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All you need to know about the music business
All You Need to Know About the Music Business Donald S Passman Copyright All You Need to Know About the Music Business Copyright © 1991, 1994, 1997, 2000, 2003, 2006, 2009 by Donald S Passman Cover art to the electronic edition copyright © 2010 by RosettaBooks, LLC All rights reserved, including the right to reproduce this book or portions thereof in any form whatsoever First electronic edition published 2010 by RosettaBooks LLC, New York ISBN ePub edition: 9780795309779 Did You Know That… Most record deals don’t require the record company even to make a record, much less to release it? You don’t have to register in Washington to get a copyright? If we write a song together, and you write only the lyrics and I write only the music, each of us owns a piece of the music and each of us owns a piece of the lyrics? And that neither of us can use just the music, or just the lyrics, without paying the other? Prior to 1972, the United States had no law prohibiting the unauthorized reproduction of records? Some film music composers can’t even write music, much less create the arrangements for each instrument of an orchestra? A brain surgeon and a rock star have something in common? To my precious Shana, and our boys, Danny, David, Josh, and Jordan Acknowledgments PLEASE READ MY THANK-YOUS I KNOW IT’S A BUNCH OF PEOPLE YOU’VE PROBABLY NEVER HEARD OF, BUT THINK HOW MUCH YOU’D WANT OTHER PEOPLE TO READ IT IF YOUR NAME WAS HERE No creative work is ever the product of one person alone (no matter how tempting it is to believe our own hype), and I want to acknowledge and thank all the following people for their inspiration and help: Payson Wolff and Bruce Ramer, my mentors and spiritual brothers Bea Shaw, my mommy, who helped edit the first edition, and who paid for my first soft-drink stand Snuff Garrett, for believing in me early on Mike Gorfaine and R Diane McKain, for their invaluable advice on film and TV music Gregg Harrison and Gene Salomon, for their input, and for always making me look good Rob Light, for help with the touring section Ed Ritvo, for the confidence to all sorts of things Steve Bigger and Larry Apolzon, for help with protecting the rights in group names Chris Castle, for help with the classical music chapter Dave Dunton, Dominick Anfuso, and Wylie O’Sullivan, for getting this book into the hands of readers Alan Garner, for his extraordinary communication skills and advice on conversation, books, and salesmanship Kim Mitchell, my incredibly indispensable assistant Jules Levine and Corky, for having bulldogs In addition, the following people (in alphabetical order) generously gave the bene t of their expertise: David Altschul, Jill Berliner, Don Biederman, Kevin Breen, Nancy Chapman, David Cohen, Gary Cohen, Glenn Delgado, Bruce Eisenberg, Steven Fabrizio, Gary Ford, Russell Frackman, Dell Furano, Steve Gawley, Neil Gillis, Mark Goldstein, Lauren Gordon, Trudy Green, Je Hill, Zach Horowitz, Cathy Jacobson, Howard Kaufman, Larry Kenswil, Steve Lyon, Jay Morgenstern, Jay Murray, Michael Ostro , Ed Pierson, Peter Reichardt, Bruce Resniko , Jack Rosner, Tom Ross, Joe Salvo, Rose Schwartz, Joel Sill, Patricia Smith, Lon Sobel, Sandy Tanaka, Lance Tendler, Ray Tisdale, Tracie Verlinde, Wayne Volat, Lenny Waronker, and Ron Wilcox FOR THIS SEVENTH EDITION, special thanks to (alphabetically): Robert Allen, Christos Badavas, Nancy Chapman, Kyle Funn, Susan Genco, Peter Grosslight, Rand Ho man, Mike Huppe, Robert Kraft, Michael Kushner, Dina LaPolt, Peter Lubin, Craig Marshall, Bob Philpot, Richard Poirier, Jon Potter, Andrew Ross, Bruce Scavuzzo, Steve Schnur, Cary Sherman, Michael Simon, John Simson, Lisa Thomas, and Luke Wood But most especially, thanks to all the garage bands—you’re the lifeblood of our business Introduction to the Seventh Edition Welcome, welcome The music industry has been through a few million changes since we last met Piracy is still running rampant, CD sales are dying, and digital sales aren’t making up the loss from CDs Record companies are losing money, ring people, and generally panicking On top of that, the world economy is sucking the big one Just the things you need for a fun picnic But there’s some good news on the horizon Digital