What are you giving up to become a recording artist?
So you’re an artist or a singer/songwriter and you’re looking at an opportunity to sign with a major label. Or maybe you’re not sure that’s even the way to go. What should you know before you pick up that pen?
“What are you giving up to become a recording artist? What are you giving back for artist development?”
Those are the questions posed by session moderators, Austen Adams and Noah McPike. Adams and McPike both serve as OF Counsel for Dickinson Wright, the Nashville Legal firm that co-sponsored the session on opening day of Music Biz 2018 in Nashville.
The room at the Omni Hotel was ‘standing room only,’ packed with both creators and music business execs. The session title was ‘The Modern Approach to Artist Development: From Self Release to Major Label and Everywhere In-Between.’
Be prepared to ‘give back’
The panel made it clear that you must be prepared to give up certain things when you transition from being an Indie artist to an artist signed to a major label. You must also be prepared to ‘give back’ to the label in terms of time and effort to promote yourself and your music on the label’s schedule.
The panelists all agreed that, in today’s business climate, almost all labels will want a percentage of an artist’s touring income if they are going to make an investment in you as an artist.
(My note: These types of arrangements can often include what’s called a ‘360 Deal’ or ‘Multiple Rights Deal’ in which the artist agrees that the label will earn part of the artist’s ancillary rights such as income from, say, merchandise sales, endorsement deals and concert revenue. In exchange, the label agrees to actively promote the artist’s career, and often takes on certain aspects of the client’s management.)
Find a music attorney
Noah McPike then gave attendees perhaps the best advice that will have heard all day. “If you enter into any type of deal like this, ask for a separate advance so that you can employ a lawyer. You need someone who works just for you!” Continue reading “From Self Release to Major Label”