The entertainment industry has been crippled by Coronavirus Pandemic. According to the BBC, in 2020, music creators lost two-thirds of their income, and the shutdown of concerts and festivals caused live music revenues to fall by 85%. It may be years before live music returns to normalcy, so musicians are increasingly looking for other ways to generate an income. musomuso recommends six ways in which musicians can make money.

Livestream performances

In the absence of live shows, online performances fill a gap for those who crave access to live music. If you are comfortable performing to a virtual audience, then charging a viewing or admission fee for online shows is a viable way to earn some extra money on the side.

Sell merchandise

If you are a well-known musician in your local area, consider selling merchandise. Even if your star has yet to reach its zenith, fun, quirky merchandise will always be popular. Use your spare time to create a logo or interesting artworks to sell as posters, shirts, hats, or other memorabilia.

Create a Youtube channel

A YouTube channel is an excellent vehicle for getting your music out into the public eye, but it is not the only benefit. By joining the YouTube Partner Programme, you can use ads on your videos to generate income.

Teach a class

If you have excellent music skills, set yourself up as a music teacher. You can do it face to face, under COVID-friendly conditions, or virtually. You can conduct lessons via Zoom or sell pre-recorded lessons through an educational site such as Udemy. Teach music theory or production, depending on where your talents lie.  

Start a blog

While a blog can take a few months to generate an income if you have in-depth industry knowledge, starting a blog can be a bonafide money-spinner. Top blogger Pat Flynn of Smart Passive Income earns around $2 million a year. Starting a blog is as simple as signing up to a hosting provider and writing engaging articles. Affiliate links and advertising can provide significant passive income if you drive enough traffic to your website. 

Consider starting an educational blog where you teach an instrument. A local scene blog that lets readers know about gigs and concerts in the local area or a gossip blog that dishes celebrity dirt. Your blog can be a great place to implement some of the above ideas such as streaming your show or selling merchandise.  

Freelancing opportunities 

Your heart may belong to the music, but have you thought about non-musical freelancing opportunities? Consider being a Virtual Assistant, trying freelance writing, setting up as an accountant, or putting those IT skills to use. The good news is that setting up an office so that you can work from home can actually raise your home’s appraisal value!

You may ask, do I need an LLC to start a business? You aren’t legally required to set up an LLC, but many new start-ups find that this offers considerable benefits. A single-member LLC means that you are responsible for your own business decisions. It is similar to a sole proprietor in that you own, manage, and operate your business, but with less of the liability issues of a sole proprietor. Additionally, an LLC offers small business tax advantages, less paperwork, and more flexibility. 

In the U.S., there are different regulations around forming an LLC, depending on what county you reside in. It is important to check the rules in your county before deciding to set up your business as an LLC. If the idea of formalising your business sounds daunting, or you would rather spend time focusing on your fledgling business than on legal paperwork, then use a formation service. Employing a professional to work on the legalities of your business will avoid mistakes and any hefty lawyer fees that may arise as a result.

These are tough days for musicians and the live music industry. Creating and formalising an alternative source of income can give you the freedom to retain your freedom and integrity whilst earning a decent living wage. 

The primary driver behind musomuso was to create a place where we could work with bands and artists who needed some assistance in getting their music heard by a wider audience. Are you in a band? Do you manage or promote an act that would benefit from gaining some coverage on the web? If the answer to any of these questions is YES, then we would LOVE to hear from you!