delivery of music is becoming a larger percentage of the business (okay, so part of that is because CDs are dying so fast that they’re a smaller percentage of the total, but there are a lot more digital dollars coming in) Demand for music is at an all-time high (even if the pirates are supplying a lot of it), and we’re seeing new ways to deliver music (such as the Internet and cell phones), which means music is now accessible to people who’d never go into a record store It also means artists can get directly to their fans in ways never before possible As these new ways to exploit music arrive, you might wonder how artists get paid Well, my friend, you’ve come to the right place The book in your hands has the latest scoop on all these new-fangled gizmos And at no extra charge (if you act RIGHT NOW), there’s an update of what’s happening with traditional music business deals— recording, songwriting, merchandising, touring, and so forth One of the biggest changes since the last edition of this book is the advent of “360 deals.” For the rst time in history, virtually all the record companies are insisting on a piece of artists’ income from nonrecord sources In other words, record companies want to share in artists’ earnings from songwriting, touring, merchandising, fan clubs, and so forth Why would the companies such a thing? Why would artists agree? Since digital distribution is easier than ever, artists need a record company at all? Right this way, folks All the secrets are revealed just inside the tent P.S Congrats if you read this It means you’re a real Go-Getter, since most folks skip the introduction to books IMPORTANT The materials in this book represent the opinions of the author and may not be applicable to all situations Many circumstances appear similar, but di er in respects that may be legally signi cant In addition, laws and customs change over time, and by necessity of the lapse in time between the writing and printing of this book, some aspects may be out of date even upon rst publication Accordingly, the author and publisher assume no responsibility for actions taken by readers based upon the advice o ered in this book Each reader should use caution in applying any material contained in this book to his or her speci c circumstance, and should seek the advice of an appropriate professional (Author’s note: Use your common sense and be careful!) Contents First Steps PART Your Team of Advisors How to Pick a Team Getting Your Team Together Business Philosophy Hiring a Team Changing a Team Member Cocktail Party Talk Personal Managers Role Commission Overview Negotiating the Manager’s Deal Picking the Right Manager Business Managers Role How to Pick a Business Manager Business Manager Checklist Fees Your Half of the job Attorneys Picking a Lawyer Fees Conflicts of Interest Attorney Checklist Agents Role Fees Deal Points Picking an Agent PART II Record Deals Broad-Strokes Overview of the Record Business Industry Structure A Word About Retailers What’s a Record? Masters Royalty Computation Ye Olde Royalty Calculations Advances and Recoupment Advances: The Basic Concept Cross-Collateralization Real-Life Numbers Overview Royalties Advances 360 Rights Look How Much You Already Know 10 Other Major Deal Points Amount of Product How Long? Delivery Requirements Controlled Compositions Greatest Hits Live Albums Guaranteed Release Independents Day 11 Producer and Mixer Deals What’s a Producer? Royalties Advances Who Hires the Producer? A Major Point—Pay Attention Mixers 12 Advanced Record Deal Points Advanced Demo Deal Negotiation Exclusivity Videos Independent Promotion Merchandising Rights Tour Support Territory Union Per-Record Charges Album Cover Artwork Creative, Marketing, and Other Controls Reserve Limitations .. .All You Need to Know About the Music Business Donald S Passman Copyright All You Need to Know About the Music Business Copyright © 1991,... if you want Pinocchio to go down the alley, you turn to page fourteen, but if you want him to go to school, you turn to page nineteen (my boys never picked school) From there, every few pages you. .. possible As these new ways to exploit music arrive, you might wonder how artists get paid Well, my friend, you? ??ve come to the right place The book in your hands has the latest scoop on all these new-fangled