Book and play more gigs and/or better paying gigs
Playing more gigs can certainly add to your bottom line. However, playing better paying gigs allows you to work smarter rather than harder. College campus gigs, hotel performances, and corporate business events can be great sources of better paying gigs, from a per gig standpoint. For example, to make $10,000 in the next six months from your music performances you might be able to book five to seven college campus gigs and/or corporate events compared to having to book and perform three times as many bar and club gigs to make the same amount of money.
Create merchandise bundles to sell
Combine multiple albums together for a larger price point, but smaller per product price compared to a fan purchasing each individual album separately. This is a win-win. The fan gets more of your music at a lower per product price and you actually sell a higher dollar amount of merchandise. That means, for example, that you could sell five bundles at $20 per bundle and make more money than if you sold five individual albums at $15 a piece.
Do you have t-shirts, or other merchandise that you could bundle with albums? These are things to consider.
Monetize your music community
Tap into your loyal fan base. You could build a "members only" subscription website for your loyal fans to subscribe to for a small monthly or annual fee. On such a site, you could give your fans access to rare unreleased demo recordings, live performance videos and/or even engage your fans for input on your next album project.
The idea here is to make your fans a part of your musical journey. Give them a peak behind the curtain. Fans love to be on the "inside" and in-the-know of their favorite artists.
It's also a way to generate on-going income to supplement your merchandise sales and live performances.
Take advantage of passive income on the Internet
Do you have a YouTube channel for your music videos? Add a Google AdSense account to your YouTube channel to take advantage of monetizing the music videos you're already posting online. AdSense places an ad at the beginning of your posted YouTube videos that you can earn a portion of money from when your video viewers click through to the ad. This can be a nice way to get some additional revenue from something you might be doing already.
What other creative ways can you think of to monetize your music?