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Determining the optimal price for your music is not easy: charge too much and you may miss out on consumers; charge too little, and you may miss out on earnings. There are no guidelines that dictate that a certain number of pages of music from a certain genre is best offered at price X. So, is pricing your music a shot in the dark? Not quite! Will offering your music for free prevent you from earning money from it? No! Below are a few things to consider.

Offering your music for free

The first thing you may want to consider is whether to offer your music for free or to charge money for it. This choice depends on your publishing goals. If you take sufficient satisfaction in the prospect of your music and name's being promoted, perhaps charging money for it is not necessary/important. By not setting a price to your product, you stand to attract more consumers.

Offering music for free, however, does not exclude the possibility of earning money from it! By giving away a copy of your music, you do not automatically give away your copyright, right to perform, or recording royalties. If, for example, somebody downloads your free music and wants to use it for a next CD, you will have the opportunity to earn royalties.

However, even if you intend to earn royalties, offering your music for free may impact your reputation or 'brand' as a composer. You will not necessarily be perceived as less accomplished if you take that course, but you may find it difficult to reverse it once you have attracted a following.

You may also want to consider how the label 'free' affects consumers' perceptions of the value of your music. Many Internet/site are interested in obtaining free music; however, they might also question the quality of free music. Obviously, this perception would lower distribution. In sum, offering music for free may be beneficial, but the decision should be considered carefully.

How to determine the optimal price for your music

If you have determined to offer your music for a price, how much should you charge for it? The decision of how much to charge, as well as whether to charge, affects consumers' perceptions of your music's value. Perceived value is, of course, subjective. The relative importance of price and content is also subjective. You may price your music to appeal to Internet/site users most interested in cost, or you may choose to appeal to users most interested in quality.

Reaching different audiences requires different pricing strategies. If you imagine the average consumer of in your music seeing price as relatively important (for example, a choir director or amateur musician) consider charging a low price; after all, selling 100 copies at €5 still earns more than selling 40 copies at €10. If, on the other hand, you imagine the average consumer of your work willing to pay for exclusiveness or complexity (for example, an orchestra conductor or a professional musician) opt for relatively high prices. However, keep in mind that high prices will likely be paid only if you or the piece of music has established a certain status; high prices alone will not guarantee status.

You will maximize your earnings when you offer the optimal price that suits your strategy and the strategy that suits your consumers. Therefore, the only way to learn what the optimal price is for a given piece of music is to offer it to the public and observe sales. Based on your observations, raise or reduce the price until your distribution and profits reach their highest levels.