Making a Living in Music: Diversify Revenue Streams

Some of my students and music majors are probably wondering -- is it possible to make a living in music?  Am I going to be a starving artist?  Will I be able to support a family in music?

While I don't make an attorney's salary, I do make a good living in music.  How do I do it?  My primary source of income is teaching lessons.  But I also play gigs, accompany vocalists, and offer music transcription, arranging, and composing.  Although I don't do much of the last 3, there have been years in which a pretty significant slice of my income came from creative work.  While some may find this list mind-boggling, I think it helps for musicians to be versatile; offering more than one thing. 

So when you're starting out in the music field, think about diversifying your revenue streams.  In other words, don't put all your eggs in one basket teaching lessons, but create multiple income streams from several types of work.  Not only will this boost your overall income, but it will help you network with others who need your services.  For instance, while accompanying a community theatre production, you may meet vocalists who need your accompanist services.  While playing for a church, you may meet families who need wedding music or music lessons for their kids.  So each mode of work (each separate income stream) feeds the other income streams, multiplying your income potential. 

My largest secondary income stream is the money I make playing gigs.  In addition to increased income, let's look at the fringe benefits of playing gigs:

1. Boosts credentials.  Playing gigs boosts your credentials as a music teacher.  Though it's certainly not essential for a music teacher to be a performer too, it definitely helps you enhance your value as a music teacher and augments the knowledge you can share.
2. You enjoy playing.  I, personally, am much happier playing gigs and teaching because I enjoy playing the piano and feeling challenged.
3. Higher profit?  With gigs, I don't have the overhead of studio rent to pay.  Because my gigs happen mainly on the weekends, my husband can watch the kids.  This means I don't have any childcare expenses during gigs.  So after taxes, gigs are pure profit!

For a pianist, the following gigs are available.  Many of the gigs below are available to other musicians as well.

• Church gigs - I think every pianist should have a church gig.  Why?  1.  It has a powerful spiritual impact, drawing you and others who hear you closer to God.  2.  It keeps your skills sharp.  3.  It provides regular, supplementary income.  4.  It keeps you visible and involved in your local community, and helps with networking.
• Accompany auditions - Several vocalists ask me to accompany them for auditions each year.
• Weddings
• Funerals
• Parties/ receptions/ restaurants/ hotels/ high-end department stores
• Accompany/ music-direct musicals - Again, this keeps you visible and involved in your local community. not to mention that theatre productions help you network with other vocalists and people who may hire you for something else.

Additional services musicians can offer include the following:

• Music transcription, arranging, composing - If you can do any of these services, by all means offer them!  You can also sell your sheet music online if you compose (something I will be setting up soon).
• Writing about music?  Are you a writer?  If you are, you can create an additional income stream writing articles about music and blogging.
• Presentations and conferences - What are you an expert in?  Could you do presentations on a particular specialty?
• Sell your recordings.  Do you have professional recordings of your work?  Sell your music on iTunes or sell CDs when you perform/ give concerts.  (I will be selling music on iTunes soon.)