You may be wondering how those musicians make money, got rich in a short time after they are famous and popular, well during our research about musicians, we came across some questions which we are going to be answering in this platform, below are the questions we came across, and of cause, we are going to make this article very complex and easy to understand.
▪︎ How do musicians make money
▪︎ Do they make money and got rich in music industry only
Answer to question 1
We are going to list some ways some of them make their revenues here and vividly explain it each.
☆ Streaming app or platforms : This is one of the ways those musicians and upcoming artists make their revenues and of cause it is almost the easiest way for them.
This platforms provide a style of making money from an artist song without signing any deal with any label, the number of streams each song gets will determine the amount of revenue the singer will make, and of cause, those platforms will also have their percentage on each track or probably the artist will pay some certain amount to upload his or her song on that platform.
☆ Record label deals : Believe it or not, this is among the popular method. Because musicians are conditioned to think that once you sign a record deal, all of your problems are solved. This is another means for an artist to make revenue, below are the list of style of making revenues in this section.
• Salary or wages agreement : Some labels may consider paying the artist salaries till when their deal expires, it also means that whether the artist provides a hit songs or not, but during that period of agreement, all the money that the artist generates, either from a track, concerts, or endorsements, all will go to the label’s pocket.
• Percentage agreement : The artist will sign a certain percentage agreement of revenue each of his or her track generates, this also include all endorsements and concerts the artist signs.
☆ Shows and concerts : As we all known, tickets are sold in shows and concerts, so the revenue generated from tickets will be shared between the artist, the record label and the show or concert host.
☆ Endorsements deals : those rich musicians are making most of their money from endorsements deals and partnerships with a company or a brand of product, for example, olamide and phyno recently signed an ambassadorial deal with coca cola to advertise their product named monster, while wizkid remains the ambassador for infinix for Africa.
Answer to question 2
The answer is no, because as a musician, you must have another means of income since remaining the hottest musician or a well known artist is not guaranteed, a wise artist will invest some of his revenues from music industry into other instruments, for instance;
□ Wizkid invested in : Real estate, buying and selling of golds
□ Davido invested in : Cryptocurrencies, Supermarkets and a shareholder
□ Don jazzy : Real estate , OIL AND GAS (Mavin Energy Limited) and more…