Spotify is the biggest name among the famous downloadable streaming platforms like Apple Music, SoundCloud and others. How can you use the platform to increase your income if you are a musician, a podcast creator, or a dedicated Spotify user?
Expanding Your Audience
The first and foremost way Spotify can help you to support your artistic business is by increasing the reach to a lot more people. Many people use the app daily. It can suggest tracks to people based on their preferences and settings. This means those who belong to your target audience will be more likely to access your tracks!
First, create a profile on Spotify. Check the Spotify username availability for your artist username and choose one that is as closely related to your brand as possible. This ensures that the fans who know you from other platforms, like Youtube or Soundcloud, can reach you better on Spotify.
Then, make sure your profile is professional. People searching for you can find information on either your brand’s official website and ways to support what you are doing!
Suppose you are a podcast creator creating a lot of value for your audience. In that case, you can use the streamed track itself and its description and the profile descriptions to point to your other resources such as paid membership, Patreon page, and other digital or physical products you offer.
Shopify Royalties for Artists
Although it is highly convenient for the users of Spotify to listen to their favorite tracks on and offline, it is not as profitable for podcast owners and musicians that make their tracks available on the platform, apart from reaching a lot of people with their art.
The payments that an artist gets per stream are called royalties. They are a percentage collected from paid ads and premium accounts. Spotify pays between 0,003 USD to 0.005 USD per stream, which means that the artist will need around 250 people to play their track to make a dollar.
This isn’t so much, but more popular artists have their tracks played more, which means they earn more money.
They need to have a certain amount of dedicated fans. A way to increase the number of streams is by releasing new tracks often. Most podcasts release a new episode every week or once in two weeks to keep an engaged and faithful audience.
Artists and bands usually release a big album once a year or less often than that, but they can release singles and re-mastered tracks to keep their fans’ interest.
Another way to get more streams is to make the track available on a popular playlist. Some playlists get thousands of streams like Chill and R&B. There are ways for the artists to apply and get there.
The Spotify submission tool can tailor the track’s settings according to different criteria such as mood, style, type of recording, etc. This gives Spotify clues on how to introduce it to the appropriate audience and reach your potential fans!
Monetizing Spotify Lists for Users
There is another way to get paid by making great Spotify playlists. It would be very beneficial for an emerging artist to have their track on your playlists. And by reviewing their songs and tracks, you can charge a certain fee for a review. This way, the artist will get more coverage, and it is a win-win situation.
It is essential always to keep your playlists free from promotions and keep your reviews honest and relevant to create real value both for the artists and users of Spotify.
There are platforms such as PlaylistPush where artists come to search for great playlists they would like to on. Select the best tracks for a specific mood or situation and add them to your playlist. When it starts getting more and more streams, you can add good emergent artists to the playlists and get paid in the process.
These are some ways you can start monetizing your use of Spotify platforms. If you create great value on the platform – either by releasing memorable tracks or by compiling great playlists – you can get rewarded for it.
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