Average track count is very important as you quite rightly point out. In other words, it's always a good idea to work out what the payments are per track on an average per quarter basis. When I started, payments for the first couple of years was anything from 2 cents to $350. $25/$35 placements power quarter are ideal when you've got enough tracks to pull that off. You're also right about the occasional big sync fee. It happens but really it's a bonus.
Depends on the quarter and the current gigs I have. Some months my royalties and syncs are very healthy, but there ARE slow times in the licensing business (and having other sources of income can definitely help supplement that downtime)
Hey Jesse, I've been with "the leading independent A&R company" for quite awhile, and they're great. But you add a lot, like the nuts and bolts how to do it. Of course it's a for profit venture but I can tell you feel like you're on a mission. I really appreciate that. Thanks for sharing your experience and knowledge
Hey Jesse, I was wondering what is considered "full time" for an income gauge. I know how expensive rent and living costs are in Vegas and LA, and many other cities are not far behind. Would a full time be considered anything over $30,000 a year? Just wonder what numerical threshold to set the baseline of my expectations at in relative theory. Thank you so much for all you do! Brandon
Hey Brandon - "Full-time" means all of your bills are getting paid so it could mean as little as $20-30K in some areas of the country and for larger cities it's more like $30-50K. Essentially it means you don' have to work a day job any longer. What I would suggest is add up all of your MUST-PAY bills for a month and then multiply it by 12 - that number would be your financial freedom point.
Is the rate of your quarterly income pretty consistent? Or is it all over the place? Is it possible to be doing really well and then your checks start taking a dive?
For first few years yes, your royalties will be on a massive roller coaster - it's very hard to predict how big your checks are. I've found that as you keep at it for many years and your placements/catalogue keeps growing - you'll start seeing much more stable growth between royalty checks and you won't be shocked come pay day. At least that's been my experience.
I have made over 200 songs in over 7 years and I'm about to be 23 soon. I know you said it may take 2-5 years but for me it has been over 7 years and I just now recently started to learn about royalties, licensing, music libraries all of that because for these past 7 years I have mainly been trying to get a record deal thinking that would help me make my living not knowing that the music industry has dramatically changed and if I would of known this seven years ago I would of probably been in a very different place than where I'm at now at 23 working a day job. I feel like I'm playing catch up or something with the music industry because I spend a lot time now learning these new viable revenue streams. It feels like if I would of known this earlier I would of have avoided a day job, college or any kind of normal post high school life. I should of started the journey to music licensing at 16 instead of chasing record labels at 16. Now I'm 22 and a half and I'm still going hard. Striving.
Hey you're only 23! That's not even close to being "too late" to get started with music licensing. I spent about the same number of years as you trying to chase a record deal - and I was about 24 when I got started in this business so you're still ahead of me:-)
Average track count is very important as you quite rightly point out. In other words, it's always a good idea to work out what the payments are per track on an average per quarter basis. When I started, payments for the first couple of years was anything from 2 cents to $350. $25/$35 placements power quarter are ideal when you've got enough tracks to pull that off. You're also right about the occasional big sync fee. It happens but really it's a bonus.
Appreciate you bro! Great motivation. Always move forward
do you make more money selling ur program or getting syncs?
Depends on the quarter and the current gigs I have. Some months my royalties and syncs are very healthy, but there ARE slow times in the licensing business (and having other sources of income can definitely help supplement that downtime)
real talk, thanks!
Hey Jesse, I've been with "the leading independent A&R company" for quite awhile, and they're great. But you add a lot, like the nuts and bolts how to do it. Of course it's a for profit venture but I can tell you feel like you're on a mission. I really appreciate that. Thanks for sharing your experience and knowledge
Glad to help and hey if what you're doing is working for you keep doing it! 👍
Hey Jesse,
I was wondering what is considered "full time" for an income gauge. I know how expensive rent and living costs are in Vegas and LA, and many other cities are not far behind. Would a full time be considered anything over $30,000 a year? Just wonder what numerical threshold to set the baseline of my expectations at in relative theory. Thank you so much for all you do!
Brandon
Hey Brandon - "Full-time" means all of your bills are getting paid so it could mean as little as $20-30K in some areas of the country and for larger cities it's more like $30-50K. Essentially it means you don' have to work a day job any longer. What I would suggest is add up all of your MUST-PAY bills for a month and then multiply it by 12 - that number would be your financial freedom point.
Do you use tunesat to keep track of your music?
The libraries I work with use various vendors to keep track of their catalogue's tracks. Yes, Tunesat is definitely one that is used.
Is the rate of your quarterly income pretty consistent? Or is it all over the place? Is it possible to be doing really well and then your checks start taking a dive?
For first few years yes, your royalties will be on a massive roller coaster - it's very hard to predict how big your checks are. I've found that as you keep at it for many years and your placements/catalogue keeps growing - you'll start seeing much more stable growth between royalty checks and you won't be shocked come pay day. At least that's been my experience.
Music Makes Thanks man! These videos are super helpful
do you or have you used any beat selling sites? If so do you recommend any or no and why?
I actually don''t use those kinds of sites because they don't provide for long term royalties.
Yes….the long game! Thank you, Jesse!!! 👍
I have made over 200 songs in over 7 years and I'm about to be 23 soon. I know you said it may take 2-5 years but for me it has been over 7 years and I just now recently started to learn about royalties, licensing, music libraries all of that because for these past 7 years I have mainly been trying to get a record deal thinking that would help me make my living not knowing that the music industry has dramatically changed and if I would of known this seven years ago I would of probably been in a very different place than where I'm at now at 23 working a day job. I feel like I'm playing catch up or something with the music industry because I spend a lot time now learning these new viable revenue streams. It feels like if I would of known this earlier I would of have avoided a day job, college or any kind of normal post high school life. I should of started the journey to music licensing at 16 instead of chasing record labels at 16. Now I'm 22 and a half and I'm still going hard. Striving.
Hey you're only 23! That's not even close to being "too late" to get started with music licensing. I spent about the same number of years as you trying to chase a record deal - and I was about 24 when I got started in this business so you're still ahead of me:-)
Sync My Music Your information is helping me insanely thank you !!!!!
You're very welcome!
Is there a way that i can pay for your libraries and templates with a paypal
You are so awesome for sharing this, thanks
Hey jesse when you join your placement academy, are u going give us companies we can submit too? Thanks
You can grab the music library directory through the link in the video description.
How do I even attempt to submit my tracks to a library
Usually a Library will have submission instructions listed on their website.
thanks for the info man!
You got it.
when does taxation come into play?? because in this music industry im sure uncle sam is gonna come knocking at some point lol
You report all income as 1099-MISC work. BMI & ASCAP will send you your 1099 every year on Jan 31st.
thanks alot