How to Earn a Profit with Streaming Services
Today’s guest post is from Noel at Consumers’ Advocate. Please see his author bio below! Thanks so much to Noel and Consumers’ Advocate for being here today!
Tips About Streaming Services
Quick Note: If you aren’t sure how streaming services work, here is a post Consumer Advocate wrote on Justine Perry’s site about steaming basics!
These days, there are plenty of streaming services available where just about any musician can earn money. But which is the best music streaming service for your music? If you’re an independent artist, I’d urge you to consider your goals before signing up with any service. The way some of these services are set up, everything from your genre to your licensing situation will affect the outcome. Some streaming services allow you to sell merch and may even help you reach more listeners. With all this in mind, do the research before taking the first step.
LET’S CRUNCH THE NUMBERS
Now, there’s also the business aspect of our music. How much can we earn? Is it worth it? All streaming services use different equations to determine how artists will be compensated. With this royalties calculator, you can multiply fractions of cents and get a more concrete idea of the profits you can earn depending on the streams you generate. Do the math; those numbers don’t lie.
As you’ll see, some services are more generous than others when it comes to paying royalties. The important thing is to put in the hours to pick the best music streaming service that will help your career.
YOUR VALUES AS AN ARTIST
While revenues paid out to artists has risen over the past three years, a lot has been said about how streaming services are sometimes unfair to performers. This is another point to consider. If you find a service’s practices do not align with your values as an artist, you might be better off not considering them. But again, that’s a personal decision that every one of us will have to make according to our own needs and what we believe to be fair.
There was a time when musicians made a lot of their income from selling physical products, such as CD’s, t-shirts, stickers…but that’s not the case anymore. I should know! Now digital is the format of choice and it’s all about the number of hits. It’s true that vinyl has recently had a resurgence of sorts but most people carry their music around in their pockets and that’s only made possible by digital.
UNTANGLING ROYALTIES IN STREAMING
Music royalties can be a little difficult to wrap your head around, even if you’ve been doing this for a long time. When it comes to streaming, each service has its own system to determine the percentage that will be paid out to the artist and the amount they’ll keep as commission. Take a close look and make a well-informed decision about what will better serve your music.
Considering a Music Promotion Company? See if they’re worth it here, and learn how to avoid music scams here!
After the studio session has ended, after the last encore has been played, the music will always remain. If music is your passion, you’ll continue to make it regardless of how many hits your songs get on whatever platform you choose.
If you’re striving for a sustainable career as a musician, put in the time to consider everything carefully. How you go about spreading your music will speak volumes about your self-worth as an artist, but it will also determine what profits come in to keep you going. In the end, the only way is forward. And if you’re reading this, you’re probably well on your way to making something magical happen.
BEST OF LUCK GETTING YOUR MUSIC TO Streaming Services!
Noel Dávila is a staff writer for Money Magazine, ConsumersAdvocate.org, and The FourOneOne. His editorial interests include investigative reporting, music creation, and finance.
Which kind of streaming services please explain?
I think the most common streaming services are Spotify and Apple Music, but I know there are other ones like Tidal. I think this post is designed to help with whatever service you choose to post on!
It’s good to learn that each streaming service determines how much commission an artist will make. My brother is wanting to put his music on streaming services and he was wondering which one he should choose. I’ll be sure to tell him to look for a streaming service that can give him as much commission as possible.