Great ways to make money as a musician:
Street performer - Accept tips and sell things while your at it such as your latest CD, Sheet Music, How To Play Piano DVD or hand them a brochure with a pitch and links to an online site.
Piano Teacher - Easy to imagine. But you can specialize to tap specific niches to greatly lessen number of competing teachers.
YouTube Channel - Get paid per view for playing songs, teaching, reviewing music, reviewing music products. I wouldn't recommend using the Ad route because it interrupts your videos. Include Amazon Affiliate links; Patreon; Paypal; Sheet Music links; Link to your website, etc in your video descriptions for additional monetization.
Sell your CDs, DVDs, MP3s, Vinyl (records), Cassettes (yes, they're back in now), Sheetmusic on Apple iTunes, Amazon, and other shopping sites.
Get paid for Streaming Music.
Perform live in clubs either as a solo artist or with a band. Cover music and/or originals.
Create music software for learning piano, composing, etc...
Create your website to Sell Merch - T-shirts, Buttons, Stickers, Fridge Magnets, etc... Or sell from Amazon, Etsy, etc...
Use Crowdfunding to bankroll your musician ideas. Same can be done with Music Grants and Sponsors.
Create a monthly subscription fee for access to your best stuff. This works best once you're fairly well established.
Licensing and royalties when others use your music on their sites, channels or in other ways.
Session Work
I've done several of these things in the past. They all work. You just have to study and develop some skill sets and then plan how you will do it. It's fun and the income is good.
Please add to the list if you have other ideas. We could all use some musicianship income.
Agree with all the points you've shared, they are essential for an artist to diversify their income. I'd add that developing a strong presence on social media is beneficial. Social platforms serve not only as marketing tools but also as sources of income via sponsored posts, partnerships, or collaborations.
Beginners here can learn a lot from more successful musicians by analyzing their approach, like using this AdSpy software to research and discover competitors' ads. This tool shows you what works and what doesn't, which can guide your digital advertising strategy.
It's true that advertising can be expensive and is often necessary for making money in creative industries like music. However, there are also other ways to promote your work and build an audience, such as social media or word of mouth. Regardless of the industry, starting any business requires some amount of capital, whether it's for advertising, equipment, or other expenses. One way to earn money without having to invest a lot of capital upfront is by playing the best solitaire apps for real money. With these apps, you can earn money from the comfort of your own home, without the need for expensive advertising or equipment.
I get people asking me to put things up on Spotify, too, but I don't need yet another thing to worry about right now!