TOP REVENUE STREAMS AVAILABLE TO ARTISTS
There are numerous ways by which an artist can earn money with his music and generally with his career as an artist. However, this article focuses on the top 5 ways an artist generates revenue. So let’s begin.
Music Sales and Streams: Streaming is no doubt the most popular way people consume music in this age and as such, artists having distributed their songs on the platforms i.e online streaming platforms, earn a certain amount of money which is dependent on their number of streams per music. The money generated from streams grows as your catalog grows and more people start listening to your music and that is why Artists release songs frequently. Also, Artists can still sell their music online via their website or Paystack.
Live Shows and Performances: This is a no-brainer. Live performances and shows alias gigs are some of the quickest ways for Artists to make good money. Through selling tickets for your concerts and tours or getting paid to perform at events such as weddings, end of the year parties, birthdays parties, and what have you. Artists rake as much as half a million naira per show, imagine having two to three shows per week. Don’t forget that this is just an added source of revenue to the Artist.
Brand Deals and Endorsements: If there are any means by which an Artist can get the bulk of the money, it is through endorsements and brand deals. As an artist, you have a number of people following you and are easily influenced by your music and lifestyle meanwhile different brands look for consumers and customers which you possess and so they need to tap into that hence they approach you with a contract to help them advertise and showcase their products for a good amount of money. Many artists today have a sustainable income from just their endorsements.
Licensing and Publishing: Licensing your music to filmmakers, gaming companies, comedians for skits, and brands for advertisements are also ways by which an artist generates revenue. In addition to this, the Artists still get publishing royalties when the film, game, skit, or advert is released. Licensing your music could also pass as “killing two birds with one stone” in the sense that when that film or advert is seen, the viewers may proceed to even check the artist and listen to his music more thereby increasing his streams, views, and even fan base.
Merchandise: Merchandise or Merch is also a good source of revenue for an artist if properly done. Merchandise allows you to sell your brand and image on it. It encompasses anything and everything about a brand which could be your name, logo, sign, nickname, etc. Good examples are Wizkid’s Starboy Nike Jersey, Burnaboy’s Twice as Tall merch, and many more.
