 Vinny Ribas[private_freebie]
For most independent artists it is important to generate income from multiple sources. There are the traditional income streams that most musicians take advantage of. However, there are endless ways to make money. Here is a short list of income streams that might get you thinking more creatively about other ways to add to your bottom line.
Inside the box:
- Performing
- Selling CDs
- Selling downloads
- Selling merchandise (t-shirts, photos)
- Getting performance royalties
- Licensing your music to film or TV
- Getting mechanical royalties
- Selling bundles multiple CDs or CDs and merchandise
- Selling ringtones
- Licensing your music for video games
Out of the box:
- Sell a beer bug with your logo on it. Ask the clubs you play in to take 25 cents off of the price of a beer if the patron uses your mug. The club wouldn’t have to wash the mug, and wouldn’t have to worry about breakage.
- Do you write good lyrics? Why not publish them in a book. You might even find a fan who would help you illustrate it for recognition or a % of the profits.
- Do you draw or paint? Sell prints of your work or publish an art book.
- License your masters for use in products. There are songs in many dolls, Christmas products, door chimes etc.
- Does your website get a lot of hits? Do you play in front of a lot of audiences? Get a sponsor/endorsement deal who wants to advertise to your specific demographic. It doesn’t need to be musical, but should be a product that you use. Some companies have never even thought of endorsing an artist.
- Do you have a large mailing list? If so, sell advertising in your newsletter.
- Start a fan club with an annual membership. Offer downloads, pictures, videos etc. that aren’t available anywhere else – things you produce at little or no cost. You don’t need to have thousands of people in it right away. Just 100 people who pay $20/yr. brings in an extra $2,000!
- Get fans to host house concerts for you, or put on your own.
- Create your own ‘band mascot’ or gimmick that you can sell likenesses of (dolls, bobbleheads, stuffed animals etc.)
- Do you play an unusual genre of music (such as African folk music) or have a positive message that you want to share? You can apply for grants from your county or state arts council to perform at schools or nonprofits.
The point I am trying to make is that your income potential is only limited by your creativity! Get some friends, business associates and even fans together and brainstorm on things that would not only bring in extra income, but set you apart from other acts vying for the same fan dollars.[/private_freebie]
