What do you know really know about the business side of music? The music industry is not just glitz and glamour for the successful. There is a serious business side to it and if you aren't educated, then you can get yourself into trouble. I know you think that when you are rich and successful that you can just pay for a lawyer to deal with all that. But how do you think you become rich and successful before you have powerful music contacts such as lawyers? It is by being educated about the business side of the biz.
Do you know about copyrights? What about the difference in types of royalties and how you accumulate them? Have you contemplated what a recording, management or publishing contract should cover? This all may be Greek to you but it is an essential part of success in the music industry.
You may also need to know the difference between a recording deal and a licensing deal. And even the two basic kinds of publishing deal? An independent music artist may have no experience in this area. But these types of issues don't usually apply to those in the independent music field. So, if you are looking to expand and get a record deal, then these are crucial things to know.
Today, signing a recording contract can be scary if you do not know what you are doing. Would you happen know the difference between a fair contract and a rip-off? If you don't, you may miss out on a good deal or you could lose cosmic amounts of money with a successful career built on a horrific deal. Try to educate yourself in these areas if you do nothing else. Entertainment lawyers and other music contacts to the like can end up costing you a fortune. And you don't want to give away your money, do you? If you are aware of what is going on from the start, then you will not have to.
Take these things to heart and educate yourself. There is an array of options out there. Go to your local library and pick up a book. Get a mentor. Ask the experienced music contacts you know any questions you may have. Go to a community college and take some music business classes. No matter which avenue you decide to explore make sure you come out with a clear idea about the music industry and how it works. It will be a powerful tool for survival outside the independent music route.
The truth is that the music business aspect of your career is where you will need to spend the majority of your time if you want to have a successful and sustained music career in the music industry.
The most important thing you can do is to watch the bottom line and cover your bases by protecting your music. The music industry roads are littered with musician road kill. Artists who hit the "big time" but were barely living above poverty level.
A few months ago, I watched an interview with a well-known music star on a music legends show. He stated that at the beginning of his career, everything was great. He sold millions of CDs, sold out shows, and was constantly working year round, but ultimately he lost more than he ever received.
How could he have sold millions of CDs without becoming filthy rich? The explanation for how he lost money is he didn't pay close attention to the contracts he signed and who was doing what with his money. Having shrewd business acumen is crucial to your musical success.
A good way to learn how to avoid busting your music career is to watch the financial comings and goings of others who are successful in the music or entertainment business, then model your business actions after theirs.
Oprah Winfrey, Madonna, Britney Spears, Jerry Seinfeld, Dolly Parton and Mariah Carey are a few great examples of the bottom line. While you may not like one or the other, the facts are proof: They have made bank, millions of times over, and they still have that bank.
Recently I spoke with a friend Thom King of Multimediary Entertainment Marketing about artists learning the music business and the importance of knowledge. Thom has been a top executive at Clear Channel Radio as well as the head of major music industry corporations. This is what he had to say,
"There is a reason they call it this music business, because it is just that, a business. In addition, as with any business, it is critical to define each member's roles as well as the ownership of the intellectual property you are creating. You are building a business as much as you're building a band, and if you approach it that way you will be ensuring your success for years to come."
Both Ty Cohen & Jaci Rae are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Ty Cohen has sinced written about articles on various topics from Keyboard Synthesizer, Mens Health and Marriage. Owner of Platinum Millennium publishing, former record label owner & national music industry seminar speaker/panelist. Author/creator of best-selling music biz books, courses, audio products & "How to" resources that helped 1000s. Go to. Ty Cohen's top article generates over 33100 views. to your Favourites.
Jaci Rae has sinced written about articles on various topics from Parenting, Dating and Romance and Home. Jaci Rae is a No. 1 Best Selling author. The Indie Guide. Book Jaci for your next show: . Jaci Rae's top article generates over 135000 views. to your Favourites.