Any business requires an understanding of what?
The product or service we are providing and to whom we are providing to
A target market is defined as?
potential consumers
You will only succeed in selling music or concert tickets to a consumer if they have the ______ and the _____ to buy them.
Willingness / Means
What is market segmentation?
Tarketing a smaller segment of a broader market
What are the various ways to view a market segmentation?
Demographics, geographic location, psychographic-lifestyle, behavior
How do we define an artist’s brand?
Their name
What is brand image?
The way people feel about a product or artist
What is a trademark?
A symbol that represents the brand and distinguishes it from other products
What is an ;individuals right of publicity;?
People have the right to control the commercial exploitation of their: names, image, or likeness
Traditional members of an artists support team will include?
Booking agent, attorney, publicist, business advisors-banker, insurance expert, accountant, business manager
What business types could the artist choose to form?
Proprietorship, partnership, corporation, or LLC
What is the initial business form that a solo artist typically assumes?
How much liability is involved in a proprietorship?
Unlimited personal liability
How much liability is involved with a partnership?
All members are liable personally and professionally for any lawsuits brought against them
What are the 5 principal job areas that support an artist who will be earning from live performances?
Promoter, booking agent, tour manager, business manager, artist manager
How does a manager or business manager determine whether a performance or series of tour performances is worth accepting?
After the expenses have been subtracted, does the live performance make the artist any money
Is there any circumstance under which it makes sense to accept a performance to which the artist will only break even rather than make money?
Yes, if the gig has promotional value
When creating a budget for performances that require tickets it is important to consider what?
A detailed list of all expenses
What is tour support?
Money given to the artist by the record label to offset losses incurred while on tour.
Is tour support recoupable?
Does a manager earn a percentage on tour support?
No, the label views tour support as a cost of doing business rather than a payment for service
What are required qualities of a tour manager?
Patience, orientation to detail, and understanding of human nature
What does the tour manager do?
Reports to the artist manager, creates itinerary, finalizes travel schedule, confirms mode of transportation, reserves overnight accomadations, supervise the crew, handle and collect money.
How is promotion of a live performance achieved?
Publicity, advertising, active presence on the internet, radio play
What does the performance contract encompass?
The hiring company, date and time, location, services provider, rider
What is a rider and what does it include?
A list of personal needs of the artist prior to and during the performance
Under what circumstances can the performance be cancelled?
Death of key personnel or health of the artist
Who is responsible for arranging the production and manufacture of merchandise, and arranges for it to be sold at live performance?
Artist manager
What is a carnet?
Essentially, it’s a passport for equipment.  It can expedite getting the equipment through customes.  It prevents having to pay import duties or taxes on equipment.
When an international tour is in the works, the first thing a manger should do is ensure that all band and crew members have what?
Songwriting will give the artist access to another?
Income stream
How does a typical publishing deal work?
Artist gives the copyright to the publishing company.  Artist receives 50% of publishing royalties.  Other 50% goes to publishing company
What if there is more than one songwriter in a publishing deal?
Split the share
What is current statuatory rate paid to the songwriter?
9.1 cents per song
How much of the statuatory rate is paid to the songwriter?
Why does the label only pay 3/4 rate?
The label feels that because they are promoting the recordings, the writer is receiving a benefit and should be shared with the label
What does a Performing Right Organization (PRO) do?
They license the use of copyrighted musical compositions for public performance, then they collect royalties for the use on behalf of publishers and songwriters
What are the three Performaning Rights Organizations?
Essentially what are the 2 promises being made by artist and label in a recording contract?
The artist promises to create recordings exclusively for the label.  And the label promises to commercially exploit the recording
What does cross-collateralization mean?
Occurs when losses from a previous album are carried forward and must be recouped though royalties of the current album
When does the label begin to distribute royalty checks?
3 quarters or 9 months after the record release date
Are the artists paid the full amount that is due to them when royalties are paid?
No, the label withholds 20% of the royalties to compensate for records that may be returned
How does an artist manager determine if the royalty payments to the artist are accurate?
Audit.  The artist gets a 2 year window to request an audit
Does the label have a say in the producer of the recording?
What pecentage of record sales worldwide are attributed to independent labels?
A successful record release for an independent label sells about how many units?
What is the business of radio?
To build an audience to lease to advertisers
A radio programmer when choosing music will want to?
Look for songs that will keep current listeners and attract new ones
What does SoundScan do?
Keeps track of record sales in the US
What are the 2 kinds of charts that a manager should be familiar with?
Record Sales and radio airplay
Should the artist and manager emply the same attorney?
No.  Conflict of interest
Can an artist have more than one manager?
No, two people getting paid to do the same work
Can a manager work with more than one artist?
The typical length of a management contract is?
3 years with option to extend 2-4 years
It is in the manger’s best interest to sign a _____ term contract
Long;;;;;; more time to develop and work with artist
The following clause: ;The manager is not obligated to seek, obtain, or procure any employment or engagements for the artist; is found in a management contract for what purpose?
It’s not the managers job to book shows
What is a sunset clause or blackout period?
Specify commissions to the manger in the event of the death of the artist
What is the "key man" clause?
If person you sign with leaves for any reason the contract can be nullified
What form of business operates and funtions very much like a partnership but gives the members the protection from personal liability the way a corporation does?
What is the single most important thing you can do to monitor your artist’s audience?
Website – Put a form where fans can enter contact information
A common alternative to a management contract defined by time is one defined by the number of?
Album cycles
What expenses are typically picked up by the label?

Music video (half, up to $100,000)

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Radio promo (50/50 if down out of house)


Marketing ; Advertising

The manager’s services to the artist will include advice on?

1)  Appropriate music & show design

2)  Publicity, PR, adveertising

3)  Image & related matters 

4)  Booking talent agencies

5)  Selection of key team members

6)  All phases of their career in the entertainment business

What is the power of attorney?
Power to sign on behalf of someone else
What exactly is a career plan?
Road map to get us from where we are to where we want to be
Is a career plan subject to change?