How to Earn Money Making Electronic Music in 2023?
The opportunities for making money in the world of electronic music production are ever-increasing. With the rise of online platforms like Spotify, there has never been a better time to turn your passion into a profitable career. You can profit from selling beats and loops, licensing your music, and other stuff. By the way, slot machine music and sounds in the best ecoPayz casinos are still produced – like any other music track would be.
So, here are the 8 best ways to gain profits by making electronic music in 2023!
It goes without saying that streaming on such platforms as Spotify is the best way to promote your music and, of course, make money. However, the amount of money you can earn by streaming depends on various factors. The streaming royalties paid to artists vary depending on the country, platform, and type of subscription. For example, Spotify will pay you $0.003-$0.005 per stream in the United States, but the rate may change depending on the country. Additionally, the sum you can make depends on the number of streams and the popularity of your music. If you are just starting out, it may be tricky to get a lot of followers and streams.
A bright example is Marshmello, who is a widely popular EDM producer. He achieved huge success thanks to streaming platforms such as Spotify and YouTube. Over 54 million monthly listeners on Spotify and over 12 billion views on YouTube are proof.
2. Sync Licensing
Sync licensing is a great opportunity to make money not only for EDM producers, but someone who makes any type of music. Synchronization licensing helps you promote your music by granting permission to the licensee (a production company or advertising agency) to use it in visual media, such as movies, TV shows, video games, advertisements, and so on. In return, you get a fee paid through initial payment or a percentage of the revenue generated by the project.
If you want to take advantage of sync licensing, it’s better to create music with simple, memorable melodies and lyrics that wouldn’t distract from visual content. Additionally, you should expand your knowledge of the legal aspects of sync licensing to avoid any legal issues that could arise.
3. Producing for Other Artists
If you have the skills and resources to produce high-quality music, artist production can be a profitable business. It’s about talent and strategy. As an artist producer, you will work for an artist and create beats, instrumental soundtracks, or even lyrics. You may be surprised how many famous artists don’t write lyrics on their own. Also, you may be engaged in recording or sound programming. So, artist producers can make a lot of cash, especially if they work with famous EDM artists.
4. Ghost Production
Ghost production is quite similar to artist production, but they are not the same. Artist production can be a great way to establish a reputation, because you’re typically credited for your work and even may receive a part of royalties. Ghost production, on the other hand, is about producing music for someone without getting any public credit for it. Simply put, another artist will buy your music and take credit for it. So, the difference is that your name won’t be on the track.
If you prefer to stay anonymous and still make a lot of money, ghost production is a better fit. Anyway, that’s why it’s called so. Once you get into ghost production, you can make around $500-$1000 per track you sell.
5. Video Game Composition
Another way to make money by making electronic music is video game composition. Music for video games may be soulful, relaxing, or upbeat. Different sound effects can enhance the player’s immersion in the game world and create a sense of atmosphere. Therefore, video game compositors’ skills are much in demand. You can create music for casual games, adventures, or online casinos at https://kiwidads.co.nz/, it doesn’t matter.
One of the most well-known video game soundtracks is Super Mario Bros – Koji Kondo. This composer has worked with Nintendo since 1986 and has created many popular soundtracks you are most likely familiar with. Typically, video game composers can make $6,500+ per month by creating sound effects and short vocals. However, you must be well-versed in the gaming industry and their scores.
6. Beat Making
Selling beats is another way to make money that can be done in different ways. You can sell beats exclusively, which means the buyer gets full ownership of the beat and it can’t be used by anyone else. Selling beats exclusively mean you will charge more. On the other hand, you can create and sell beats non-exclusively to as many people as you want. It’s way more lucrative for EDM producers. But you need to create in-demand and unique beats. It will take a lot of time and practice to find out what beats sell better. For example, you can charge $40 per beat and make 50 sales per month to earn $2,000.
7. Creating Sample Packs
If you have expertise in music production and sound design, selling sample packs can be a lucrative venture. Although it won’t bring you a ton of money, it’s still a fun way to make money on the side. As a rule, sample packs consist of loops and one-shot sounds. The loops are different repeating sections and one-shots are any type of sound, like drums, vocals, synths, or various sound effects.
Sample packs can consist of different numbers of samples, like 50-100 or more. Making a lot of money from selling sample packs would be slightly unlikely. Sample packs typically range in price from a few dollars to a few hundred dollars, depending on the number of samples in the pack. But it still can be a great side source of income.
8. Live Shows
Although touring is tough to come by, live shows are the best way for EDM producers to earn. Maybe you won’t make a fair amount of money on live shows as a beginner, but as your popularity grows, so does your income. To establish yourself as a reputable artist and become like Armin Van Buuren, you need to start playing your music at different events, moving on to bigger and bigger shows. Playing live shows is hard to come by, but it may be extremely profitable. It’s also a great way to reach success and gain popularity.
However, being a club DJ is less reputable and generally for those who have less experience. Commercial DJing is way better and is typically better established in the community. These are artists you see at weddings, festivals, or corporate events. Can you imagine yourself DJing your own EDM at important events, making a lot of money, and having a bunch of fans? Sounds so freaking good. So maybe it’s time to branch out and try live shows.
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