Why are musicians rich?

Some artists can become multimillionaires, but those musicians make up the top 1\% of the music industry. Musicians tend to earn almost all their money from touring, merchandise, and sponsorships. Royalties and record sales make the lowest percentile.

What are the chances of making it in the music industry?

The truth is, only about 0.000002\% of musicians become “successful”. According to most people’s definition anyway. Yes you read that right, 0.000002\% and that is already being generous. This is the main reason why musicians who possess an insane amount of skill and talent don’t become “successful”.

Is a career in music good?

Is a career in music a good move? Of course, it is if you want a highly rewarding career where you get to perform music every day and do what you love. It is worth it, but you better be prepared to put the work in. It is not an easy ride, but once you get the taste for it, you won’t look back.

Do you make enough money from music to live on?

Or not enough to live on, anyway. Not so. Well, there definitely are a LOT of people out there who aren’t making enough money from music, but that’s not for lack of opportunity. It’s because they are sticking to the old record label industry model.

How do composers get paid?

For composers, commissions are perhaps the most sought-after method of making money for original work. There are two kinds of commissions. The first is a concert music commission, where a composer is paid a certain sum of money to write music for an ensemble.

How do musicians make money from merchandise?

Performing live is traditionally one of the best ways to make money as a musician, and also one of the best ways to sell merch. With restrictions from the COVID-19 pandemic lifting in many parts of the world, musicians are going back to playing live shows and touring. There are many avenues available to play live shows.

How to build a sustainable career in music in the digital?

The key to living the dream and growing a sustainable career in music in the digital era is income diversity. Musicians and people working in this industry must develop a range of diverse income streams to guarantee a sustainable career.