Are you maximizing your music streaming income? A question that many artists fail to ask themselves which is unfortunate as streaming is quickly becoming one of the top revenue generators for artists.
We have all heard the horror stories from artists with label deals and from songwriters who complain about the minimal dollars they see rolling in from Spotify. And you know what, they are proclaiming truth. An artist with a label deal only sees 12-14% of actual Spotify revenue after they recoup. (which could be forever or never) Songwriters with publishing deals are also seeing a very small piece of revenue but there is promise for the future as streaming services are being pressured to increase publishing payouts. However, an independent artist, who owns their master and publishing, can see a significant amount of revenue from Spotify, Apple Music and Amazon Music.
I work with several independent artists and see their Tunecore statements which reveal how quickly streaming revenue is growing. Variety Magazine reported last week that Sony Music’s streaming revenue was up 32.1% representing 43% of their $1.14 Billion fiscal third quarter music income. If that doesn’t sound your alarm, you may want to find a new alarm! I encourage all artists to focus on maximizing music streaming income. There are music streaming strategists for hire who can help jumpstart your strategy including our favorite the>stream>strategist Below are 10 ways the>stream>strategist suggests to jump start your music streaming income potential.
Ten Ways To Maximize Music Streaming Income
- Ensure your Spotify profile looks as nice as your Facebook, Instagram and Twitter profiles. Spotify provides artists with the freedom to choose profile photo, header photo and artist pick feature.
- Feature Spotify “follow me” links on your website, socials and eblasts. Spotify “follows” ensure direct notifications to listeners when you release new music.
- Send out emails to your email list on a regular basis asking your subscribers to “follow” you and “save” your music on Spotify
- Create Facebook and Instagram ads with a “follow me” link.
- Use Smarturl to create links direct to a Spotify “follow” button. Create & use links that show all digital service providers so consumers can choose their service to stream or download your music.
- Work Spotify, Apple, Amazon & 3rd Party playlist curators to add your music
- Create playlists to generate algorithms in your favor
- Implement a plan to generate “follows” at live shows
- Rethink your release strategy. The full album release no longer plays in your favor for maximizing streams.
- Use & familiarize yourself with Spotify, Apple Music, Amazon & Pandora so you understand the user experience