EARNING A STEADY INCOME AS A MUSICIAN DURING THE PANDEMIC

by Karen Weeks
November 2, 2021

Image source - Pexels

The onset of COVID-19 created various major changes in the music industry. According to the World Economic Forum, digital and physical sales of music dropped more than 10% in addition to a complete halt on live performances which makes up for more than 50% of the revenue of this $50 billion industry. With one of their main streams of income cut-off, major labels and freelancer musicians alike turned towards alternative creative ways to earn and perform for their fans.

If you're a musician trying to find ways to make money through your passion during the pandemic, then this article will prove to be a great resource.

Here are a few platforms to connect with your fans, grow a following, and earn a sustainable stream of income.

Twitch--- One of the major live-streaming platforms in the world, Twitch allows you to connect with a world-wide audience for free.
There are no registration costs and you can earn in the following ways:

Subscriptions: Viewers can subscribe to any one of these three monthly tiers- Tier 1: $4.99, Tier 2 $9.99, Tier 3: $24.99. You can provide members of higher tiers rewards, special access to content, or any other benefit of your choosing. Additionally, there is no cap on the number of months one can subscribe for.

Donations: In addition to subscriptions, any viewer can donate money to your channel.

However, you need to meet certain criteria to be eligible for subscriptions, and Twitch is entitled to a certain percentage of your earnings.

Bandcamp--- It is a dedicated music platform allowing labels and musicians to share their music and make revenue from sales. According to Bandcamp, users have paid more than $800 million to artists on their platform since its inception. Additionally, artists pocket more than 80% of revenue per sale.

An advantage of Bandcamp over Twitch is that it's focused on music, making it easier for users to find you and directly purchase your albums or merchandise. The platform also allows you to create a store where you can showcase all your work in one place.

Music fans have been sympathetic towards their favorite artists losing out on revenue due to COVID and have resorted to finding other ways to support them. One of the prominent options is buying merchandise such as hoodies, artwork, masks, posters, and more.

While selling merchandise can often be difficult for small artists as the market is dominated by major players, a recent collaboration between Instagram and Merchbar has leveled the playing field.

Since May 2021, Instagram has allowed artists to add up to 50,000 products on their Instagram profile store, making it easy for customers to buy merchandise directly from the platform.

Additionally, using product tags, artists can tag and promote their merchandise on their stories, reels, posts, and IGTV videos, making it a seamless process to sell and earn revenue.

Being creative individuals, freelancing platforms such as Upwork are the perfect place for musicians to utilize their skills and earn a steady income. Here are some popular gigs to consider:

Audio Book Narration - Having a good voice plus high-quality recording and editing software makes you the perfect candidate for narrating audiobooks. On average you can expect to earn between $25-$55/hour.

Singer/Composer/Instrument Playing - There are thousands of postings on Upwork relating to short and long-term freelance music positions. Depending on your skill you can sing, play an instrument or serve as a composer for a song or an album. The rates for these will vary based on experience and type of project.

Music Promotion - With the industry moving completely online, the music promotion services market has seen a boom. Having skills and expertise in promoting music content on Spotify and YouTube can help you land a well-paying side-gig. The average earnings per promotion project are $25, but by creating custom packages for clients you can charge higher rates.