In days gone by, it was very easy to make money out of music. All you had to was to compose a nice song, record it on vinyl, and then wait for the records to start flying out of the shelves – with the money flowing into your account.
Besides making money out of the recordings, you also had the opportunity to make a bit of dough on the side by holding live performances.
But that age is firmly behind us. Today, you can’t really count on making money out of music recordings. Nowadays, people don’t buy music in the old way: on the contrary, people prefer to ‘share’ music. On the other hand, making money out of live performances is not a straightforward affair anymore: as the current generation prefers other forms of entertainment. So the question arises, as to how one can make money out of music in the modern age.
In my view, in order to make money out of music in the modern age, you have to adapt to the times. You can still make quite a bit of money out of music recordings, but you have to do it in the modern way. You have, for instance, to consider getting your recordings onto platforms like iTunes, if you are to make any money out of the recordings. Another approach you can use is that of creating YouTube videos, and then trying to raise advertising revenue from the videos through YouTube’s advertising program.
It should also be possible for you, as a modern musician, to have an online platform where your fans can support you financially. The idea here would be to have your fans crowd-fund your music career. And if you are indeed a serious musician, and your fans truly love you, they will have no difficulties funding you in this way. So in a nutshell, we see that it is still possible to make money out of music in the modern age: you just have to use modern methods when trying to monetize your musical career nowadays.