ABC’s of the Music Industry
Music is an art, however, when it comes to the music industry Music is about money!
If anyone or any company feels that your music will not make them money, there will be absolutely no interest in your music. That’s it in the nut shell. Remember, to always remember this. The Music Industry is about Money!
There are a few sources of money to be made in the music industry. They include but are not limited to:
1. Record sales
2. Songs played on the radio
3. In movies and television
5. Song writing
10. Digital Media/Apps
If you are an artist and want to get into the music business, you need 3 very important very good people in your corner batting for you on a daily basis. They include:
1. Personal Manager – The most of important of the three. They should have contacts in the music industry, keep on eye on all your affairs, advise you on things to do, help promote your music, producers to hire, who to sign with when to go on tour, etc. The personal manager will receive 15% and 20% of an artists gross earnings and have good contacts with record companies A&R, Marketing / Sales, and Promotion departments.
2. Music Attorney- A good attorney specializing in the music will know how to properly negotiate and structure the deals an artist makes. They should have good contacts and be trust worthy. Expect to pay between 100 and 200 per hour for a good music attorney. If an attorney thinks you will get signed, they forego a set fee and charge a percentage of artistís earnings. In bigger cities, youíll pay more than in smaller cities.
3. Music Agent -Book concerts and special appearances. A Personal Manager will help the artist with selecting a good agent.
If you blow up and start generating the big money, then a good Manager / Accountant will be needed to handle your tax situation, review royalty statements, financing tours, offer investment advice and how to manage your money.