Monetizing Your Music Beyond Streams: Merch, Tickets, and More
Making music is an art form and it doesn’t have to just end with the songs you produce. For any artist serious about taking their career to the next level, monetizing their music goes well beyond streaming. From creating merchandise to selling tickets, the opportunities are endless for artists looking to make a living in the music industry. Read on to find out some of the creative ways you can get the most out of your music.
1. Maximize Your Merchandise Lineup
The merchandise lineup for your store should offer something to entice every customer! Just like a well-stocked Fishing Rod, you want to maximize your options so you can catch the attention of more customer:
- Target Different Types of Consumers – Consider offering merchandise that appeals to different audiences: men, women, children etc. Customers of all ages like to shop!
- Find A Balance In Price Range – Compare prices on items of different varieties and find the right balance. Not all customers have the same budget.
- Stay On Top Of Trends – Trends come and go. As customers look for the latest trend, they’ll go for the stores that have the latest styles available.
- Never Overlook Quality – A wide selection of merchandise is important, but so is its quality. Items should still feel valuable to customers.
In addition to your product line, you should also take into account how you package and display your product. Having beautifully-wrapped items and strategically-placed displays can draw in more customers. After all, in this economy, shoppers are never lacking for choices! It pays to make sure that your store stands out in the crowd.
2. Capitalize on Ticket Sales
Trying to maximize the returns from ticket sales? It’s all in the timing and research. Try the following tips:
- Price it right: Research your audience and the rates of similar events to see what will strike a balance between being affordable and setting a cover price that will make a profit.
- Early bird catches the worm: Promote early ticket sales to encourage people to buy in advance. Announce incentives such as discounts or freebies for the earlier birds.
- Pick the right platforms: Use the right ticketing platforms for the event to make sure the audience has access to the tickets and is aware of their availability.
- Go digital: Digital ticketing options can help maximize ticket sales, making it easier for people to purchase tickets and for you to maximize on profits.
Organizing events isn’t just about getting people to attend, it’s also about making sure your ticket sales bring in as much profit as possible. Whether you sell tickets online, host a raffle, or use the paper methods – the key is to maximize the number of sales you make.
3. Utilize Live Performance Opportunities
Maximizing Audience Exposure
One of the best ways to get your music heard by a wider audience is to start utilizing live performance opportunities. From open mic nights, to gigging around the city, to showcasing at festivals, there are plenty of great opportunities to expose your music to new people. Live performances can be a great way to get the word out about your music, meet new people, and gain fans.
Keep the Momentum Going
Don’t forget to keep the momentum going after your performance. Social media can be a great way to keep your audience and fans in the loop. Make sure to include photos, videos, and any other relevant material on your social media accounts to keep your audience engaged and interested in your music. Also, make sure to list your upcoming performances on websites and other platforms. You never know who or what opportunities could come out of promoting your music and upcoming shows.
4. Invest in Strategic Partnerships
An organization’s growth trajectory can be accelerated through strategic partnerships. Investing in strategic partnerships can open up a company to a larger customer base, resources, and potential. Here are some tips on how to look for and build strategic partnerships:
- Define What You Want - Before you search for potential partners, determine what kind of partnership works best for your organization. Know your ideal partner similar product or services, international buyers, customer base, etc. which can align with your own.
- Research and Consider Opportunities – Continuously look for potential partners. Attend conferences, send emails, and even use software to identify companies with matching interests. Be sure to do the research to know if the other party is reputable and legit.
- Network – Networking is essential to finding strategic partners. Make sure you are consistently attend events, meet-ups, and more to include your business in the relevant conversations. You never know when you’ll meet a potential partner.
- Build a Stronger Partnership – Once you have established a partnership, cultivate the relationship. Have regular meetings to strategize your next steps. Make sure both parties are in agreement of terms and conditions.
- Measure and Evaluate – Monitor your strategic partnership and identify the areas that can be improved upon. Make sure that the partnership is mutually beneficial and that both parties are benefiting from the agreement.
Tap into the power of monetizing your music with streams, merch, tickets, and more. Once you’re set up to make the most of your music’s earning potential, your music will expand beyond streaming – into the world of financial success. You’ll be on your way to becoming a successful recording artist in no time. So get started today – monetize your music with more than just streams and see the potential that awaits.