There are many ways to make money in today’s digital world. We can harness the digital landscape, the physical world, and the planets of the metaverse. We have no excuses for using our creativity to build streams of passive income.
Today, I am proud to start a new series that focuses on passive income from creativity. I am a military dude and never believed I could be creative, yet here I am writing. If I can do it, you can do it.
Our first type of creativity is music. Many people are not musically-inclined, but that is okay. There are many ways to make money from music without being great at instruments, singing, or writing music. With that, let’s hop right into the mix.
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Writing and recording music. I love love, love royalties. If you follow my work, you’ll know that I started writing to earn royalties from books. Music can also produce royalties for artists and songwriters.
For this complex topic, I will forward you to the experts. This blog post on Sound Charts gives a comprehensive breakdown of how music royalties work. Here is another blog post, ComposerCode on for composers and musicians. They are very complex, and you need to understand how your work would fit into this scheme.
Writers and performers earn different royalties but flow through various channels. Then there are additional media rights for streaming, radio, live performance, etc. Before you try your hand into going this route, understand how you want to make your income.
Do you really want to sign a deal where you may lose control of your intellectual property? Going independent is huge in the world of writing; how about with music? Do your due diligence to ensure you make the best decision moving forward.
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Beats and background music. A substantial new revenue stream can be from making royalty-free music. This means that you sell someone a song once, and they can use it as many times as they want.
This type of music is excellent for background music in YouTube videos. People love to hear background music when listening to and watching their favorite YouTube stars. Sometimes, the music becomes very addictive because we listen to our YouTube heroes every day for years.
I like the business model of a website like Bensound. Here creators pay a subscription fee, and you can download tons of instrumentals that they use for their site. It is a great way for creators to keep their YouTube channel music fresh and for us to make sweet passive income from music.
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Of all the ways to make passive income from music, I think building a library of royalty-free music is the best choice. It is highly passive once you have a nice library, and then you only need to maintain it with fresh music. You can always add music from new artists to your website to lighten the workload.
Instruments. You can take two routes with instruments; the professional and the novice. As a professional, you can build a series of videos that someone can use to learn an instrument.
You would need to create a comprehensive set of videos. I would also video yourself working with real students as well. Once you have a vast library of videos and a decent following, you can create online courses.
An online course is one of the best ways to make money on the internet; however, you need a large audience to sell a high ticket item like a course.
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As a novice, you would do the opposite of a professional. You could start a YouTube channel where you learn a different instrument every year. Then you could spend the year reviewing online courses, using tutors, and doing recitals.
People would connect with your passion and determination. You would need to follow the three core values of passive income to succeed here because things would become challenging.
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At the end of each year, you could combine all your videos into a compilation. Imagine learning how to play ten instruments over ten years. Maybe you figure out a standard way to learn across all instruments.
Music videos. Many famous artists are taking to YouTube to expand their reach. You could do the same by creating YouTube videos for your music; however, you don’t want to go and spend tons of money upfront.
Using the method from “Content, Inc.,” I would find a way to build an audience first. If you are a rapper, maybe you can teach people to write lyrics and practice their techniques.
Once you have a decent audience, I will start releasing music videos. It seems like you need to release new music almost every one to two weeks to have sustained success. Be prepared for the ultimate grind, but it will be worth it in the long run.
Collectibles. Once you have a decent-sized audience, you want to give your “Superfans” a chance to purchase unique memorabilia from your website. These items can include vinyl records, compact discs, and t-shirts.
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Music produces some of the most rabid fans, and they would love to purchase everything you make available. Your store is a great way to make long-term passive income. Every time you create new music, it also helps advertise your back catalog.
Conclusion. Even if you are not the best musician, you can earn passive income from music. The main takeaway from all these types of income is that they require an audience.
Everything in life requires some form of audience or advertising—you may as well start building one now.
If you are a talented musician, you still have to learn to become an entrepreneur. The world is full of sharks, so understand what you can achieve independently. If you can learn advertising, marketing, and how to build an audience, you are well on your way to building a passive income.
Before you start, find some people you admire on YouTube or other independent artists. See how they achieved their status and recreate it in your way. There is no need to start this journey from scratch. Good luck on your musical journey.
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