How Famous Magicians Make Money

It's surprising to most people that most famous magicians make zero dollars from their TV shows and TV appearances. In fact, most of them actually lose money when they go on telly. Some plunge hundreds of thousands of dollars into their new series. While others drop everything, cancel gigs, pay for flights out of pocket and build new props to appear on a TV show.

But if magicians are not making money from their TV shows, why do they do them? And more importantly, how are they making their money? Big names in magic make millions every year. The money must be coming from somewhere.

And it's not just the famous names making a lot of money. Some non-famous magicians follow the same monetisation strategy as the most famous magicians in the world, who make hundreds of thousands of dollars a year. The good news is that you can do the same and learn from famous magicians.

Why television?

I think one of the things I always found amusing about magic Facebook groups was the fact that there's routinely a debate about exposure. In which semi-pro magicians rant about how you should never do a gig for exposure.

So why do big-name magicians perform on television? Well, the answer: exposure.

Or better yet, how they like to refer to it, marketing.

Almost every TV magician I've worked with has made little or no money or even lost money on their television appearances. They view it as marketing and the big end of a funnel – that's the open end that's big and wide and captures as much water (or, in this case, as many paying clients as possible).

Bizarrely, the handful of magicians I know who made a lot of money performing on television did not have the longest of careers. And perhaps that's what they were after all along.

You're never going to have such an incredible opportunity to not only reach many, many eyeballs but also to shape your brand and tell your story perfectly.

Even with the rise of social media platforms like TikTok and Instagram, legacy media is still one of the highest-converting forms of social proof. If you're at the Edinburgh Fringe Festival in a few months and you see one magician has 1.5 million TikTok followers, whilst another has been on Jimmy Fallon and James Corden's TV shows, which would you be more inclined to see?

I'm not knocking social media. I'm just saying there's nothing quite like the direct, crafted gut punch of a one-hour TV special once a year to keep you relevant and push ticket sales for your next live tour.

The goal is simple.

Be the most famous X in X.

That's it.

This is what most magicians strive for.

There can only be one famous male singer with a guitar, and it's not a coincidence Ed Sheeran's team decided to conquer America during the year Jason Mraz publicly decided to take off.

You can command a high fee in all commercial avenues if you're the most famous X in X. And as much as social media can blow you up globally, you can have 5 million followers and not be considered socially famous.

• The most famous mind reader in the UK.

• The most famous magician in the UK.

• The most famous illusionist in the US.

• The most famous comedy magicians in the US.

• The most famous close-up magician in New York.

This is the goal. This is the core goal every magician needs when they go onto television. It's the secret to a long and healthy career. Establish domain authority in a specific area. From there, you can charge an arm and a leg long term.

It's why Derren Brown continues to release TV specials long after losing interest in making them. With each special, he plays a less visible role.

Copperfield worked hard for many years to establish himself as the premiere illusionist in the US. It's a brand identity he's done well to keep. He's even trademarked the term "King of Magic".

He's a billionaire, and yet, if a new illusionist appeared on our screens and began to get close to taking over the title of the most famous illusionist, I have no doubt Copperfield would quickly return to our screens.

Just look at Blaine, who relentlessly pursues stunts no one else in the world will ever compete with him in. By doing so, he sets himself apart as the most famous magic daredevil in the world. And when he's not doing that, he's setting himself up as the most famous private magician, performing for celebrities in their homes.

And you can be smart, too. Instead of competing with others, you can carve out your niche and create a race with yourself. Piff is the most famous magic dragon in the world. It sounds wild, but it's true. If you want a magic dragon, you can book only one magic dragon.

I still firmly believe there's an opportunity to become:

• The most famous con artist.

• The most famous palm reader.

• The most famous hypnotist.

• The most famous coin magician.

Where's the money?

So if we think of TV as the wide-open end of a funnel, where are we hoping some of those viewers will end up? It comes down to a few very simple, tried and tested revenue streams for most big-name magicians.

1. Corporate Clients: Most famous magicians reliably make money performing at corporate events. They'll charge tens of thousands of dollars to speak at your work conference, party or launch event.

2. Brand Deals: Magic has a great way of finding its place within the brand world. Be that TV ads, stunts or campaigns. Eventually, every famous magician will reach out and pluck a car out of the air in toy form for a car company. It's a right of passage. I can think of four magicians off the top of my head.

3. Private Clients: There are a lot of millionaires out there, sadly, and it only takes five of them to pay you $60,000 to perform for their families at yacht parties, birthday dos and bat mitzvahs for you to add $300,000 to your annual income. Imagine that, just five gigs! You can charge more if you have an upsell, like holding your breath in their bathtub or making someone appear.

4. Live Shows: I'm counting this as everything from Las Vegas residencies to a college tour. SNL comedians can charge upwards of $30k for a two-hour college show. A magician with a few TV appearances can charge a great rate, too. Residencies are the easiest because it tends to run like clockwork after a while, with predictable costs. Copperfield has built his wealth by performing almost every night for twenty-plus years.

5. Merchandise: This is less and less of a big income stream, and I'm keen to bet its gradual downfall is why magicians are diversifying into online products, much like Blaine and Penn & Teller have recently done with their respective online magic courses. But I know big-name magicians who have made big money with books and playing cards. Eventually, every magician looks for a way to make money in their sleep, and it's not the easiest pivot for a performing magician.

What can you learn?

I think most magicians, even hobbyists, can learn a lot from how the biggest names in magic operate their businesses.

• Forget exposure. Focus on marketing.

• Be the most famous X in X (can be local for you).

• Think of your business as a funnel.

• Follow the money (corporate & wealthy clients).

• Optimise your live shows for profit.

• Find ways to make money while you sleep.