Let’s face it, being an artist is costly. However, when you are an independent artist, the cost is amplified because all costs associated with your music fall solely on you. Unfortunately, many musicians do not recoup much of their investment back, especially at the beginning of their careers. For this reason, many musicians have multiple side hustles.
Let’s further explore why musicians need multiple income streams and how Viral Media Boost can help you determine which ones are best for you.
Are side hustles necessary?
A 2019 report from MIDiA Research found that indie artists made a little over $12,000 a year on average. The study also concluded that about three-quarters of indie artists brought in less than $10,000 a year from music, compared to 61% of label musicians. Though the study is three years old, this remains a concern for artists.
With the current inflation, it is impossible for most people supporting themselves to survive off of $12,000 a year. That is why many artists have turned to alternative streams of income to support themselves.
What kind of side hustles are best?
Many musicians still work a 9-5 gig. First and foremost, we want to say that there is absolutely nothing wrong with using your day job to fund your dreams. However, if possible, finding side gigs relative to your music career can allow for great marketing and cross-promotion opportunities. We previously told artists about Three Often Overlooked Ways For Musicians to Make Money. Private music lessons, becoming a wedding or birthday performer, ghostwriting, clothing lines and merch, social media promo, social media management, and features are all great side hustles that artists should consider. In addition, these extra income streams will allow you to promote your music while making money. It’s a win-win.
When to get a side hustle?
We suggest all indie artists have side hustles within their first year of making music seriously. As you begin to have a better picture of your earnings, you’ll know how much more money you need to invest to grow your career.
However, do not overwhelm yourself. In the world of mental health awareness, self-care and being a successful musician go hand in hand. If you are overworked, you may not be in the right mental space to create. Do not bite off more than you can chew.
The more money you bring in, the more you can put towards quality visuals, features, marketing, shows, and other things related to pushing your music. Luckily, Viral Media Boost offers a funding program to teach you which side hustles are most lucrative and how to invest your money properly. Visit www.musicfunding.com and let us guide you in the right direction. We’re always here to help!