A&R and Manager Advice

Tips for Music Managers to Make Money

Tips for Music Managers to Make Money

Being a music manager is a demanding job. There are gigs to organize, contracts to negotiate and career paths to design all while ensuring the creative work that draws people in is delivered. The sense of fulfillment is enormous but it's equally important to stay financially stable. So how are you as a music manager meant to make money? Below, we'll outline some top tips that can help music managers stay in the black while continuing to do what they love.

Tips for Music Managers to Make Money Table of Contents

1. Understand the Industry

2. Leverage Digital Innovation

3. Negotiate Effectively

1. Understand the Industry

The music industry, like any other sector, has its unique characteristics. It’s vital for music managers to be able to navigate the industry and understand how to monetize different streams. This can include merchandising, concerts, licensing, and more. Having an idea of all your possible revenue sources will help you better strategize and optimize your earnings.

2. Leverage Digital Innovation

With the advent of technology, revenue streams have changed drastically. Streaming platforms such as Spotify, Apple Music, and YouTube have provided new opportunities for artists to make money. Music managers should understand these platforms and use them effectively to maximize profitability. Additionally, using software like Lyric Assistant could help you produce engaging unique songs that cater specifically to your audience.

Best Mics For Musicians

The Shure SM7B lyric assistant

The Shure SM7B

The Shure SM7B is a legendary studio microphone known for its smooth, flat, wide-range frequency response ideal for both music and speech, with an excellent rejection of electromagnetic hum.

Mic is Best For: Professional Musicians

Budget: Mid to High

The Rode NT1 lyric assistant

Rode NT1

The Rode NT1 is known for its incredibly low self-noise, making it an ideal microphone for recording vocals and musical instruments with pristine clarity and detail.

Mic is Best For: Intermediate to Professional Musicians

Budget: Mid

The Audio Technica AT2020 lyric assistant

Audio-Technica AT2020

The Audio-Technica AT2020 is a versatile condenser microphone with a low-mass diaphragm for superior transient response, making it great for home studio setups.

Mic is Best For: Beginner to Intermediate Musicians

Budget: Low to Mid

3. Negotiate Effectively

As a music manager, it is important to remember that you are representing the artist. Therefore, negotiations, whether for contract renewals or booking live performances, is a key revenue-generating task. Having negotiation skills and understanding legal nuances can mean more profitable deals.

4. Diversify Revenue Streams

Focusing solely on one source of revenue can be risky. Diversifying revenue sources is a safer bet. Some possible revenue streams might include fan club memberships, merchandise, publishing rights, and brand partnerships to name just a few.

Music Industry Insider 2023: The Ultimate Contact Handbook

Unlock the key to your music career. This game-changing resource puts over 3,000 of the most influential music industry contacts at your fingertips.

Connect directly with the top A&Rs, Music Managers, Producers, Record Labels & Booking Agents who can elevate your music to new heights. With all the content information you need, including email addresses and phone numbers. Don't just dream of success, make it a reality.

Embrace Music Industry Insider and open doors to limitless opportunities in your music journey.

trustpilot 1

Music Industry Insider 2023: The Ultimate Contact Handbook

Unlock the key to your music career. This game-changing resource puts over 3,000 of the most influential music industry contacts at your fingertips.

Connect directly with the top A&Rs, Music Managers, Producers, Record Labels & Booking Agents who can elevate your music to new heights. With all the content information you need, including email addresses and phone numbers. Don't just dream of success, make it a reality.

Embrace Music Industry Insider and open doors to limitless opportunities in your music journey.

trustpilot 1

Tips for Music Managers to Make Money Example:

Let's take an example of a band that is fairly new in the market. The band's music manager could use Lyric Assistant to generate music suited to the band’s niche audience, sounding like popular artists they admire. Once the music is created, the manager could negotiate a contract with a music label, ensuring that the band retains rights over their music. The manager could then work on getting their music on streaming platforms, while also creating merchandise and planning live performances. This multi-pronged approach would help the music manager to generate revenue from multiple sources, ensuring a stable financial footing.

Being a successful music manager requires a mixture of passion for music and sharp business acumen. With the tips discussed above, it's easier than before to navigate the hurdles in the industry. Remember to share this guide with your peers and enlighten them as well. If you're a songwriter or managing one, don't forget to explore our other guides on Lyric Assistant to write your perfect song within minutes.

Best Mics For Musicians

The Shure SM7B lyric assistant

The Shure SM7B

The Shure SM7B is a legendary studio microphone known for its smooth, flat, wide-range frequency response ideal for both music and speech, with an excellent rejection of electromagnetic hum.

Mic is Best For: Professional Musicians

Budget: Mid to High

The Rode NT1 lyric assistant

Rode NT1

The Rode NT1 is known for its incredibly low self-noise, making it an ideal microphone for recording vocals and musical instruments with pristine clarity and detail.

Mic is Best For: Intermediate to Professional Musicians

Budget: Mid

The Audio Technica AT2020 lyric assistant

Audio-Technica AT2020

The Audio-Technica AT2020 is a versatile condenser microphone with a low-mass diaphragm for superior transient response, making it great for home studio setups.

Mic is Best For: Beginner to Intermediate Musicians

Budget: Low to Mid

Music Industry Insider 2023: The Ultimate Contact Handbook

Unlock the key to your music career. This game-changing resource puts over 3,000 of the most influential music industry contacts at your fingertips.

Connect directly with the top A&Rs, Music Managers, Producers, Record Labels & Booking Agents who can elevate your music to new heights. With all the content information you need, including email addresses and phone numbers. Don't just dream of success, make it a reality.

Embrace Music Industry Insider and open doors to limitless opportunities in your music journey.

trustpilot 1

Music Industry Insider 2023: The Ultimate Contact Handbook

Unlock the key to your music career. This game-changing resource puts over 3,000 of the most influential music industry contacts at your fingertips.

Connect directly with the top A&Rs, Music Managers, Producers, Record Labels & Booking Agents who can elevate your music to new heights. With all the content information you need, including email addresses and phone numbers. Don't just dream of success, make it a reality.

Embrace Music Industry Insider and open doors to limitless opportunities in your music journey.

trustpilot 1

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Example: Used to provide a new perspective or shift in the song's mood
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About Toni Mercia

Toni Mercia is a Grammy award-winning songwriter and the founder of Lyric Assistant. With over 15 years of experience in the music industry, Toni has written hit songs for some of the biggest names in music. She has a passion for helping aspiring songwriters unlock their creativity and take their craft to the next level. Through Lyric Assistant, Toni has created a tool that empowers songwriters to make great lyrics and turn their musical dreams into reality.

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