Do you know who the highest-earning musician in 2019 was? According to Forbes, Taylor Swift won that spot and earned a total of $185 million. She is, no wonder, the most popular singer and songwriter of her decade. Swift started her career by signing a music contract with the Sony publishing house in the year 2003, giving her a reputation for being the youngest contract signee in history. In her whole music career, she won more than 311 awards out of 720 nominations. What was her secret? Not only does she have natural talent, but she was also practical and smart by protecting her music with contracts.
Music contracts come in different forms. It can be a music production contract, a record label contract, a music publishing contract, a music licensing contract, and more. So, let us define some of these contracts. A music producer contract is a document that production companies, producers, and audio engineers use to reach an agreement with an artist and a record label company to create master recordings. A record label agreement, also known as a recording contract, is a contract that record label companies use to maintain their ownership and licensing agreement of master recordings. A music publishing contract is a written deal that publishing entities and songwriters use to address which party has rights to the music and lyrics of a song. A music licensing contract is a license that legally permits one party to use a master recording or a song of a copyright owner.
According to Statista, in 2014, the number of musicians in the United States totaled 27.98 million.
Also, Statista anticipates that the revenue of live music in the U.S. will increase from $9.28 billion to $11.99 billion from the years 2015 to 2021.
The Bureau of Labor Statistics reports that in 2015, the median pay of musicians was $24.20 per hour, but in 2019, it increased to $30.39 per hour.
The facts below don’t only benefit a musician, but also music entrepreneurs. Some points are motivating, and some are truths that will keep you in line with reality. Regardless, they are all vital information that every musician must know.
If you plan to work as a full-time musician, you need to make a living out of it. You may be passionate about it, but it can be hard to attend to your necessities if you don’t get enough income as a musician. So, how do you earn money and make a living as a full-time musician? Follow the steps below.
Having live performances is what most musicians do to earn money. Make money by having shows under a live music contract, a door split agreement, or by playing on the city streets with a tip box. A door split contract is an arrangement between a venue owner or promoter and a band. Under the agreement, the performers will not get a fixed payment for performing, but they will get a commission from the ticket sales. If you are still a newbie, be content with small fees at first because building a name will take some time. Look at the bigger picture and focus on your long-term smart goals. Once you establish a name, you can then demand larger but reasonable fees.
Sell the music you make, and make it easy for your fans to purchase it. You can do digital distribution or sell CD-Rs on shows. Don’t overprice or underprice, sell your creation based on its worth. You can also sell copies of your music on record shops under a consignment agreement.
Selling music merchandise will also help you increase your earnings as a musician. Create original t-shirts, stickers, coffee mugs, or badges and sell them after a show or on online sites. This idea will benefit you most, especially after doing an excellent performance. Your fans will probably buy your goods since they are still in high spirits.
While you are still creating your own music, you can do the work of a session musician. A session musician is a work for hire musician who takes part in shows with other bands and artists without being an official member of the team. They play what others ask from them. Amiability is the secret to working as one. It can be challenging, but it is an opportunity for you to improve your skills and have more connections.
Being a session musician is one example. The idea is to utilize your talent and knowledge for other musicians in return for payment. Do you have the talents of a music producer? Work in the studio. Do you find it easy to book shows? Help other musicians. You may have many skills as a musician, use them to earn some extra.
The copyright laws give musicians exclusive rights to produce copies of their sound recordings and musical compositions. Also, the copyright holder has the right to receive royalties for the distribution of his/her creations and recordings.
A contract manager takes care of the daily affairs of a musician. They do several things such as the following: (1) building a team, (2) coordinating with record companies, venue owners, and promoters, (3) keeping your finances in order, (4) searching for sponsors and opportunities for income streams, (5) looking for people in the industry that will help build the musician’s career, and (6) helping to make career decisions.
A band contract, also known as a partnership agreement, is a document that spells out how the band will operate. It binds all band members to face everyday realities as a group and as professional musicians.
A music contract is a document that protects the rights of a musician. Though it comes in different forms, every contract helps a musician straighten up his/her career path. Most importantly, it protects the music he/she makes. If you want to be successful in the music industry, don’t neglect the use of these crucial papers.
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