Who doesn’t want to earn a living doing what they love most? Making a professional career as a musician is challenging and might even seem impossible. However, the following list of possibilities will hopefully provide reassurance that this is not the case.

CD and vinyl sales

Although these mediums aren’t as popular as they used the be, there’s still money to be made in selling hard copies of your records. Fans and collectors enjoy having a physical product they can keep as a souvenir and put on display. This is perhaps why the production of vinyl records has recently grown in popularity.

Royalties

Broadly speaking, a royalty is an agreement to pay a certain percentage of the gross revenue or individual units sold as a mean of compensation for the use of intellectual property. Songwriters are entitled to collect royalties any time their content is performed in public.

Streaming and radio plays

Platforms such as Spotify and local broadcast stations pay a small royalty each time your song gets played. The goal here is to build a following and publish content regularly to get enough streams to generate a considerable income.

Youtube and live streaming

Once you’ve built a decent following, YouTube creators can apply for the YouTube Partner Program. This allows channels to monetize videos that adhere to YouTube’s advertiser-friendly guidelines. Platforms such as Pariscope and YouNow allow artists to earn money through live streaming their content online. Here, curators collect money from live viewers through donations or subscriptions.

Live shows

This is the primary source of income for many independent artists. Making profit from live performance requires careful planning and preparation to ensure the cost of putting on the event isn’t greater than its proceeds. For this reason, it’s worthwhile to consider hiring an event planner or manager (depending on the scale of the production).

Merchandise

Having a strong brand is key to selling products like t-shirts or hats. Arguably more important is an artist’s ability to connect with consumers on a personal level. Provide audiences with an unforgettable experience and they will likely want something of sentimental value to remember it.