Also for your site, you should think about selling iTunes and Spotify gift coupons etc. Later I am sure you will also have an opportunity to sell merchandise. Think about your demographic? 15-30 ? what would they like? Whose your fav artist? You go to a site to read an article about them, would you buy that hoodie with their album cover on it that's displayed in the sidbar?
Now this is just a basic example, but I am sure if you sit and brainstorm on it you can find many revenue ideas. Read this.
I have a little issue though. I don't think my website is quite designed very well to support all the iTunes widgets, adsense ads, amazon widgets, top posts, subscribe buttons, FB and G+ buttons on it. If I can show you mine or if you can show an existing website that shows how to utilize the space effectively, that would be monumental.
Right now I have following in the sidebar in order of appearance:
1. FB page and G+ page like and follow button
2. Email subscribe button
3. Top Pages and Posts widget
4. Adsense display ad (300*200)
5. Amazon widget (headphones)
6. Amazon widget (best selling music on amazon)
7. iTunes playlist for Taylor Swift's 1989 album (I'm planning to remove this since I don't see any activity on it)
8. Recent posts widget
9. Tickets widget
10. adsense text ad
I already think this is too much (is it?), and any input from you would be very much appreciated.