With the cancellation and postponement of concerts of all sizes, everyone from musicians to promoters, who make their living from live music, are already feeling the loss of income.

With measures to prevent large groups from gathering likely to last for weeks, we’ve outlined some alternatives that could be very helpful to help diversify your income:

1.) Selling Merch in your site, on social media and via online indie stores like Bandcamp - The most sold items are CDs, Digital Download Codes, Vinyl, and even Cassette Tapes). Also popular: 

• T-shirts and hoodies

• Bags and hats

• Drink cozies

• Posters

• Pins, stickers and key-chains

• Mugs and flasks

Offer merch at different price points to satisfy the needs of all your fans. Also, be sure to bundle items together to offer discounts. If a fan buys a shirt you might get $20,  but offer a bundle of a shirt, CD and sticker for $30 and everyone wins.

2.) Promoting and Monetizing Online Concerts - Streaming live concerts is becoming a great way to perform for an audience and generate income. The simplest way to monetize an event would be to promote a URL where fans can purchase albums and merch during the broadcast itself. There are also online platforms that will charge fans a fee to get access. Here are a few to check out:

• Twitch

• StageIt

• IBM (yes, IBM has a live-streaming video platform)

• Social Media: Facebook Live, Instagram Live, YouTube. These streams are more difficult to monetize, but you can set up a separate tip jar on your site. (see options below)

3.) Fan Subscriptions - It allows fans to support your ongoing career by committing to small amounts in exchange for fun rewards. Apart from giving you a predictable and sustainable revenue stream, these strategies can increase fan engagement and loyalty amongst your community. Patreon is the most popular fan subscription site, but Bandzoogle offers a no-fee alternative.  

4.) Tip Jar & Donations - Different platforms give fans the possibility of tipping a few (or many) dollars while streaming your music, during online live performances or just to be supportive. Here are some options:

• Songtradr

• Jamjar

• DigitalTipJar

5.) Crowdfunding a Future Album or Tour - Crowdfunding is a great way to raise money for a music project. When a crowdfunding campaign is done right, it could help you get the exposure and the backers you need to launch your next big idea. Here are some of the best platforms:

• Indiegogo

• Kickstarter

• ArtistShare

6.) Synchronization Licenses - This is when you’re paid per use of the song linked with a moving image (i.e. YouTube or Vimeo video). For example, if someone uploads content to a streaming platform that includes your original song, you must be paid a royalty fee for that use. 

7.) Giving online music lessons - Offering music lessons could also be a great way to earn an extra income. You can teach via different platforms, such as Skype, Google Hangouts, Whatsapp, or offer lessons using paid streaming platforms for larger groups and people could pay you for sessions directly through your website.