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The entertainment industry, especially the music sector, is highly competitive and cutthroat. Making it in the music industry is easier said than done. Every day, countless new musicians join the industry, making it all the more competitive.
If you’re fortunate enough to break out in this sector, you’ll not only enjoy fame and all the perks that come with it; you’ll also earn big. While musicians are probably the best-known faces in the industry, a lot goes into making a hit song.
Songwriters are just as integral as a musician and performing bands. Essentially, a songwriter is a musical professional tasked with composing, creating, and writing lyrics. If you’re a success at writing songs, musicians and other key players in the industry will be lining up to get a piece of your original songs.
Do songwriters make money?
The simple answer is yes! It is possible to make money from songwriting. Fortunately, the internet and advancements in technology have made it easier for songwriters with the goal of earning money from their songs.
A few decades ago, selling CDs, performing live, and licensing your music were arguably the most profitable ways of earning from music. So, how do you successfully navigate your way to the top of the music industry today? Read on to learn more about how to make money as a songwriter.
Tips on how to make money as a songwriter
Here are a few practical ways how to make money from writing songs.
Syncing your music is a popular way of making money from your original songs. Syncing your songs places them on popular advertising projects, films, and tv shows. When your songs are used on these platforms, you’re rightly compensated.
You can seek out sync licensing opportunities independently, or you can join a music library. The former may prove challenging, but you get to keep a lot more of the money. The latter may land you more deals, but that gives you a cut agreed with the music library.
Countless artists and musicians are always looking for quality original songs. To meet this demand, there are several platforms where you can place your songs for others to record. When your music is licensed, you’ll receive revenue as agreed upon. However, a key point to note is most platforms don’t let you retain the rights of ownership to the music.
Publishing firms and labels are another revenue source for songwriters. Basically, you can approach these firms individually or through a representative like a lawyer or a manager and submit your songs.
After you’ve been signed by the music label, your songs will be distributed to certain musicians, and you can enjoy future royalties. There are numerous publishing houses and record labels today, making it easier for songwriters to penetrate the industry.
Recording and distributing
You can also opt to record the music and distribute it yourself. This is perhaps the most challenging route, especially if you’re new to the industry and don’t know the right places to distribute your music. However, over the last few years, countless independent songwriters have recorded music and made it big in the industry. Digital platforms like YouTube and other niche social media and digital streaming platforms can help you release your music to the world.
If you’re just starting out, especially as a singer and songwriter, live performances can help you gain a footing in the music industry. The beauty of live performances is you can start at any level. Today, you may be performing in pubs and weddings and selling out stadiums tomorrow.
The beauty of live performances is you can choose a small crowd and build your confidence and skill as you grow your reach. Ultimately, there are numerous ways and platforms that can help you make money as a songwriter. And with the world being connected now more than ever, you are less bound by factors like your environment, background, and geographical limitations.
Additionally, you can test out more than one of these ideas at once to increase your chances of succeeding in the field. Hopefully, you now know how to make money as a songwriter, and you’re better equipped to make it big and stamp your name alongside the legends and greats. All the best!