If you’re like most studio owners, you probably only have one source of income: the flat hourly rate.
What if I told you that there are other ways to bring money into the business? Wouldn’t you like it? I bet you would.
In that case, say no more. This article is dedicated to showing you many off-the-book strategies to monetize a recording studio.
Keep reading to find out.
- Pre-production and demo recording
If you don’t have room for tracking demos, pre-production and things like that on your price list, you’re seriously missing out on a big revenue potential.
Believe it or not, there are times when artists aren’t in the right mood to record tracks. During these phases, they just want to test sounds, make demo recordings, try out beats, test productions, or work with different producers to see which ones resonate best with them.
Only a studio with provisions for this purpose will benefit from this opportunity. Therefore, we encourage you to incorporate similar services into your business today.
- Rent equipment
There is no fixed list of studio equipment. While there are basic tools you’d expect to find in a standard recording studio, there are plenty of premium extras and gear you won’t find everywhere.
If you are lucky enough to have these kinds of pieces in your studio, it may be a good idea to rent them. For example, you can rent your audio interface, microphone, headphones, pop filter, power cables, MIDI controller, mixing console, etc. Of course, you want to insure your items before you rent them out.
However, if you are not comfortable renting your primary equipment, you may consider storing additional equipment for the sole purpose of renting it. In other words, buy cables, microphones, consoles, etc. additional. They don’t have to be the same quality as the ones you use in your studio.
- Hone your mixing skills and get good at it
No artist is comfortable recording in one studio and then removing the rods to mix in another studio.
Go back to the drawing board and hone your blending skills. You can make a big profit by adding the mix to your price list.
- Hone your mastering skills or hire a mastering engineer
It is true that some artists prefer separate people to mix and master their work. However, some don’t like the stress of sending track files from one studio to another.
You can never tell which one is a client artist unless you tell them you are mastering too. If they’re ok with the same person recording, mixing and mastering their song, then that’s good for you. However, if you have many client artists who disagree with this, you might want to consider hiring a separate engineer/producer for the mastering sessions. Since you will create an additional source of income with this, I think it is worth it.
- audio editing
Did you know that online radio stations, advertisers, podcast showrunners and other audio content creators always edit their works before broadcasting them?
Yes, they do. In this case, why not consider helping these people publish their works?
If you can market your business effectively, you might be lucky enough to find a few clients to work with.
All you will do is simple voice/sound editing to make sure their content plays properly. Which is quite similar to your daily music mixing job.
- Rehearsal room
You can make good profits by inviting artists, bands, and other music groups to rehearse in your workspace.
It’s a great way to put your studio to good use when you’re not tracking. Of course, you will charge the costs for potential damages in case someone breaks something.
- beat for sale
IIf you have beat and sound production skills or have an in-house producer, you can start selling beat creations.
As you know, many rappers and singers need powerful beats to jump on. If you can sell to them at bargain prices, I’m sure many would buy.
- Single track productions
Some artists want to remix songs. Some people want to jump on trending sounds/music, and some people just want to cover popular songs.
All of this is not production work from scratch. As such, they shouldn’t cost regular amounts. Unfortunately, many studios don’t care. They still charge their flat hourly rate even if someone just wants to cover Beyonce’s latest single.
Be better than these guys by offering personalized services at affordable rates.
Follow Reader’s Digest news by subscribe to our weekly newsletter.