3 Ways Artists can Monetize during COVID

Over 50% of the music industry’s revenue disappeared overnight. This is the reality artists have been facing worldwide, as tours continue to get postponed or canceled moving into 2021. While streaming revenues, in general, have been increasing significantly YOY, the majority of earnings in the Music Industry still come from live performances

 So what can an artist do to make ends meet besides continue to put out music & social media content? I've got three quick ways artists can generate some extra cash without investing a ton themselves!

artwork by Jake Standley

Merchandise (especially Print-On-Demand)

The first way to generate some extra money is also the most common, but even in 2020, I think printing merchandise has relevance. Plus, it's easier than ever before!

Print-on-demand is a relatively new trend in the E-Commerce space, but it's the way to go if you don't have an established fan base or a large amount of capital. These services allow you to upload your designs, provide you mockups & will enable you to start selling ASAP via Shopify and other E-Com platforms. The beauty is, you don't have to pay for the product to be printed or fulfilled until customers order, so you are never operating in the red.

Also, you can add or subtract as many designs as you want. So if you decide to refresh your merch designs monthly, it's straightforward to switch everything up and keep your online store selling.

Keep in mind, though - the quality of this merchandise might not be top-notch. The trade-off for this efficiency is limited design options & blanks to print on. But, if you're in a tough spot or trying to find a way to generate some consistent revenue, I recommend starting here!

Some quick services to check out include Printful & Printify!

DSP Donation Options

Some DSPs have started offering fans the ability to support artists directly through their platform, such as Spotify & Bandcamp.

Spotify now has the ability for an artist to add an "Artist Fundraising Pick" to their profile page. This feature DOES NOT replace the standard Artist Pick, and Spotify DOES NOT touch any of the money donated through this link. You can add a personal link or a link to an external fundraising site or charity of your choice.

Set up your Artist Fundraising Pick!

While Spotify has provided an excellent way to receive support directly from your fans, I recommend letting potential supporters know that the link exists, and the money goes straight to you. This feature has not been fully adopted by any significant artists yet, and I believe many casual listeners may not know they have this ability.

Bandcamp is the other DSP doing A TON to help out artists that are using their platform. Bandcamp Fridays is a fantastic program that allows fans to put money directly into the artists' pockets, without Bandcamp taking a cent of commission. Over the last 4 Bandcamp Fridays, fans have paid $20mm directly to artists.

Two Bandcamp Fridays are remaining, November 4th & December 6th. Make sure to get set up over there and get the word out in advance!

Launch a Subscription service

Launching a subscription service is the most intensive option available here, but I also believe it has the most significant long-term payoff.

With a subscription service, fans support you with a monthly $5+ fee while you work to provide them with exclusive content & insight into your creative process. While creating this content will be hard work, the opportunity exists to generate even more value than the $5 subscription fee.

• By supplying fans with this exclusive content and intimate Q&As, you can turn that fan from a casual fan or an engaged fan to a super fan. That fan is more likely to spend money in the future by purchasing merchandise, attending tours & more!

• You can also sell exclusive merchandise & products to someone supporting your subscription. Providing exclusive merchandise & benefits is an excellent way to convince fans to sign up for your service & a perfect way to generate incremental revenue even after they’ve chosen a subscription.

Platforms such as Patreon & OnlyFans offer pre-built templates that help you get a subscription set up quickly. I recommend Patreon, which has an intuitive app, allows you to set different tiers & lacks OnlyFans.

If you're worried about these services taking a percentage of your income, you can always set up your subscription service through your website. Shopify has several apps available that allow you to set up recurring charges. Combining this app with a free newsletter service like MailChimp will allow you to email these subscribers their exclusive content quickly.

The music industry is undergoing drastic changes during 2020 that we could have never predicted. The future of live music in the USA during 2021 is still uncertain, with estimates predicting a return to somewhat regular live events in late 2021 or early 2022.

Even with an earlier return to live events, it's never a bad idea to diversify your earnings and make sure you never have too many eggs in one basket. Check out these options above and let me know on Twitter or Instagram what works best for you!