How to Build Your Fanbase of 1000 True Fans and Grow Revenue Streams in 2023, Part III: Building Your Revenue Streams to Monetize Your Music

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This Blog is Part III of III Parts. 

Here is the full series: 

Part I: In Part I (How to Build Your Fanbase of 1000 True Fans and Grow Revenue Streams in 2023), I started with how to build a Fan Funnel. It’s a series of offers and experiences to move a potential fan into an experience and to become a fan. 

Part II: Building Your List of 1000 True Fans 

Part III: Building Your Revenue Streams to Monetize Your Music. Part III is about how to build revenue and key career opportunities to build a sustainable and successful career in music.

Here are the top 5 ways to Building Your Revenue Streams to Monetize Your Music  

1. A Broadcast quality record 

I talk alot about the 3 Golden Keys of Marketing: 

1. The right product
2. The right message
3.  The right audience 

Without the right product you won’t be able to grow your career or your revenue. 

Singles are helpful inbetween releases or when you are just starting out releasing music. However, to really build a successful career and build revenue, you need an album of material.

In recent years there is some confusion over what determines an EP and an LP. 

For clarity:  

• EP (extended play): 7 songs
• LP (long play): 10+ songs 

Below 7 songs is not technically considered an EP. 

Here is what I recommend in this order to build revenue:

1. Singles 
2. EP – 7 songs
3. LP – 10 songs 

In between you can release singles but don’t get too caught up in having to release all the time. It’s better to perform with Livestreams and develop your fanbase to monetize your music rather than constantly put out singles. 

When you release music, be sure to release “broadcast quality” with professional mixes and mastering. Anything that is not broadcast quality should be put up on Soundcloud not on DSP’s (Digital Service Providers). Anything that is not broadcast quality is called a “DEMO”. Label your metatag “Blowing in the Wind – DEMO” to distinguish non broadcast quality. If you are mixing yourself (and you are not a qualified music producer) consider your mixes “DEMO”s. 

2. Consistent communication with your fans

• CTA’s on social posts 
• Monthly Newsletter
• Regular Livestreams
• Monthly Local Residency – to build local audience

3. Building revenue streams 

The important thing to remember is that this takes time. That said, with the right product and marketing set up, you can start bringing in revenue sooner than you think. 

Traditionally musicians make money from live performance and merchandise. 

Main revenue streams 

1. Music streams (DSP’s) 
2. Tips (Livestreaming, social platforms)
3. Subscriptions (Livestreaming, social platforms)
4. Merchandise. This is a bigger deal than you think. 
5. Live performance
   • Door / ticket compensation from venue
   • Public performance royalties.
     • PRO: Submit live sets for compensation from venues
   • Merchandise sales 
   • VIP Bundles
6. Membership subscriptions 

Additional revenue streams

• Music licensing – sync licenses for TV + film
• Brand partnerships (once you have a sizeable micro-influencer social media following of 50-100k. 
• Music grants 
• Cover gigs: Weddings
• Background singer (my client Tiffany Riddick is one of Beyonce’s “The Honeys’!) 

4. Merchandise 

Merch is a huge piece of the experience of your music for your fans. Merch done right can really supplement your income up to as much as 80% of your income. 

Developing the right merchandise is key. I work with artists to develop uniquely branded merch lines that fans want. Merch that is aligned with the artists brand in an undeniable and exciting way. 

Follower vs. Fan vs. True Fan. Once they purchase from you they become a “true fan”. 

• Follower: follows you on social media. They only follow you there, they are not on your email list.
• Fan: has joined your email list! 
• True fan: has purchased from you! Either tipped on livestreams, bought merch or pays to come to your performances! 

Types of merchandise: There are many! I just llisted a few here that I have seen sell well.. 

• Clothing: The key to this kind of merch selling is the RIGHT messages tha people want to wear. Don’t just title it the name of a song if it’s not something people want to wear.
  1. Tee shirts
  2. Sweatshirts
  3. Baseball hats
  4. Scarfs, bandanas
• Accessories:
  1. Tote bags (this one sells the most) 
  2. Mugs
  3. Water bottle 
• Unique merch:
  1. Beanies: one of my clients hand crochets beanies! They sell really well!
  2. Candles with unique scents  
  3. Prints: if you paint or draw – these sell really well too~ 

5. Main set up

1. Website + store / shop
2. Social media shop: set up your shop to sell your merch
3. Public performance royalties: Performing Rights Organization (U.S.: ASCAP, BMI, SESAC)
4. Digital royalties: Sound Exchange 
5. Mechanical royalties: The Mechanical Licensing Collective in the U.S. 
6. Youtube royalties: when your videos are played 
7. Livestreams: Set up online tip jars + subscriptions
8. Live performance: Merch table + assistant to help sell 

The most important thing is to get in motion. Everything done in baby steps! I hope this helps you grow your list of 1000 True Fans and grow a successful and sustainable career!  

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