How do artists make money?
We all see artists on Instagram or Twitter flaunting their rich lifestyle. Whether it's being laced up with a Louis Vuitton belt or holding a fist full of cash, sometimes we catch ourselves asking, how do these artists make so much money?
In today's music industry, generating revenue comes from a variety of different sources.
1. Performing in a show
Everyone nowadays claim that performances are where the real money is at. If you're an artist or your band is ready to perform, then a good option would be to look for openings at local venues' shows. Ticket prices are hefty nowadays, with local shows charging up to $10-$15 a person.
2. Pay per stream
Radio Stations and many music apps nowadays offer options to be paid per stream if you have enough followers and streams. Apps like Spotify, Apple music, and SoundCloud offer artists .008 cents every time your song is played. Radio Stations buy the rights from you or your label to use your song to broadcast.
You can show your creativity and knowledge in other ways than music. Why not create a great looking shirt that goes along with your brand? Chance the Rapper's main source of revenue is through is merchandise sales. He sells shirts, hats, lighters, stickers, posters, and even VIP packages such as meet and greets.
4. Licensing and Royalties
You can get your music used in advertisements, TV shows, and even video games. Increasing the amount of exposure on your music leads to generating more sales. You will also earn royalties every time your content is aired.
5. Use our app, WaveStation
Here at WaveStation, we provide tools for artists to generate revenue. We allow artists to be tipped by fans and with a secure cash-out feature all in the WaveStation app. Our events feature also lets you promote your show or party listeners around you to increase ticket sales. In the future, we're going to let artists sell merchandise directly on the WaveStation app.
If you're serious about wanting to make musician as an artist, you should focus on building your fanbase and contact list, make great music to sell and promote, and create great merchandise along the way