Music Streaming in 2023: How to Make It Profitable for You

The Challenge of Streaming Platforms for Musicians

Today, when you think about listening to music, all you have to do is tune in to any of the streaming services like YouTube, Spotify, iTunes or Tidal. These online platforms are easily accessible, not to mention cheap. Additionally, they provide listeners with access to a massive collection of songs. But, while streaming has disrupted the music industry, the truth is most singers don’t make a lot of money through streams—and a lot of them are against streaming completely. 

Just look at celebrities like Prince, Coldplay, Taylor Swift, and Beck to name a few, who at some point or another have all been vocal against streaming platforms. 

The reason? It doesn’t pay very well. 

Beck is even quoted saying: "What Spotify pays me is not even enough to pay the musicians playing with me or the people working on the discs."

Tips for Upcoming Musicians to Navigate the Challenge

So, how can upcoming musicians navigate this challenge? We’ve got a few tips:

1. Copyright your music: Most musicians that complain about low revenue from streaming sites don’t own their music, so legally they can’t claim any royalties from the music put on the platforms. If on the other hand, you’re an unsigned or independent artist you have the upper hand and can make some decent money from streaming platforms—but only if you own your music. Getting copyright protection over your art is the best way to ensure that you receive your dues.

2. Negotiate your terms, it’s one thing to own the rights to your music, it’s another to enter into a profitable partnership with streaming platforms. To make sure that you negotiate favorable terms, you must know the basics. So, what are some of the terms that are typically negotiated in a music licensing agreement? Some of the terms you can agree to are as follows: You can agree to stream the music in certain countries through a worldwide license, the music can be streamed for a certain period of time, you should discuss how much royalties the streaming service will pay you for the use of your music. This can be a percentage of your paid subscriptions, or a cost per stream, or you can agree to a minimum revenue guarantee amount.

3. You can also agree to an exclusive license, which means that your music will only be available on that platform, like the agreement Beyoncé and Jay-Z have with Tidal. Just make sure that you keep track of your licenses so that you know the terms and conditions.

Getting Legal Help

Get a lawyer to assist you. Licensing agreements can be tricky and complex. Having some legal help will go a long way in putting money in your pocket and protecting your copyright. Get in touch with any of our lawyers to get started on your copyright filing.

Conclusion

Streaming platforms have revolutionized the way we listen to music, providing easy access to a vast collection of songs. However, many musicians struggle to make a decent income from streaming due to low payouts. To navigate this challenge, upcoming musicians can take several steps. Firstly, they should copyright their music to claim royalties. Secondly, they should negotiate favorable terms in music licensing agreements, such as revenue sharing and exclusivity. 

Lastly, getting legal help can ensure proper copyright protection and maximize earnings. By following these tips, musicians can overcome the challenges posed by streaming platforms.