The Reality of Professional Musicians: Day Jobs and Multiple Income Streams

Professional musicians often face the challenge of balancing their passion with the realities of earning a living. While some may enjoy the privilege of financial stability, the majority must navigate the complexities of finding alternative income sources to thrive in the industry.

Common Practices Among Top Musicians

It is a common misconception that the most successful musicians in the industry do not need day jobs. However, even prominent figures like Iron Maiden's Bruce Dickinson, who is also an airline pilot, have supplemented their careers with secondary income streams. Similarly, the bluegrass band The Seldom Scene exemplifies the need for side hustles. During their heyday in the 1970s and 1980s, each band member held a day job:

The banjo player, a “computer mathematician” in the early 1970s, retired from the profession well into the 21st century. The guitarist, a military surgeon, only recently left his service position. The mandolin player worked as an instrument repairman at Giant Music in Arlington. The Dobro player worked in the advertising department of the Washington Star. The bass player was a cartographer at National Geographic and only vacated his position a few years ago.

These diverse jobs contributed to their financial stability and allowed them to focus on their music.

The Decline in Musical Income

According to Beaumol's law, the real wages of musicians are stagnating, and they face increasing competition within the industry. This has led many musicians to seek alternative sources of income in addition to their musical pursuits. The decline in traditional music jobs means that musicians must explore multiple income streams to ensure financial security.

Financial Management and Cash Flow

Building a successful career as a professional musician requires sound financial management. It is crucial to have a solid understanding of how to manage personal and business cash flows. Having a budget helps musicians plan and allocate funds effectively. While it is essential to pay bills on time, it is equally important to have savings to fall back on during periods of lower income. A day job can provide essential financial support until the musician can consistently earn enough from live performances.

Another practical strategy is to diversify income sources. My band typically books between nine months and a year ahead, and we cover dips in cash flow by scheduling teaching gigs, studio sessions, and other performance opportunities. Teaching and studio work can provide a steady income and help cover the inevitable lulls in live performance bookings.

Exploring Various Income Streams

Beyond live performance, musicians must explore various income streams to sustain a full-time career. Some popular options include:

Private lessons: Teaching music can provide a consistent income while also satisfying one's passion for the craft. Classroom teaching: Many universities and schools offer opportunities for musicians to teach music classes, either as a part-time position or as an adjunct faculty member. Selling recordings: Online platforms make it possible for musicians to sell their music directly to listeners, potentially generating revenue from each sale.

For some, more unconventional jobs may be necessary. Working in a music store, delivering pizza, or even performing a specialty role like brain surgery (if one has medical training) can provide the financial support needed while one focuses on their musical career.

In conclusion, the reality for many professional musicians is that they must balance their primary passion with other income-generating activities. Understanding financial management, diversifying income streams, and being adaptable are key to surviving and thriving in the ever-changing music industry.