Global streaming platforms like Spotify, Amazon Music, SoundCloud, Apple Music have captivated listeners around the world by providing extensive libraries of songs, podcasts, albums, playlists, shows, charts, concerts, soundtracks and unlimited offline downloads. The abundance of music choices and the readiness of playing music anywhere, anytime from any device just by getting connected to the internet has pledged listeners all around the world to stream their favorite audio 24*7.
Statistics show that the number of music subscribers in the second quarter of 2021 was close to 524 million, a peak of 26.4% compared to the same in 2020.
The global pandemic has caused a major setback for the music industry by partially shutting down traditional music monetization channels such as concerts, music festivals and more. But with the advancement of online streaming platforms and services, people have been able to experience the authenticity of live audio streaming and have greatly anticipated it. The growing popularity of live music streaming has given potential momentum to music creators to start digitizing their music and generating revenue from it.
Now musicians are actively participating in online concerts, performing on social channels, but the problem is that they are not able to generate the desired income from it. To help music producers, musicians and songwriters in monetizing their music content, in this blog we are going to discuss the best ways for music monetization.
What Is Music Monetization?
In simple terms, music monetization is a way for music creators to make money by selling their audio content in digital format. To generate revenue from online audio tracks, the musicians must own the songs or be the copyright owner of the music.
To help music owner monetize their music, here are the best ways to monetization music-
Top 3 ways to monetize your music-
1- Earn streaming royalties with the help of music distribution network-
Each time a song is streamed on music streaming platforms like Apple Music, Spotify, Amazon Music, YouTube Music, a certain amount of money is given to the copyright owner of the music, which is known as streaming royalties.
As the musicians are not able to directly distribute their music to the streaming platforms, they take the help of music distribution networks. Music distribution network acts as a middle man between musicians and the streaming platforms by collecting royalties for music streaming and distributing it among the musicians.
Some of the common music distribution networks preferred by global musicians are Amuse, LANDR, CD baby, TuneCore. Amuse is a free music distribution network while others are paid service providers.
2- Collaboration with brands & musicians-
The best benefit musicians can get from collaborating with other musicians is getting followers and building reputation. As you get a chance to play music with the other musicians, your music skills are highlighted, and that works best for getting listeners’ attention. This indeed turns out to be profitable towards increasing your music streams on streaming platforms as your followers will find out your music and keep streaming it.
Some of the well-known platforms where you can find musicians to collaborate with are Kompoz, ProCollabs, AirGigs, Melboss, Vampr, Blend, and Vocalizr.
3- Collect royalties for your live performance-
Getting paid for your live performance has been made possible with live performance organizer platforms like BMI Live and ASCAP Onstage.
The monetization process supported by these platforms includes 5 simple steps.
Step 1- Sign up to their websites
Step 2- Log in
Step 3- Perform
Step 4- Report your performance data
Step 5- Get paid.
BMI Live and ASCAP Onstage streaming royalties are paid on a quarterly basis.
Music monetization can be done in many different ways. Some are complex, some are easy, some quickly generate revenue while some take time. But whatever may be the way, music monetization gets you the money you deserve. Music monetization best practices are steadily evolving and always demand to be customer-centric. If you have the best quality music, undoubtedly it will drive massive traffic and ROI.
Whether you are a content creator or a company that manages artists, building a professional music streaming platform can help you to independently stream and monetize your audio content. What’s the benefit you ask? Well, you get the full revenue share and brand recognition. To help musicians in distributing their audio content to a global listener base, Muvi One is providing comprehensive audio solutions which let you upload, distribute and manage audio content with a single content management system.
Muvi One’s exclusive features specially designed for streaming service providers are Built-in-CDN, Multi DRM, Social publishing, Analytics, and Reports. It lets you effortlessly publish video & audio content, create playlists, collaborative workflows, and monetize your content with Subscription-based, Advertisement-based, and Pay-Per-View monetization models.
To know more about Muvi One’s exclusive operations, we urge you to take a 14-day free trial of Muvi One and explore why it is the easiest to work with.