In an age where music is basically free, the live music industry has become a bigger revenue stream for artists. As music sales has decrease, income from live performances have risen. Therefore, this means you should be striving to tap into this industry. Don’t forget to read part one of this blog!
However, your ability to make money from this depends on where you are in your career. It is all too familiar that artists rarely get paid for gigs, or even have to pay to play! When you’re incurring costs to get the gig in the first place, it can be costly to carry on gigging.
But, the algorithm is simple. Gigs mean new fans; new fans means bigger audiences at gigs; bigger audiences means more interest from venues. The more interest there is the bigger the pay check you could potentially receive. You do have to milk every opportunity you get though. If you do gigs months apart then the interest will fade and you may have to start this again.
Be ballsy as well… don’t always assume that you are playing for free. Don’t be afraid to ask “how much will I get paid for the gig”. If nothing then ask “could I at least get paid for my expenses or get a guarantee that if you’re impressed you’ll pay me to come back”. You could even try and negotiate getting a percentage of the bar sales in the venue! The venue needs to make money and if they pay you and no one turns up that’s a problem. Deals like this mean they can ensure they cover their costs before paying you. At the end of the day, sell yourself!
Making Money from Live Performances
As in the last part of this series, you can earn copyright royalties for your performances. If you are signed up to PRS and perform a song you’ve written, PRS will pay you for this performance. Every venue has a PRS license to cover the costs of paying out these royalties, so take advantage of this. Do your research on PRS to make sure you do what you need to get paid and don’t be afraid to ask questions. If you’re unsure, ask the venue as they should know how it works. They aren’t paying you this royalty themselves so shouldn’t have a problem telling you how to get what is owed. Even if the venue is paying you to perform, you can still get money from PRS too!
As with most things discussed in the industry, promote, promote, promote! You should have active social media accounts and content to show what your music is like. This way venues will feel more comfortable putting that investment into you. If they are unaware of how good you are as an artist then it’s a huge risk to pay you.
Admittedly, when you are just starting out your main source of income will probably come from your intellectual property. However, it is still worth looking into other revenue streams such as live performance.