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Long gone are the days of million dollar advances. Today only a fraction of a fraction of that number is needed to finance and promote a new project. Just take a look at the NYC rock band Kill The Alarm, who recently rose $15,000 in 6 weeks by tapping into their social network and email lists. If fan funding is something that peaks your interest then you might want to take a deeper look at Kickstarter.com.

Ways for musicians to make money in their sleep. Place your songs with other recording artists. Let them do the touring and the twittering, while you earn money. Place your songs in films and television shows. Not only does it publicize you as an artist-it generates sync fees and performance income. Place your songs in video games or other products. The licensing rates are pretty low, but the exposure is ridiculously high. And you don't have to travel in a van, tear-down or set-up. Place your songs in advertisements. It's not only about grabbing that Apple iPod spot. There are national, local and international advertising opportunities that could fund your band's next road-trip. Create new music for film/TV libraries, which license "needle-drop" music to a wide variety of media. The sync fees are virtually non-existent, but because these are non-exclusive licenses, the same piece can be used again and again, generating significant performance money....