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I’ve been at this awhile now. Just putting this out there for other folks. Say you have been doing this for 5 years or longer , you have (in my case) about 200 songs out there, in a mix of nonexclusive, but in the last four years, mainly in a couple of decent exclusives. And royalty free sites. You are now going to take a hard look at your little business. I gues this should be a two part question:
HArd numbers only. What is the monetary annual income that is going to make then difference whether you stay in the game or get out ?
and 2:)
Here is where we can philosophize a bit. What are members thoughts on increasing your income in this business? I think, me personally, I’m looking for something more then “Don’t give exclusive tracks away” or “quality counts ” debates I have been reading on here for the last 5 years. Or is that it?
For me it’s just ‘keep on keeping on’.
We all know cream rises to the top – I guess we don’t know that we’re cream until we do…The monetary income part depends on your requirements, for me it is an annual of about 50k. For an upcoming composer who has just started out, 10k could suffice. That also depends on what stage of the game you are in. My first year in this game, I made about 500.
In my mind, the best ways to increase your income areQuality and quantity. Keep raising your bar and work a lot. It’s easy to get complacent. Work at your strengths and in projects that you enjoy. Keep writing, even if not pitching. Make better descriptions tags etc.
Network whenever possible. Networking goes a long way, attend conferences etc
Gotta keep investing in new gear so that you keep growing.
Analyze your business periodically to see whats paying off.
Always remember how lucky we are to be doing this.
My two bits.
Only you can answer your first question. It depends on where you live, if you have a family, mortgage, etc..
As to your second question – and really your first as well – you’re obviously looking at this as a business. Nothing wrong with that. Other than this ISN’T a good business from a business perspective. This is art, love and compulsion. It’s not a logical – invest this much, make this much scenario that most businesses aspire to. If that’s your main perspective, I’d suggest that you step back and reconsider. There are many, many ways to make money. And music is at the bottom of the list. IMO.
Yes, certainly you can make money, and if you’re lucky, even make it a career, but it’s not a very viable way to “make money”.
As a more direct answer to your second question – the way to increase your income is to persevere. The longer you do this, the more your yearly income will be. If that is not happening (especially exponentially near the beginning), you’re doing something wrong, or not suited for the “music biz”.
But….Is it enough? Is it growing to your expectations? Can you survive until it is enough? Only you can answer these questions. Best of luck.
Only you can answer your first question. It depends on where you live, if you have a family, mortgage, etc..
Boy, is THAT The Truth!
Here’s my 2 kuru..
For some reason “Por Moir” it has always been the case that Music/Art will fail you when you depend on it too much. In addition, for me it has been that I need to break the monotony of composing by having outside interests that help to break me away from it; and clear out my head.There is no formulation that I know of that says to get to this number; or do this step and it will have you working in music full time.
I can tell you this. The Higher Tier Libraries, and Boutiques ARE where the money is. You’re not going to get there with “run of the mill, and mediocre product”.
No matter what your style/genre of music “MAKE IT SOUND EXPENSIVE!!”
The longer you do this, the more your yearly income will be. If that is not happening (especially exponentially near the beginning), you’re doing something wrong, or not suited for the “music biz”.
Somebody mentioned a “code of silence” in another thread with regard to not sharing information about libraries. The greatest code of silence that I know in this business is that nobody will come out and say “Keep your day job. You music isn’t commercially viable.”
No one should shoot down another person’s dreams. But encouraging someone who isn’t likely to succeed may be doing them a big disservice that will cause them far more harm than hurt feelings.
^^^^
Yes Michael!At this point in time, if your goal is to be making music full time and having it be your primary source of income….
I’d say hang it up. The business has changed. The pay scales have changed. Streaming is in the wings, and coming on quickly. Competition has not doubled, quadrupled or gone up X 100. It’s gone up by the thousands of a percents. Music as a BUSINESS is a losing proposition.
For those of us who have been doing it for decades, we will survive because of longevity, huge catalogs, contacts and being slotted in. For those trying to make the break in….
<sigh> All I can say is good luck, and hedge your bets in another industry. Even I am diversifying out of writing production music. And I’ve got STEADY money flowing in. Money that would keep most families afloat (even if somewhat frugally) in major metropolitan cities.
I wish things were “the way they used to be”, but they are not.
Reality.
Face it.
I can tell you this. The Higher Tier Libraries, and Boutiques ARE where the money is. You’re not going to get there with “run of the mill, and mediocre product”.
I disagree with the first sentence. Agree 100% with the second.
Once upon a time, yes, the first was absolutely true. Now…I’m having to completely reconsider, and am dumping my long held belief’s out the proverbial 20 story window. My last 100 tracks in the BEST OF THE BEST PMA / A level libraries have done virtually nothing for me on the back end. And it’s the music I’m the most proud of, and of which there are TONS of placements available if only the libraries in question could pull their collective heads out of their @**** and figure out how to change-up their business strategies to take advantage of the opportunities. Yes, there was great payment up front, but that’s what I live on, pay players with, and pay for production during the development of those tracks. After that…..
What helps me survive in this “business” is the BACK END – and those CLASS AAA libraries have failed me. Big time. I know that personally, had I kept ownership of the music, it would have taken me 3-5 years to make what they paid me up front, and then…..THEN…..I would have made money off sync’s for the rest of my life. (They are evergreen tracks) I KNOW that I could do a better job by MYSELF than they have done with their glitzy offices, sales staff and bling.
They (the exclusive, AAA, PMA style libraries) are stuck in the past. Now….if they can strong-arm the industry to jump back 20 years, I’ll be OK. If not, that music is lost forever.
All I can say is do the research, and choose wisely. The world is changing very quickly. Pull your head out of composing and check out the bigger picture on occasion and make mid-course adjustments. Good luck all!!
For those of us who have been doing it for decades, we will survive because of longevity, huge catalogs, contacts and being slotted in. For those trying to make the break in….
This is “The Truth”.
I too have diversified, and even though I am well planted/well connected; and are making a “living” doing music. I am going back to school to get yet another degree..
I wonder who was the one(s) that made this seem so glamorous? All these “get rich quick schemes that have bombarded the YouTube channels, and FLOODED email addresses. If they were REALLY doing what they say they are doing. They would not have enough time to Sheer The Newbie Sheep!”
There are “one or two” that are really “in position” to make some things happen; but even they have now diversified to become Libraries/Catalogs, and “Fleece the newbies by offering outrageously BAD terms & conditions”..
^^^^^
I couldn’t agree with that more. The new money is in “teaching newbies how to do something that doesn’t exist anymore”.