How much does a songwriter make? It depends on a lot of factors such as how published they are, how well they write, where they live, etc. But, there are some clear guidelines on how to become wealthy as a songwriter and much of it has to do with how you spend your time. So, in this article, we will discuss some of the ways you can monetize your songwriting talent and how much you might be able to make from each one.
Monetizing Digital Sales
Although it may be tempting to write a song and hold onto it for yourself, the truth is, you should always think about monetizing your music. You never know when a producer, manager, or even a big-name record label could come along and make a deal with you. The nice thing about digital sales is you can usually set your own price for the song and there are no fixed charges like there are with physical CDs.
Also, if you write your own lyrics, you can include them in your songs which may increase their value. Sometimes songwriters will even get paid per line or per word they write. So, if you have a lot of talent as a songwriter, it’s definitely worth exploring the digital market. But, you will have to be savvy about how you approach this as there are a lot of scammers out there who will try to trick you into signing up for fake royalty tracking sites or claiming copyright infringement if you use a copyrighted lyric or line.
Live Performance Fees And Royalties
When you get an offer to play a show somewhere or to be interviewed by a TV producer, the money usually comes with a catch. Most likely, they will want you to sign a contract with them that states you will play for free in exchange for their company paying you a small amount every time you play. This is called a ‘royalty contract’ and as the name suggests, it is usually used by music publishers who want to make sure that authors get paid for their songs. So, if you ever have the chance to get paid for playing music, even if it’s just for fun, you should definitely take it.
The other type of royalty contract is one where you play for free in exchange for the producer paying you a one-time fee. This is called a ‘live performance cash advance’ and it’s usually how songwriters who write for TV studios or movie producers make the most money. Live performance fees can vary anywhere from a few hundred to a few thousand dollars and it’s not unusual for a group of songwriters to get paid this way. It’s important to note here that although these contracts may seem lucrative, they are usually small fry compared to what you can make from other sources.
Record Industry Royalties
For those of you who are wondering, the record industry royalties are the small payments the music industry gets every time someone buys a physical copy of an album. These payments are usually around $1 or $2 per album and sometimes artists are paid per song too. It’s interesting to note here that although this is not directly related to songwriting, it is an important source of income for musicians. So, if you want to become wealthy as a songwriter, it is definitely worth exploring the topic of record industry royalties.
Royalty Share On Merchandise
Another important source of money for a songwriter has to do with the ‘royalty share on merchandise’. This is when a record label, management company, or other business gets a piece of all the money made from merchandise such as T-shirts, posters, and mugs featuring your songs. Most commonly, these contracts are worth a lot of money and it is not unusual for a single song to earn its writer a six-figure sum. It all depends on how much the business deems you worth as a merchandiser. So, if you are wondering how much you can make as a songwriter, explore this route as well.
Sell Records To Companies
Besides the other sources of income we’ve discussed so far, another important way to become wealthy as a songwriter is to sell records to companies. The catch is usually that you have to sign a contract that states you won’t play your own music and you will have to promote their artists and albums. The upside of this is that it can be extremely lucrative and it is usually how independent songwriters like yourself make the most money. The downside is that it can be a lot of work and it takes a lot of guts to approach record companies with an independent song.
Sell Your Songs To Film And TV
As a songwriter, it is important to explore the option of selling your songs to film and TV shows. These are live performances that are typically recorded, so it’s a bit similar to getting paid for playing music. The main difference is usually that you play and get paid per song and not per minute like you would for a classical or jazz recital. As previously discussed, it is important to realize that there are a lot of scammers out there who will try to trick you into signing up for fake royalty tracking sites or claiming copyright infringement if you use a copyrighted lyric or line. This is why it is extremely important to be careful and seek legal counsel before taking on any project like this. But, if you are looking for an easy way to make a few extra bucks, this could be a viable option.
There are a lot of different ways a songwriter can make money and much of it has to do with how you spend your time. Some of the options may not sound like ways to make money at all, but they can pay the bills if you put in the effort. So, if you are wondering how much you can make as a songwriter, it’s important to look at all the potential sources of income and see what suits you the best. And don’t be afraid to change careers if a particular route doesn’t seem right to you.