Digital Music News recently posted a slideshow of charts showing the shift in music industry revenues over the last 30 years.
It’s interesting to watch the rise and decline in the popularity of certain formats (vinyl, cassettes, CDs, downloads, etc.), but obviously most relevant to a discussion about today’s music economy is the pie chart for 2013. Take a look: it proves that artists must… diversify.
No matter what your bread-and-butter may’ve been a few years ago (CD sales, downloads, live concert fees, etc.), you shouldn’t rely on any one revenue stream to carry you along these days. The landscape changes rapidly. There are more ways than ever before for fans to engage with your music, and more ways for you to earn money from the usage of that music.
* Sure, download sales are down, but YouTube ad revenue is going up dramatically every quarter.
* CD sales, well, they’re all over the place; some artists are selling more than ever while other artists are doing digital-only releases.
* Vinyl sales are on the rise, believe it or not!
* Add to the list: sync licensing, publishing royalties, SoundExchange royalties, ringtones, and music streaming — and you’ll see how the concept of music monetization has widened far beyond simple music sales.
To find out how you can earn more money from your songs in today’s music economy, check out the following articles:
How are you earning the most money these days? Do you still lean heavily on one revenue source? Or are you piecing it together from multiple music income streams? Let us know in the comments below.