In this episode, Cheryl Engelhardt shares her personal revenue generation strategy as a successful independent musician. She provides a transparent look into the various income streams that sustain her music career, acknowledging that the options available may differ based on genre and individual circumstances. This episode is packed with real-world insights into income diversification and highlights the importance of financial resilience in the unpredictable music industry.
Key Takeaways:
- Licensing Music for TV, Film, and Commercials:
Cheryl explains how she licenses her music for various media, with commercials being her top revenue source. Starting her career in the commercial world helped her establish valuable connections, leading to a significant $15,000 paycheck from a single ad. - Sales and Streaming:
Cheryl highlights the importance of both physical and digital music sales, especially for New Age music fans. With over 3 million streams on her latest work, she leverages platforms like iTunes, Bandcamp, and Amazon to boost fan engagement and chart positions. - Live Performances and Merch Sales:
Engaging live shows have also been a lucrative avenue, with memorable gigs netting up to $10,000. Cheryl emphasizes the value of selling merchandise and CDs directly to fans during these performances. - Custom Music and Freelance Composing:
From podcasts to commercials, Cheryl has provided custom compositions for various projects. As a freelance commercial composer, she collaborates with jingle houses and ad agencies, navigating the bidding process to secure lucrative gigs. - Session Work and Vocal Performance:
With SAG-AFTRA membership, Cheryl supplements her income through unionized session fees, voiceovers, and recording services, even lending her voice for narration on platforms like Audible. - Teaching and Coaching:
Cheryl’s decade-long experience teaching piano and vocals provided consistent income while allowing her to grow as a musician. Her expertise in coaching musicians now supports her broader goal of helping artists thrive financially. - Income Diversification and Financial Security:
Cheryl underscores the importance of having multiple income streams to weather industry shifts. Her experience with her Amplify mastermind group during the pandemic demonstrated the power of income diversity, enabling her and her clients to thrive when touring ceased.
Quotes:
- "It’s okay to advocate for yourself and ask for more."
- "Diversity in your income sources is key, but also setting up systems for each one is paramount."
Resources Mentioned:
- Join Amplify today to get ahead of the curve: http://www.inthekey.co/amplify
- Listen to Cheryl’s episode on the Musician Success Cycle for more insights on setting clear career goals.
Join the Conversation:
Have questions about income diversification for musicians? Share your thoughts with Cheryl on social media (http://www.instagram.com/musiccareercoach) or explore her coaching programs (http://www.inthekey.co/coach) to optimize your revenue streams!
