Roles & Responsibilities of Personal & Business Managers in Music Industry, Quizzes of Music

Download Roles & Responsibilities of Personal & Business Managers in Music Industry and more Quizzes Music in PDF only on Docsity! TERM 1 Differences Between Personal and Business Managers DEFINITION 1 Personal- defining the vision and promotion, creativitybusiness is more of the money guy TERM 2 15% DEFINITION 2 What personal managers charge (more than b managers 5% of gross) anything entertainment related from musch acting authoring, etc. TERM 3 Fiduciaries DEFINITION 3 all managers have thisAgent and lawyers tooMeans they are supposed to put the artist's interests before their own TERM 4 Agents DEFINITION 4 Procure employmentnegotiate and book engagements, venues, broadcasts, tours festivals, etc.Can package some of their artists together Collect deposits and settlementsAn Agent is one who acts for, or in the place of, another, by authority from him; one entrusted with the business of another. TERM 5 4 Members of an artist's team DEFINITION 5 1. Business Managers2. Personal Managers3. Lawyers4. Agents TERM 6 What Agents charge: DEFINITION 6 10% of gross for employment procured,(meaning 10% if they get you the gig)There might be dudctions for some tour cost including supporting acts, sound, lights, etc. TERM 7 2 Music Related Unions DEFINITION 7 AFM- American Federation of MusiciansAFTRA- American Federation of Television and Radio Artists TERM 8 AFM (who they Rep) DEFINITION 8 More than 100,000 members include instrumentalists, leaders, contractors, orchestrators, arrangers, etc. that work in all mediums of music including live , recordings, tv, movies, etc TERM 9 AFTRA(who they Rep) DEFINITION 9 they are singers, announcer, narrators that radio, tv and recordings TERM 10 What do unions do? DEFINITION 10 Are a cooperative group of people who join together for bargaining strength to demand better pay and/or working conditiions when negotiating with an industry or specific entity TERM 21 developmental deal DEFINITION 21 more involved than a demo deal, the label develops you,Includes a pre negotiated record deal, ( you're engaged!) TERM 22 Full Blown Deal! DEFINITION 22 Deal with a Label where you are married(Record Deal)States that artist cannot rerecord songs previously released for 5 years after the time of recording or 3-5 years after the end of the record deal TERM 23 Engineer/Mixer Royalties DEFINITION 23 Generally paid .5-1% royalty rate (rarely if at all paid) TERM 24 What's recoupable and what's not recoupable DEFINITION 24 Any money paid to the artist on behalf of the record label IS RECOUPABLE which includes, any money paid directly to the artist, recording costs, video costs, independent promotionNot- anything else TERM 25 Upstream Deals DEFINITION 25 When the major distributor takes over marketing and promotion for an Indie release TERM 26 Joint Ventures DEFINITION 26 Record label and production company form new venture with the label getting 50-70% of the deal TERM 27 Pressing and Distribution Deals DEFINITION 27 Agreement between Indie labels and major labels where the major label takes care of the manufacturing and distribution while the Indie label takes marketing promotion and business. TERM 28 Inducement Letters DEFINITION 28 A form that the label will make the artist sign which states that the artist will be responsible directly to the record labelalso called a side-letter TERM 29 Loan-Out Corporations DEFINITION 29 Often times formed by artists for tax and or liability issues.Instead of these artists being a direct signatory to the record label. They have a loan-out to the record label. Essentially the loan out company agrees to supply the services of the artist, and guarantees that they are the exclusive provider of the artist's services. TERM 30 Lawyers DEFINITION 30 paid on a hourly basisThey handle all legal matters pertaining to the artist TERM 31 Common Clauses in a Contract DEFINITION 31 Grant of Rights- Right of First Refusal- Boilerplate language (jurisdiction clause, Notice Clauses) Exclusivity Clause- TERM 32 Right of First Refusal DEFINITION 32 If a deal is not made, the label gets a first refusal right, which means that they have the right to match any other offer the artist gets TERM 33 Who pays the producer? DEFINITION 33 The Artist! But the artist is paid directly by the label (the label will want to approve of the producer)Producers have to recoup their own advances, but their advances are a prepayment of royalties TERM 34 All-In deal DEFINITION 34 All-in rate (includes all royalty participants,i.e. artists, producers and anyone else)An "all in" record deal is a deal in which the musician takes the responsibility for hiring the producer and the studio required for recording their release. If you have an all in deal, you will usually be required by producers/studios to sign an agreement accepting personal responsibility for any part of the recording process that goes over budget.