How can I make Crazy Money on Music Streaming Platforms?
Enoch Shek
Welfare and Self-Reliance Specialist | The Church of Jesus Christ of Latter-day Saints
The music business has been around for a while and is still one of the most profitable and scalable businesses in this era. On average, a person spends about 17.8 hours every week listening to music! Isn’t that crazy how much time people spend listening to music. Thus, this article will focus on helping you get started on your music business journey by sharing platforms and examples in this industry. Let’s get started!
Music Streaming Platforms
- YouTube is by far one of the biggest music streaming platforms online. However, its money per play doesn't seem to be as attractive. From an article about the pay on music streaming platforms, at $0.00074 per stream, artists and content creators would make $1,472 after 1,989,189 million plays on YouTube. Honestly speaking, that is not a lot of money comparing to the number of plays. However, we must all be aware that YouTube is still a huge market that is filled with listeners who are seeking music from you. Invest your time in multiple music streaming platforms is key.
- Spotify is one of the best options for musicians to publish their music and earn revenue as well. From an article from CNBC, "Spotify pays about $0.006 to $0.0084 per stream to the holder of music rights. And the "holder" can be split among the record label, producers, artists, and songwriters. In short, streaming is a volume game". Although the amount per stream doesn't seem to be a lot, we must look at it from a bigger perspective. The more streams you get for your music, the more money you will make from these music streaming platforms!
Coldplay
Coldplay is a British rock band that has achieved worldwide fame. From an article about Coldplay's currently music streaming, Coldplay has been named the most streamed band in the world by Spotify. It has "racked up over 5 billion streams, according to Spotify". If they have over 5 billion streams, they have an estimated 21.8 million dollars of royalties from Spotify. Think about that! It is unbelievable how much Coldplay has earned with all the music streaming platforms they are on. Learn more about their music on their website and also their social media.
Social Media of Coldplay: Facebook, Instagram, Twitter
After this article, if you're motivated to get started in creating music and earning crazy money through it. Remember the music streaming platforms mentioned and follow the example of successful musicians! Keep developing your musical talent and, one day, you'll become a successful musician and entrepreneur!
