Some lyricists earn much more than this, especially if they're working with successful artists or bands. For example, Taylor Swift's lyricist, Jack Antonoff, reportedly earns $5 million per year.
However, it's important to note that not all lyricists are as successful as Taylor Swift and Jack Antonoff. Many lyricists struggle to make a living from their work and have to supplement their income with other jobs.
Overall, the annual salary of a lyricist can vary significantly depending on a number of factors, including experience, popularity, and genre.