Have you got your heart set on following a career in music? Whether you’re a skilled pianist or you’ve been busking for years, making your talent your full-time role can be both brilliant and challenging.
Being aware of these challenges as much as the positive aspects is essential. As well as setting expectations, understanding what’s involved in making money from your music is the first step towards making it your career.
How much can you earn?
According to the Musicians’ Census – a report into different aspects of the music industry from the people who are living and breathing it – living as a musician can be particularly challenging. This is because the average annual income for musicians hovers around £20,700.
In addition, almost a quarter (23%) of musicians find it difficult to support themselves or their families solely through their music and 17% admitted to being in debt. This figure rises to a concerning 30% for those struggling with mental health conditions.
However, there are ways for musicians to boost their income. Here are some of them:
Diversify income streams
One key strategy to enhance your earnings is by diversifying your income streams. Almost three-quarters of musicians (72%) are self-employed, but those who rely solely on music for their income tend to make about £10,000 less annually compared to musicians who are employed full-time.
Explore opportunities beyond gigs and performances, such as selling merchandise, licensing your music for commercials or films, and offering music lessons. Diversification enhances your income and also provides a safety net during unpredictable periods. It also helps to keep your skills fresh during any periods of downtime.
Use online platforms
We have access to global audiences through online platforms. Use streaming services like Spotify, Apple Music, and YouTube to showcase your music to a broader audience. While payouts from these platforms may not be substantial, they can contribute to your overall income and increase your visibility.
Another digital approach is to use social media. Focusing on your Instagram and TikTok accounts can propel you into the spotlight. One major success story is Sam Ryder, who rose to fame on TikTok before representing the UK at the Eurovision song contest. Since then, he’s gone on to be highly successful.
Build and monetise your fanbase
As well as engaging with your audience through social media, newsletters and exclusive content can strengthen your connection to your fans. By offering premium content, VIP experiences, or exclusive merchandise through subscription models like Patreon or Kickstarter, fans can support you directly, providing a consistent income stream.
Establishing a direct connection with your fans can not just translate into a steady income; it can lead to long-term loyalty.
Invest in professional development
Enhance your skills and expand your musical repertoire by investing in professional development. Attend workshops, take online courses, or collaborate with other musicians to broaden your expertise.
A more versatile skill set can open doors to new opportunities, such as producing for other artists, composing for films, or even teaching music. These avenues not only contribute to your income but also add depth to your artistic profile.
While there are opportunities available it’s important that you prioritise your wellbeing and financial literacy. Make sure you get support when you need it, whether that’s through counselling services or by getting financial advice.
Establish a budget, save for the future, and be mindful of the financial implications of your decisions. While the music industry is diverse and one that requires passionate, skilled musicians such as yourself, it’s vital that you understand the financial implications of entering this sector.
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