I like to think of music licensing as sort of being like a 401k plan for musicians. I think of my songs as being like stocks, and my entire music catalog as being like a portfolio.
The idea is to create a catalog that is big enough and diverse enough to work in a wide variety of situations and then grow both your catalog and the revenue your music generates over time. Don't get hung up on any one particular song or one particular library, but instead think big picture and long term.
In the same way that if you invest in a wide range of stocks and mutual funds, you wouldn't be worried if any one particular stock doesn't perform well, if you have a large enough catalog, you won't be overly concerned about any one particular song not generating significant revenue. Instead, focus on simply creating as much great music as possible. If you have a large enough catalog and you're actively promoting it, eventually you'll start connecting the right songs with the right
projects.
I frequently make money from tracks that I wrote and recorded years ago. I have some songs that I wrote over ten and in some cases, fifteen years ago, that I'm still getting paid for regularly when they show up on my Ascap statement for new placements the tracks are used in. Several of these tracks has been used hundreds of times over the years!
It's pretty amazing when you think about it. Getting paid many times over, for something you created once many years ago. Music licensing is definitely a long term endeavor, but once you get the ball rolling you can potentially generate money with the same tracks for many years to come.
Although there is a lot of uncertainty when it comes to music licensing and it takes a lot of time and effort to get things going, don't lose sight of the element of passive income you're potentially creating as you work towards your licensing goals. Just a handful of songs that get picked up regularly can make a significant difference in terms of revenue.
If you're still not making the income you'd like with your tracks, focus on continuing to grow your tracks and building relationships with libraries and publishers. If you build it, they will come!
Music Licensing Checklist
I've been asked many times over the years, what is needed to get started in music licensing, so I recently put together a checklist of the things you should have ready to go and in place, prior to pitching your tracks.
Get the free Music Licensing Checklist PDF here.
