If you’re a musician, you’ve probably wondered where most artists get their money from. How do musicians create a successful profession that supports them financially? A musician does not often receive payment at the end of each month for their work. No matter how wonderful your talent, you have to earn the money yourself for it. The music scene in Nigeria is unique and evolving. The income streams are constantly being impacted by the music industry’s dynamic nature.
The music industry in Nigeria is one that is always evolving, as previously said. One may be a famous musician now, but his music may be ignored tomorrow. A song may be released today that initially seems out of style, but with a little time, it will likely become the most played or downloaded song. Every now and then, the preferences of the general populace vary.
One could rely on record sales or performance fees to support themselves in the music business. Performance fees continue to be the most attractive sources of income in the industry. What happens, though, to those emerging artists who haven’t yet established themselves sufficiently to be invited to venues where the performance appearance fees might be significant? The central purpose of this post is to share useful ways young, gifted musicians can earn money without worrying.
Even though the music industry is currently one of the trickiest in the world, many people have benefited from its complexity,
including musicians, producers, managers, marketers, creative directors, cinematographers, as well as photographers, to name a few.
Competition And Opportunities In Nigeria Music Industry
The global music market generated 23.1 billion dollars in revenue in 2020. Worldwide revenue from streaming was 11.9 billion US dollars, or 56% of this figure. To give you an idea of how big the market size is. As amazing as it may sound, the music industry is difficult to navigate, it is a delicate market, and it demands significant effort to succeed.
Although artists like Jay Z and Rihanna have engaged in various investments outside the music industry, one cannot minimize the influence of their music industry foundations on their fortune, thanks to the music still. Artists like these are among the 2668 people on the list of world billionaires in 2022.
The music industry is one of the most active areas in Nigeria today. Is it a result of the nation’s high unemployment rate or a passion for creativity? I believe there is a decent balance of both. Many people, notably artists, have found success in the music industry, especially in Nigeria. Successful artists have survived and are now reaping the benefits of their hard work.
At one point in time, the majority of songs played in Nigeria were primarily western (foreign) music. Everything unexpectedly changes. The Nigerian music industry experienced what was described. Because they started providing the general public with what they genuinely wanted, people started gravitating to home-based musicians. The public’s satisfaction is one of the best duties of all time because of the high demand for Nigerian artists.
Being the most straightforward is also what the majority of artists would like to achieve in the face of the industry’s seemingly limitless options. However, the focus of this article is not on how to educate you on how to become the simplest or most sought-after musician, but rather how to make money as a musician.
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Here are the Proven Ways to Make Money as a Nigerian Upcoming Musician:
While some of the sources of income listed below may seem obvious, you may not have tried others for your career. But maybe this list of the proven ways to make money as a Nigerian upcoming musician will give you some inspiration.
1. Compact Disc (CD) Sales
Prior to the development of streaming technology, sales of compact discs ruled the day. Prior to the streaming period, it was the most dependable form of music distribution, but there were numerous flaws that gave rise to new techniques, one of which is piracy.
The introduction of new technology has caused a fall in CD sales. Digital sales made through music streaming services like Spotify, Youtube, Apple Music, Audiomack, and Boomplay are now taking its place. Even if there isn’t much of a market for CDs, they are nevertheless a reliable source of income for musicians.
2. Digital Sales
New avenues for musicians to sell and monetize their music have emerged thanks to the development of new technology. The ability to upload music to digital streaming platforms like Boomplay, Spotify, Apple Music/iTunes, and YouTube allows artists to make money when fans download, stream, or listen to their music.
Digital streaming services are now more popular than ever and are quickly displacing other types of music consumption (e.g CDs). It is a very dependable and stress-free way for musicians to make money.
A license is a right that the owner of the copyright or his or her agent grants to allow for the broadcast, reconstruction, or performance of a work protected by a copyright. For the privilege of airing a musical composition protected by copyright on their platforms, artists (songwriters) and their publishers are compensated with royalties. This covers live performances, radio airplay, movie soundtracks, commercials, TV broadcasts, podcasts, and webcasts, among other things.
4. Shows, Concerts and Tours
Concert tours, which are a series of performances by an artist or group of artists in various cities, nations, or locations, are the primary source of income for musicians. Concert tours frequently have names to distinguish them from one another and to link a particular tour with a specific record or product.
These tours have the potential to grow into massive operations that continue for months or even years, attract hundreds of thousands or millions of viewers, and generate millions of dollars in ticket sales. Additionally, they receive payment for their performances at other occasions, such as plays, concerts, festivals, weddings, political rallies, etc.
In order to use the musician’s name, likeness, authority, and reputation to promote their goods and services, brands work with musicians by giving endorsement arrangements. Depending on the terms of the agreement, the artist is compensated in some way in return.
Another effective way for musicians to make money is through merchandise. Sales of items with cultural significance, such as T-shirts, hoodies, face masks, vinyl, wristbands, etc., are included.
7. NFTs (Non-Fungible Tokens)
At the moment, NFT art is dominating the globe, and its future will provide artists more authority. NFT art is revolutionizing how NFT
artists may work, develop new projects, and take control of their art, as well as revolutionizing how artists get compensated. Now, artists can profit from the selling of NFTs. Given how promising it is, it might even transform the industry in the coming years.
8. Through Distribution Deals
As it connects the performer with the record label, this approach puts you in control. Independent musicians are better off making money this way because they may either manage their own record label or let the distribution company do it.
