As a musician, receiving royalty payments is a great way to create residual income. As you grow your fanbase and increase royalties as a musician, your royalties can evolve into a passive income source.

Register on sites like Spotify and Apple Music

If you want to start reaping the benefits of royalties’ payments, you need to be registered on sites that payout royalties to musicians, such as Spotify and Apple Music. If you have a record label or work with a distribution company, they take care of these steps for you. As an indie artist, you are responsible for setting up your Spotify and Apple Music accounts and providing proof that you are the original artist. If you are a solo creator, you can get 100% ownership of your royalty payments, without paying out dividends to a distribution company.

Keep in mind. If you use a songwriter to create your music, you may have to pay royalties out to them separately. Check your songwriting contracts before setting up royalty payment accounts.

Keep a close eye on your analytics

Understand your listener analytics and how to use those numbers to drive more visitors to your music on sites that pay each time someone listens to your music. See what websites, social media posts, and search engines are sending people to your music. Then, use that information to create similar posts or gain backlinks on similar websites to drive more listeners. The better your understanding of your listener analytics, the better you can use that information to gain more listeners and, in turn, more money from royalty payments.

Use social media to encourage new listeners

Royalty payments go up as your listeners increase, and a great way to encourage new listeners is through your social media channels. Make sure you connect your streaming accounts to your social media channels, so your fans know how to listen to your music online. You can use a Linktree on sites like Instagram and Facebook instead of switching out links ever so often. With a Linktree, you use one link to guide fans through all of your links to things like streaming services, band merchandise, and even your own entertainer platform.

Renegotiate contracts with streaming services

Streaming services often payout minimal amounts for unknown artists on their platforms, but once you have received a sizable amount of recognition, you can renegotiate the terms of your royalty payments. Record labels and distribution companies commonly renegotiate royalty fees, but you will need to start the negotiations yourself as an independent artist.

Research what other artists are receiving for royalty payments and go into negotiation meetings with a clear picture of your goal. Stay firm on your price increases, but have a plan to negotiate down or walk away from the deal if it is not in your favor.

Control all your money with your own platform

If you are tired of tracking all of your royalty payments and getting paid less than what you’re owed, it is time to take control of all your money with your own entertainment platform.

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