Where the F*ck Is All That Money Then?
2 Nov 2025
With global recorded music revenues at their highest total since 2004, a fair question remains:
“Where the f*ck is all that money then?”
It’s something I’ve heard from a lot of artists recently — in fact, two separate conversations in the last six months ended with that exact line.
And I get it.
Because for most early-stage artists, the idea of actually making money from your music still feels like a pipedream. You’re told the industry’s thriving, but your bank account doesn’t seem to agree.
The Headlines vs. The Reality
According to IFPI, global recorded music revenues hit record highs again this year — continuing five straight years of growth.
Streaming is booming. Vinyl is up. Live is back. Sync is growing.
So, where’s the disconnect?
Earlier this week, Music Business Worldwide posted about DistroKid launching DistroKid Direct, a new direct-to-fan platform for artists to sell merch and products themselves. In the comments, music business consultant Jasen Samford nailed it:
“Most indie artists I talk to say the same thing:
‘I’m getting streams… but I’m not making money.’
This week, Bandsintown launched an artist marketplace, and DistroKid rolled out print-on-demand merch.
Both point to the same reality: streaming alone won’t cut it.
Artists who build direct-to-fan revenue don’t just earn more. They own their audience.”
That’s it right there.
If you want to know where the money is — it’s not in streaming.
It’s in ownership.
Make Your Own Music Industry
It’s not why you got into music, but unless you’re happy with it being a beautifully expensive hobby, money has to enter the picture at some point.
The good news? You can build your own music industry now.
Here’s what that looks like:
An artist I spoke to this week is setting up a Patreon to build community income.
Alt-folk duo The Daydream Club have created a sustainable income by embracing Spotify, not condemning it.
An artist I’ve worked with for nearly a decade landed a sync on NBC back in 2012. That track now has 15 million+ Spotify streams.
But last Christmas, he made real, personal revenue by selling handwritten lyrics for £45 each from his website.
Different paths. Same principle.
You can build your own audience, your own ecosystem, and your own income streams.
Don’t Wait to Be Picked
Seth Godin said it best:
“Don’t wait to be picked. Pick yourself.”
That line hit me hard when I first read it. Because so much of music is built on waiting — to be signed, playlisted, booked, discovered.
But today’s music economy doesn’t reward waiting.
It rewards building.
Don’t aim to get signed.
Aim to not need to be signed — because you’ve already built something real.
Artists all over the world are selling “crap” t-shirts — and making a living doing it — because fans connect with them. They’re not just buying merch; they’re buying meaning, belonging, identity.
Portfolio Careers
Another idea that’s helped me (and might help you):
Portfolio careers.
I used to feel guilty about doing lots of different things — management, marketing, writing, teaching. But this mindset reframed it for me.
You don’t need one job in music.
You need a portfolio of income streams that add up to a career.
All the artists I mentioned above have more than one revenue stream. And that’s the pattern I keep seeing. The ones who survive don’t rely on a single platform, or gatekeeper, or moment.
They build a system.
The Real Goal
If you want to be successful in music, stop chasing the old dream of “getting signed” or “going viral.”
Instead, build a sustainable business.
One that gives you creative freedom and financial stability.
Because when you start actually doing it, people notice.
They see the value.
And that’s when others — managers, labels, investors, collaborators — start wanting in.
Not because you got lucky.
But because you built something worth joining.
Do It Differently → Build Direct-to-Fan
The future of music isn’t just about getting heard.
It’s about getting paid.
Streaming is the shop window.
But ownership — email lists, merch, subscriptions, fan clubs — that’s the shop.
The artists who win won’t just stream.
They’ll sell.
They’ll connect.
They’ll build.
One fan, one sale, one relationship at a time.
Do it differently → Start owning your audience.