The evolution of the world and the advent of new technologies have made it possible for artists to make more revenue from their work than before. Today, people no longer buy CDs from stores. They now download and stream music, and this has become the traditional revenue source. Musicians are now earning more from these resources. Nevertheless, there is a need for a new term to define the way revenues are collected from non-traditional, new sources – and the new term is Monetization.
THE DIFFERENCE BETWEEN MONETIZATION AND THE TRADITIONAL MEANS OF EARNING MONEY FROM MUSIC
There is a major difference between this new term and the traditional way of making money from music. For the first four centuries of mass distributed recorded songs, live performances, and radio, songwriters and artists made money from their music in the following ways:
Songwriters: When their work was performed live or played on the radio, or when it was pressed onto a physical medium.
Artists: When their songs were sold in physical methods such as CD or vinyl.
However, all these changed in the mid-2000s when music streaming emerged and complicated things. Music-streaming platforms pay songwriters and artists royalties from their streams. Nevertheless, making money from streaming is not strictly monetized in its current definition.
So, what is music monetization? Music monetization is looking for ways to make money from new and non-traditional sources. There are a couple of platforms where you can make money when your song is used in videos, and those platforms are Social Video Platforms.
HOW TO MONETIZE YOUR TRACKS ON YOUTUBE MUSIC
If you want to list the major video streaming platforms in the world, YouTube will be at the top of that list. YouTube is also the most popular amongst them all. As such, it is crucial for musicians to monetize their videos on the platform in whichever way they can so that they can get all the money owed to them.
YouTube Music offers a variety of ways for artists to make money from their work. This platform offers the highest earning opportunity among all video platforms. Here are the revenue sources YouTube offers:
- YouTube Music Streaming Revenue for Art Tracks. Music distribution companies deliver songs to YouTube. Every music appears as its own video with the artwork and other metadata.
- Revenue from YouTube Premium Subscribers. In this revenue, YouTube pays based on views rather than clicks. This means artists make more money when Premium subscribers watch videos than when free users do.
- Content ID from ads placed in videos. When you submit your song to YouTube, the platform can recognize it when someone or you upload a video with your song on it. When YouTube recognizes the song, it will place an advert on the video and every click on the ad will earn you money.
However, you will have to opt-in for Social Video Monetization when submitting your application in order to monetize and collect revenue for both Premium subscribers and Content ID.
PROMOTE YOUR TUNE OR MUSIC VIDEO ON FACEBOOK
Facebook is another popular social video platform with a very large user base. Like YouTube, users can also upload videos to Facebook and pick a song from its library to add to the video. On Facebook, users can upload two types of videos, which are:
- Stories: Stories are very short, 30 seconds videos that last for only 24 hours on the platform. Like regular videos, users can pick a song from the library of Facebook to add to the short video.
- Facebook Videos: These are videos uploaded by users that will remain permanent on the platform until the user deletes them. The videos can also be of any length and they can contain music from the library of Facebook.
- Music distributors also deliver songs to the library of Facebook. This means your fans can add your songs to their videos on the platform and you can make money out of this. However, you need to select Facebook Monetization when opting for Social Video Monetization.
USE INSTAGRAM TO MAKE YOUR MUSIC HEARD AND EXPAND AUDIENCE
Most of the features you find on Facebook are on Instagram, and this is because Facebook is the parent company of IG. Here are the three types of videos you can upload on Instagram:
- Reels: These are short, 30 seconds videos similar to TikTok. If a user adds your music in a Reel, it will link back to your profile and all your songs on the platform.
- Stories: Instagram also has stories just like Facebook. These are short videos that stay on the profile of a user for just 24 hours.
- IGTV: This platform allows for videos that are up to one hour long. You can use IGTV Ads to monetize IGTV directly.
You can make money when your songs are played on Instagram Stories. However, you need to submit your song to the platform first. There are no direct means of monetizing your songs on Reels, but you can use it to grow your fanbase. As your fanbase increases, the number of people streaming your songs will also increase, and this means more money for you.
TIKTOK AS THE PERFECT TOOL FOR SOCIAL MEDIA PROMOTION
TikTok is the home of short videos, and it is a China-based company. The platform is very popular and the US government tried to ban it because they believe it was a security threat. TikTok has grown very large over the past years and it is very important for artists.
TikTok is similar to other social video platforms, as users can choose and add a song to their video. Artists use this medium to promote their songs. Whenever someone adds your song to a video on the platform, you earn money. This is why it is important to do a song that blends with the latest trends on TikTok. This will not only increase your fanbase but it will also make you more money. As such, you should make videos with your songs to make them popular and further boost your listener base.