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You can easily become a top songwriter and make a lot of money, while enjoying what you do. Music licensing involves a lot of work, but it can be rewarding if you know how to get it done. Here are a few tips.
To get started learning how to make money as a songwriter quickly, you need to start submitting your songs to various streaming platforms. There are a lot of them out there to choose from, so it won't take long to find popular ones that other people are using. Start by submitting your songs to free sites like YouTube and Metacafe. If you have any other paid membership sites, those will also be great places for you to submit your music. These sites will show up in the search engines and give you more exposure.
One way to find potential places to submit your music is to join a royalty free program. Royalty free licensees allow songwriters to use their material for websites, radio shows, commercials, etc. In exchange for this right, the owner of the Royalty Free License has the right to charge an annual registration or subscription fee. While some people think this is a bad thing, it actually opens the door to a lot of new opportunities, especially for those just getting started. If you have a song that's a sure-fire hit, this could potentially earn you thousands a month.
As a songwriter you may be offered either performance royalties or mechanical royalties. Performance royalties are given for performances inside a venue. Mechanical royalties are given for electronic files like beats, samples, and arrangements. Here's a quick breakdown of each one:
Performance royalties are calculated on a per minute basis, which means you get a certain percentage from each sale. This can be useful when you're first starting out, especially if you only charge one time for your songwriting services and can eventually offer your customers a renewal discount. This works best with compositions that don't change that much from week to week. You can even include video, photos, and other items that come along with the original recording in your sales package. It's a great way to start earning in the industry while learning how to make money as a songwriter.
Mechanical royalties are calculated differently than performance royalties. This percentage goes to the publisher, and is based on the overall success of your album. If your record sells well enough, you could see your income increase substantially. This type of royalty stream usually requires a record label to agree to your terms before you get paid. If you don't have a music career, these can be an excellent way to get started, but you might not see these benefits for years.
Indirect royalties are paid by the record company for plays of your songs on radio, television, or videos. You won't receive any monetary compensation from these plays, but they do show up on your record as an indication that you did help the company sell its products. This is another advantage to selling your own songs, rather than purchasing the exclusive rights of another artist. As mentioned earlier, you can negotiate your own terms with the company, so this isn't always necessary. You should however always be sure to read the fine print so you'll know exactly what you're getting yourself into.
Musician royalties are collected based on the revenue generated from selling one song. Different types of artists collect royalties differently, which means there are even more ways to make extra money as a writer. Look into the various programs online to see what is available to you, and what is required to get started in the right direction. You'll soon see the opportunities that await you as a song writer! Good luck!
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