This is a reprint of a speech I will give on October 17, 1998 at the Business of Music seminar at the Fabulous Satellite Lounge in Houston Texas. Because of its length, it will be reprinted in two parts. Half now and half in November.
A. Assembling a Team.
Other than learning how to play an instrument and how to write and sing songs, the most important step in a musician's career is selecting the individuals who will represent and advise the musician in connection with his or her career and related business activities. Most musicians, the author of this paper included, initially write and/or perform in relative obscurity for many years. Occasionally, a musician is discovered by the music industry, giving the musician the welcomed opportunity to earn a good living doing what he or she loves to do. Being discovered also has the effect of transforming what is often a breakeven proposition at best into a business with the potential to generate significant income. Unfortunately, most musicians could care less about the business aspects of the music industry. Some musicians dislike business issues intensely and try to avoid them at all costs. Others recognize the importance of business issues and the need to retain professionals to manage the musician's business affairs. Either way, almost all successful musicians ultimately retain a slate of individuals, including managers, attorneys and agents, to represent them in various business matters related to their career. Just like individuals who are talented and work well together often form more successful, enduring bands, a group of individuals who are talented and work well together will do much to promote and extend a musician's career. Let's briefly discuss the three most important team members and identify their roles in furthering a musician's career.
B. Manager.
The most important member of the musician's team is the manager. A good manager will have more to do than any other third party with the musician's success or failure. And since almost all management contracts are exclusive and have a duration of at least several years, once a musician selects and signs with a manager, the musician is, in all likelihood, stuck with that manager for a long period of time. Accordingly, the selection of the musician's manager is probably the most important decision the musician will make on the road to success.
A manager performs many functions, including the following:
1. Advising the musician with regard to career decisions, including recording contracts, publishing agreements, and other transactions;
2. Advising the musician with regard to the economic provisions of various contracts, including the appropriate amount of royalties and other income;
3. Assisting the musician in selecting
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