Creating A Piece of Music or A New Track
Whenever you create a piece of music or a new track, that single work has potential revenue streams which can be monetised. It takes a lot of work to create a piece of music.
From the beat, stems, instrumental tracks, effects, vocals, backup vocals etc. Although most artists are only concerned with the finished work, the different components which make up the finished work can be a source of revenue for you. Almost all aspects of the production process can be a source of income. In this article, we will look at them.
First, the finished song can be sold and streamed on multiple platforms, both digitally and physically. By enlisting the services of digital distributors, they can distribute your music to several digital platforms such as Apple, Spotify etc. By getting your song on these platforms, you get royalties whenever your song is streamed or bought. It is also essential to register the music with a Performance Right Organisation, such as PRS, ASCAP, BMI etc. By doing this, you get paid when your track is streamed, played on the radio (Internet or terrestrial), and performed.
Beyond the actual song, you can also make alternate versions of the music and sell or stream them—it is another strategy to be utilised, especially if the song becomes popular. You can then sell these alternate versions at a premium. Alternate versions may include remixes, demo versions, live versions, spin-offs, and even behind the scenes (making the music). These different alternatives can give you an alternative/additional source of income.
Ckay explored this option with his hit song, Love Nwantiti, as he released several versions of the song, including an acoustic version, a remix, other versions in different languages, and stars from those regions. This has helped popularise the music and contributed to its worldwide rise. DJ Neptune did something similar with his hit track Nobody, creating an Extended Playlist of worldwide remixes with artists from Columbia, Trinidad, Canada, Ghana etc.
Another source of income can also be selling physical products of the song. Although physical sales of records have been on a decline, they can make you lots of sales. You can sell physical versions of your music via physical distributors, stores, and also when you have live shows or live performances, taking advantage of impulse buys from your fans. It also helps if you package your music in innovative ways, such as using USBs, customised vinyl, CDs, memory cards etc. You could also sell high-quality digital versions of your songs. Technology has advanced, thereby giving different options of versions of music such as lossless tracks, WAV etc. DSPs like Apple is giving listeners the choice of different versions. Licensing of the music provides another source of revenue.
Licensing is giving or renting your song to a third party for a period, to use subject to the terms of the agreement. The music can be licensed to record labels via an exclusive licensing deal, a distributor, film production companies, TVs, etc. The most common option for licensing is synchronisation, which uses audio-visual music and is mainly used in films, games etc. The various types of licenses include mechanical licenses, broadcast and performance licenses, and print licenses etc. Licensing is a lucrative revenue for artists and musical works.
You can also sell elements of production such as stems, beats, source tracking, presets etc. Fans and other artists may pay to access them, make their version or remix it.
You can license it to them, subject to certain conditions. Beats have also proven to be a lucrative avenue for funds. For some artists and producers, the production of beats is a
full-time job. If your music is sampled in another recording, the sampler will pay you for such use, generating more revenue.
Lastly, you can record the production process of your song – the behind scene, or do a live feed and stream on any popular site. Platforms such as YouTube, Twitch, Facebook etc., offer such opportunities. You can either go live or stream your video for a fee or for free. Recording the making of your song allows your fans to witness the creative process, either the songwriting, recording, backup vocals etc., and it creates an interest in your music.
In conclusion, you can generate lots of money from the process of producing music. Though most people focus solely on the finished recording, other aspects offer an opportunity for more revenue if you utilise them well.
Lastly, stay up to date with all you need to know about African music at SOA, right here.
