How to acheive a 6-figure income composing! ($$$)
Posted: Wed Nov 01, 2006 12:04 pm
I don't know if there are any threads already like this on the board, but since I didn't see any I thought I'd start one. I hope this is the best section of the forum in which to post this.As musicians, the main focus -- in fact, almost the exclusive focus -- of our past training has probably been on creating a good product. We practice, we take private lessons, we gig, we read, all in an effort to make the best music we can possibly can.But, very little effort is ever spent on marketing that talent. On turning it into cash. For those of you who have been to college as a music major, how much of your time there was spent on the business aspects of the music industry? At the university I attended, they didn't offer a single Business-of-Music class. Indeed, even as an undergraduate I could tell that my professors were completely clueless about how to make it as a musician in the "real world". They taught others how to be musicians. That's how they made their money in the music industry. That was their niche.I think the fact that we're part of Taxi, and perhaps other professional email groups and forums, means that we recognize that we need help in this regard, and are taking steps to solve the deficiencies in our education.Hence, the purpose of this thread.How do we as composers make a nice living at what we do? For the purposes of this thread, let's say that "nice" means 6-figures. I'd be happy with upper-5-figures, but as long as we're having the discussion, let's shoot for 6, shall we?Of course, there's always the possibility of getting a record label to pick you up, and catapult you into Billboard's Top 10 for weeks on end, thereby giving you an upper-7-or-8-figure income, but for most of us that's not very realistic. I'm interested in discussing realistic strategies that a composer like myself can use to eventually earn a 6-figure income on a consistent basis. For the purposes of this thread, let's say we've already done the work to perfect our music-making skill to the point that it's highly marketable -- something I, personally, am still working on.What do we do after that? I imagine that Taxi can be part of the solution, but I also imagine that there is much more to the story. I'm guessing that submitting songs to Taxi is only a fraction of what someone needs to do to acheive a 6-figure income as a composer.Some specific details that would be of interest to me:1) What can I realistically expect to earn from music libraries? What kinds of deals are the best? What deals should I stay away from?2) What can I realistically expect to earn from ASCAP, via underscoring music for Television? How accurate is their "sampling" process?3) Assuming I learn to become a marketable songwriter, how does this effect my income from music libraries and ASCAP?4) Shooting for the moon, let's say that I write a song for an artist that gets radio play, and even makes it into the Billboard 100 somewhere? How much money does this translate into (recognizing that there are a lot of variables in this broad hypothetical situation).For those who are older and wiser -- or just wiser -- than I am, what are your thoughts and strategies?