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In this video I talk about some of the ways that you can create passive income as a musician in this time period.
Here are some of the ways I have been able to create passive income in my career.
I understand that there are the standard ways such as royalties, placements etc… but I wanted to present to you maybe some new ideas to you that I personally use in my career in this time period.
There are two ways we can think about income.
1. Is time for dollars (this is gigs , performances and teaching). Problem with this is we are limited by our time and we are only on this earth for so long so it is a challenge to become profitable to our fullest potential with what we enjoy doing.
The other way I want to present you with thinking of income is a Passive way. That way is Value for Dollars.
2. Value for dollars is a great way to achieve more flexibility with your income and create a revenue source that works around the clock with or without you there.
5 Passive income ideas for you. (there are more but these are some of the ones I have been able to become most profitable in my career)
#1 Create an Experience.
An experience is more than an album. Lets face it, people are not excited about purchasing an album due to how desensitized they are by music becoming so available on streaming platforms. So we have to be creative. One of the ways we can do that is to create an experience that the streaming platforms simply cannot compete with. We pre-sale the experience, get a nice cash injection so we can invest back into making the experience really good for our audience.
#2 Asset like a book. A book is a way that you can create income with a value for dollars model for the rest of your life. You can make a book sharing your knowledge, your story or even interviews with other people that you can sell forever.
#3 Merch. The way this works is to create merchandise that your audience will resonate with and then you create a limited edition campaign. You can have a new design each month and just from this passive income source alone, you can generate a nice income source for yourself.
#4 Become an affiliate – You can receive commissions for sending traffic to certain sites such as Amazon. If you enjoy using products or services in your life, you can direct your audience to these and receive a commission for driving traffic.
For example here is a link to my amazon shop
https://www.amazon.com/shop/paulthetrombonist
#5 Sell your knowledge. We live in an amazing time period on being able to help other self educate directly through the internet. Create an online course with your specialized knowledge, create a members area and drive traffic to this.
Here is a link to that training I was talking about on how to build your own distribution and be in control of getting your message directly to your audience. https://www.paulthetrombonist.com/ytweb
Hey all, do you like this type of content? Let me know in the comments below
Wish I could do this but I'm still a freshman ðŸ˜ðŸ˜
But I still watch cuz your cool
Great video Paul. Gonna check out your training on building an email list. Thanks
you dont do it as a trombonist though. you sell marketing to small businesses
Here before 42000 subscribers. When's Your Next video? Also, can We be friends? xd
Keep it up! Looking forward for more videos from you, don't stop! Would you like to be YouTube friends? :]