Making Money in Music is Hard, Part 4
Spotify may well become the go-to source for everything audio. They are poised to take on Apple and Amazon, and they may even succeed. If there’s a reason to be excited about the platform, that would be it. That doesn’t mean your earning potential on Spotify is about to improve in a significant way though.
The reality is the odds are stacked against creators. Most platforms, including Spotify, require you to drive massive volumes of traffic if you expect to be compensated for your participation. The creator takes all the risk while the platform benefits from the addition of their content.
You need 1,000 subscribers to monetize your YouTube channel – which only amounts to $5 per day if you’re lucky. On TikTok, you need a minimum of 10,000 followers to monetize your account. Medium only pays $4.32 to $8.19 per 1,000 views. At every turn, you’re stepping into ecosystems that do not favor you, the independent artist.
You can take a stab at it, just as I’ve done with InfoBarrel, Medium, YouTube, Odysee, Rumble, DTube, DeSo, Steemit, BIGO LIVE, and others. So long as it doesn’t take over your life, experimentation is encouraged.
But while some of these platforms have dolled out $20 here, $30 there, I have never earned anything substantial on rented land where the deck is stacked against me. I shouldn’t complain about “passive” income, but the content I’ve pored over has easily swallowed up hundreds of productive hours I will never get back.
Again, while I’ve taken to experimentation, I don’t have much faith in the idea that one day I will go viral on any one platform, at least not to the point of earning an income that’s proportional to the effort invested.
Meanwhile, I can rely on my websites to earn me hundreds if not thousands of dollars in direct revenue, and five figures in indirect revenue. How do I know? My financial statements from the last six years tell me so. Even my affiliate marketing initiatives out-earn the “pennies on the dollar” model espoused by major platforms.
If you were looking to earn $10,000 in the next three months, which of these two methods would you choose?
- Sell 10,000 singles for $1
- Sell a live performance bundle for $2,500 to four clients
It’s grade school math, yet artists are choosing A much of the time, because they’re afraid to ask for B.
The vehicle matters.
Then comes the question of how to accomplish B, and that comes down to marketing.
This means identifying your prospects, designing a value proposition, and crafting your pitch. You’re not going to be able to sell a $2,500 bundle to just anyone. But if you know who you’re talking to, why they should work with you, and you can make a convincing case for your offer, you’ll find buyers. Your pitch may not be accepted every time, but that’s how business works. If your value proposition and offer are right, there will be takers.
Again, “if you build it, and promote it, they will come.”
“But no one else is doing anything like this.”
Inaccurate. No one in your network or immediate social circle are doing anything like this, that you know of.
Plenty of artists are beginning to think differently about their revenue model, and as they gain more confidence, they are taking bigger and bigger leaps.
So, it’s time to upgrade your association. Find artists who are:
- Making and selling high ticket offers
- Earning a killing from a minimum viable audience
- Forward thinking in their approach to monetization
Better yet, find a coach or a mentor and ask for expert guidance. By doing so, not only are you showing the universe that you’re serious about your commitment to earning an income from music, but you’re also affirming to yourself that you’re the kind of person that goes the extra mile when it comes to achieving personal success. And I don’t know too many people that don’t go the extra mile that end up there.
Big thinkers realize that time is short and small goals are wasted on the young and timid. Think big, act now, move with urgency.
If you’ve made it this far, thanks for sticking with me. You’re clearly an intelligent, good-looking, and ambitious person. You even make great decisions when it comes to your music career.
But there’s no way I could possibly cover all the puzzle pieces required to form a complete music career picture here, and even what you have learned to this point may not be enough to take you to new heights. Things not implemented are quickly forgotten.
If you’re looking for more guidance on how to set up revenue models that will work for you, then don’t hesitate in reaching out to me to book your first coaching session. I may not be cheap, but I deliver value every single time – just as much value as you’ve received from this series, if not more.
There are two paths staring back at you. One leads back to the familiar. The other leads to levels not yet reached. Which path will you take?