Got the Time?

Twenty billion dollars in swapped stock may look like chump change against the behemoth conglomerate that Steve Case and Gerald Levin debuted two weeks ago, but a merger of EMI with Warner Music means a significant amount of quality content for the new mega-company.

Warner and EMI have both had their share of trouble attracting and retaining big-selling talent in the last few years. But their collective catalog (comprised of imprints ranging from Warner Bros., Elektra and Asylum to Parlaphone, I.R.S. and Priority) contains the kinds of hits that never leave the charts. The Beatles, R.E.M., Fleetwood Mac, and... umm... Master P - they're all big parts of this deal. Let's take a quick look at how this will affect you if you're making music, if you're working in the industry, or if you're trying to build your own record collection.

What does this mean for the working musician?

1. The odds of getting signed to a major label just went up by about 20%. Past mergers, such as the recent formation of the Interscope Music Group, have taught us that deals like this improve the lives of shareholders while winnowing the field of major label acts. However, the acts that remain could reap the benefits of a smaller label roster, especially in the area of promotion. If you're unsigned, don't be worried - just keep on developing your relationships with fans, with radio folks, and with industry execs. Remember that almost every artist makes most of their money from gigs and songwriting royalties, not from album sales.

2. Protect your long-term interests by registering your original songs. The biggest lesson to learn from this deal is that media companies need content to survive. Sure, major labels won't stop shortchanging artists anytime soon. But all you need is a killer hook, a songwriting credit and the kind of reach that an AOL Time Warner can provide to make a lot of money over the long haul. As you create words and music, be sure to protect your rights at every step by taking advantage of the resources and protection of a performing rights society like ASCAP or BMI.

What does this mean for an industry type?

1. Take advantage of this time by growing your network. We've seen this before. A whole bunch of our friends and colleagues are gonna hit the unemployment line this year. That doesn't mean they're never coming back. Call, e-mail, write. Take 'em to lunch. The person you spot a $5 burger today could be a label VP next year.

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