According to payscale.com, music producers with one to four years of experience typically make about $24,000 to $32,000 a year, while those with 20 or more years often make between $43,000 and $78,000 a year. There are certainly people who fall well outside these numbers. For instance, rap producer Master P often makes millions of dollars in a single year from producing music. Producing, like a lot of arts careers, can be highly lucrative or simply provide an average income.
Many programs available around the country that train students to become music producers. A strong music producer will have a background in music and audio engineering. Many producers are musicians themselves. It takes a strong, discerning ear, and a deep knowledge of sound and audio to be a successful music producer.
Music producers who make top money are highly qualified to produce top-notch recordings and have a strong résumé of previous clients. Some produce all varieties of music, while others focus on certain genres. Having examples of quality recordings they've produced is typically how music producers are able to show their qualifications.
The more clients you get, the more money you can make. Producing a recording can take any number of days, so younger producers that can continually find a lot of clients will have a greater chance at more work and a higher income. As a producer grows in experience and reputation, they can charge higher rates for their work and won't necessarily have to have a very high number of clients to make the income they desire.
Location plays a huge part in a music producer's income. Those working in New York and Los Angeles will simply have more potential for work, and many high-paying producing jobs exist there. It's not to say you can't make a nice income working in a smaller town, but there are generally more lucrative opportunities in New York and Los Angeles where a lot of the recording industry is located. Being in these cities can also mean more opportunities for networking and meeting potential artists that might want you to produce their recording.