It wasn't long ago that you have to buy music from music stores. You had to drive down to your local mall and buy a CD of your favorite artist. Now, you can download music easily through the internet. As a result, music stores have been closing down because people prefer to buy online or download illegal copies of their music. Consequently, music artists now have a hard time making money selling music.

Here are three ways music companies and music artists can make money in the current economic environment:

1. Play and charge more for concerts.

It used to cost a few dollars to see your favorite rock band play in clubs. Now, it could cost you more than $40 to see your favorite band play. Music artists like U2, Britney Spears and others now makes millions of dollars touring the world.

2. License your music out to companies for television or radio commercials.

Artists can make millions of dollars licensing their songs on television commercials. You can see companies like Apple or Microsoft playing short snippets of various artists in their commercials. In addition, some artists will get more exposure because it is heard by more people. This will result in more record and concert sales.

3. Put the band logo on merchandise

A music artist can make a lot of money on merchandises like T-shirts, dolls, cups and other things. For example, Michael Jackson sold thousands of T-shirts after his death. It is estimated that the Elvis still makes millions of dollars each year selling his memorabilia and music records even though he is dead.