To be lucky enough to be musically talented, and to have the opportunity to create and release your own music is a unique career path. However, it can cost a lot of money that you may not have readily available. Modern technology has made home recording accessible to independent music artists but even then, the cost of equipment and software, and the time to record can be prohibitive. Although there are obstacles in your way, you should not let them hold you back from achieving your goal of releasing an album. Here are a few ways that you can secure funding for your next album, and maybe pick up some more publicity along the way!
Start Up Loans
Loans are one of the most common ways for any new business to get the funding needed to help them grow and expand. So, it is no surprise that this is also a popular way amongst independent artists to secure the monetary support they need to release their next album. Whilst you can apply to a bank for a business loan, this will require a detailed and well-researched business plan and a good credit score rating. Therefore, this may not be an option available to you. However, there are other loan options available, such as loan marketplaces which can help connect you to networks of different lenders. For example, a country music band recently used this creative strategy to get financing and fund their album.
Art grants are also a good way for musically creative professionals who are looking for a cash injection into their project, even more so if this cash contribution doesn’t have to be repaid. You may find it surprising that there are often various councils or charities that will help to fund unknown independent artists. The best way to find out what may be available for you is to research the grants available in your area. Often for American artists, companies like New Music USA and National Endowment for the Arts are among those who may be able to help you out. Even if you can’t get the full amount that you need from a grant, it is still worth looking into.
Crowdfunding has become an increasingly popular way for people to publicly raise money in recent years. It can be a great way to fund your album while getting to engage and connect with your fans and to promote your music. But if you are a relatively new artist, then you may find you won’t get enough publicity to be able to crowdfund a considerable amount. You should make sure that you research the different crowdfunding platforms that are available online and ensure that you use a platform that reflects what you want to achieve from your crowdfunding project. The platform you use should be appealing to your fans and be a good way to promote your music.
A very popular way that people have achieved money using their online activity is through YouTube patrons. A patron refers to an online subscriber who donates money to a YouTube page in support of them. Similar to crowdfunding, you would need a considerable YouTube following in order to raise enough money, but this could also be a good way of raising your profile. In order to raise money through YouTube patrons, it is important that you keep your channel up to date and give your followers new content to ensure you keep your audience engaged. You could also entice followers to subscribe and contribute to your next album by giving them extra content, such as new songs as a thank you for their donation.
Another way that you can raise money for your next album release is by saving up any money you can make from performances. You could ask at your local bar or advertise as a musical entertainer for celebrations. This will gain you publicity, which may help other forms of fundraising such as crowdfunding, while helping you to make some money yourself.
Even though raising the money you need to release your next album may seem like a difficult task, with some hard work and serious research into your options, there is no reason why it can’t be a success. Just got for it and see what you can achieve!