Generating income from a recording studio is, no doubt, a difficult thing to do. There was a time (I’m told, at least), when a studio could exist, essentially, on its own merits. The space existed, and independent musicians, record labels, music publishers, radio stations, advertising companies, and others that needed something recorded would call the studio, reserve the space, and the owner got paid for the use of the space.
What’s happened is that producers, engineers, and others that provide the services for the studio figured out that they were paying the owners of the studio for use of the space, but, if they had their own space, they could generate more income by charging for the use of their own space, as well as charging for their time as a producer or engineer.
The next generation of producers and engineers came along and, trying to compete in the open market, lowered their prices, seeking to compete with established producer and engineers, which is a tried-and-true technique in competition-based pricing. This lowered the prices people were willing to pay for studio time, and between the advent of digital recording and the shrinking of record label budgets, things only got worse.
When digital recording became affordable, at least one of the most common barriers to entry – cost of entry- was negated. This, along with a decrease in budgets record labels gave for recording albums (due to any number of factors, not limited to piracy and general market malaise) , turned the recording studio industry into and oligopsony,where there are many sellers of a similar product, but few buyers.
All this to say, we now find ourselves in a place where, by and large, the recording that happens in the industry is done by people who are also musicians, producers, songwriters, engineers, DJs, and others that not just own the equipment and the space, but also use it creatively to accomplish their tasks.
To that end, we, as those who have paid for this equipment, hardware, and software, need to find ways of getting the most revenue we can out of this situation. And, in many cases, this requires a particularly astute studio owner to find the niches where there’s money to be made.
The obvious choices for generating revenue are fleeting. You don’t just create a website, list your credits, give people a listen to your work, and expect to get any phone calls. If that’s all you do, expect an empty inbox and no voice mails.
ONE of many, many options, is creating library tracks for sale. A lot of the music used in the world doesn’t have to be a specific artist, a specific recording, or even a specific song. Sometimes, people need music for a special purpose, but aren’t really looking for a specific track.
For instance, in my studio, I produce tracks of carillon bell music, and sell those tracks on iTunes and Amazon, and have those tracks available for streaming on Rdio, Spotify, Deezer, and other places. These tracks are not “popular music”, but they apply to a very specific market, looking for music for a specific purpose. These tracks, individually, do not produce a lot of income, but, all the tracks I produce are public domain christian hymns, Christmas tunes, or similar, so there’s no songwriter/publisher with which I need to work. All I need to do is upload the tracks to the online distributor I use, and wait for the payments to come in. And, since these are public domain hymns, Christmas songs, and similar, means that there are huge possibilities for this catalog.
This is something I can produce in the studio’s down time, and there’s no rush to complete any of these tunes, so it’s a perfect studio-time filler.
Things I think are an almost total waste of time include the tracks “beat makers” create and try to sell to people to rap over. There are, literally, hundreds of Twitter accounts that do nothing but promote the selling and leasing of these tracks. I have no clue how you’d police the “lease” of a track to begin with. In either case, there are already a LOT of people doing this, so why be one more in a series of people, trying to convince others your beats are the best? If you ARE a “beat maker”, I’d suggest working with a specific rapper (if you’re not one yourself) to create tracks for, and share in any of the revenue generated from concerts or similar revenue-generating activities.
As far as resources for learning how to do this, those are hard to come by, but I’ll list a few places that may help explain more about what library tracks are:
Hope this helps, Robin!