Benjamins, Dead Presidents, Mullah....

Billboard Magazine recently released its list of the top 40 money making artists for 2009. As usual, the top earners made their living money by touring. This trend is one of the primary catalysts pushing record companies to seek "360" contracts with their artists. The 360 deal allows record companies to keep a piece of the action not only from record sales, but also from tour income and other ventures such as sponsorships, publishing and merchandise sales.

This year the top 40 earners took in between $9,421,947 and $108,601,283. The nearly $100 million difference is remarkable. At the bottom end of the spectrum is Bette Midler. The aging diva has an ongoing 90-date Las Vegas engagement at Caesars Palace. The top dog on the list is U2, whose 360 tour was the most expensive tour project ever. U2's cost to run each show was a staggering $750,000 but the band more than made up for this cost by performing stadium concerts in the round. The band was able to sell more tickets at each venue by rotating the stage and playing to all angles. Remarkably, U2 earned nearly twice the amount of runner up Bruce Springsteen ($57,619,037). The top ten was rounded off by Madonna, AC/DC, Britney Spears ($36.4 million of 38.8 million was earned from tour), Pink, Jonas Brothers, Coldplay, Kenny Chesney, and Metallica.

Year after year, data shows that live music touring generates the greatest incomes. This has notably kept hip-hop artists off the top earnings list. The top earning hip-hop artist this year was Lil Wayne, ranking at number 30 ($12,855,174). Musicians looking to build a sustainable and profitable career should start by honing their skills as a live performance act. Album sales have been hurt by piracy and the growth of on demand internet radio. One principle remains: No matter how much technology advances, the live concert performance experience cannot be replaced.