There are two approaches to distribution agreements:
Your music’s physical or digital content is given to a distribution business to help market and promote it.
The second choice is for you to handle the music’s creation, promotion, and distribution. But since this alternative could sound risky, I’ll suggest that you go with the first one.
Contracts for distribution are distinct from those for records. In record deals, the moment you sign a contract with the record label, the business is responsible for paying all of your expenses. All of your expenses are covered, including those for recording, events, marketing, promotion, as well as music distribution.
9. Monetization of Facebook & Instagram Music
The possibility of making money from the music you upload on Facebook and Instagram is unknown to many people. You might ask, how? Facebook, which now includes Instagram, works with specific record labels and distribution firms to monetize your music on Facebook. Your music will be uploaded to Facebook’s database with the aid of a record label or distributor so that users may browse it and select songs based on their preferences. To stop users from violating Facebook’s policies, this process is monitored and recorded.
The core areas for the inclusion of the music are:
Instagram/Facebook Stories: In addition to exchanging stickers and emojis. There is a location where you may add music in accordance with your stories so that family and friends can see it or share it with others.
Live videos: If you wish to go live on any of these platforms, you can also choose the soundtrack. Your audience can also see the musicians you are playing when you perform live.
The wonderful thing about all of these is that at the end of the month, you are paid and your music is monitored and permitted to be shared by fans both inside and outside of your region.
It should be noted that the digital content you provide must either be your own or belong to a third party that you still have permission to use.
10. Through Youtube
This is one of the well-known ways that musicians can earn money. Today’s technology makes it relatively simple to upload content to YouTube. There are numerous ways to monetize YouTube. Which are: To begin with, you can make a cover page and record a beat before submitting it to YouTube. Second, you can get compensated when YouTube commercials include your music. Be sure to start a YouTube channel right away!
11. Through Streaming
We can access digital content because we are in a digital realm. Now, musicians may broadcast their music on a variety of sites, including Spotify, Audiomack, and others. The more streams you have, the more money you make.
Although the algorithm for companies like Apple Music dictates that you earn more from a region the more streams you receive from that region. The first step is to upload your music to these networks, with the exception of premium platforms where you will require the assistance of distribution businesses like Bandcamp, Distrokid, Tunecore, etc.
12. Online Live Shows
This technique, which became popular during the covid 19 pandemic, involves artists hosting online shows from the convenience of their homes and charging a fee, with the constraint that you can only access the online show after making payment. Without having to leave the comfort of your home, it is that simple.
13. Writing for music libraries
Not only is it a great way to increase your musical skill, but writing and producing music for music libraries and production firms also allows you to earn money from your music. A music library is simply a carefully managed collection of music-related items that are exclusively available for licensed and private use, such as musical composition or audio recordings.
Specifically designed for advertising agencies, videographers, independent filmmakers, YouTubers, and other enterprises with a license. You’ll almost certainly be writing or composing in a style that is distinct from your own musical genre when you’re making music for a music library. Despite the fact that it could seem difficult, this is actually a fantastic opportunity to explore new musical ground and push your own limits as a musician and composer.
All of these elements, whether you’re a rapper, singer, composer, or producer, can be offered to a younger artist as online tutorials, workshops, or vlogs. If you play an instrument, you can consider working part-time as a music tutor during the evenings and weekends. The main line is that you can sell your knowledge to anyone else who wants to study it.
In order to supplement their income during their musical careers, many musicians teach others how to play their instruments and sing. This is a good opportunity for them to increase their income while still developing their craft.
15. Crowdfunding Campaign
Crowdfunding can be a fantastic approach to bring in the money required to pay for the costs associated with creating and promoting your album. However, crowdfunding shouldn’t be viewed as a simple means of generating revenue. The key to successful crowdfunding is building relationships with your largest supporters. Bring them along for the entire creative process, from songwriting to recording to album release. It’s important to communicate and be creative, and with careful planning, the money will come.
16. Offer fan Subscriptions
With subscriptions, customers pay a monthly price to join your website or a particular platform in exchange for perks and content like your complete discography and any new releases. Additionally, you can provide subscriber-only live stream events, merchandise discounts, early access to new music and videos, and more. For you and your biggest supporters, subscriptions may be immensely satisfying and help you establish a steady flow of cash from your music.
The Nigerian music industry has advanced significantly, and musicians can now afford to take chances and enter the market knowing they will eventually succeed and make money. Over the past ten years, the music business in Nigeria has experienced one of the quickest growth rates; factors contributing to the sector’s expansion include listening, album sales revenue, exports of our music, and the quality of videos.
With more performers gaining recognition, the music industry is one of the biggest in the world, comparable to the film industry. The problem then becomes how to make money out of music as most musicians don’t just sing for the love of it and this may be a difficult road for those just starting out.
When you take into account the requirement for rehearsal space, photography, a personal website, distribution, and numerous things, the process of becoming well-known as a musician may also seem daunting. If you’re ready to diversify your skill set and give a few different approaches a shot, you’ll actually find a wide range of income opportunities that you may take advantage of.
Musicians today more than ever have more control over their careers. There are numerous accessible tools and platforms that you can use to record, distribute, sell, stream, and promote your music. To develop a long-lasting career, it is crucial to diversify your income sources, whether it be through gigging, selling merchandise, or making money from your music online.