Record Contracts
I know everyone has heard the horror story of how TLC, once a supergroup at the pinnacle of their career, was heartbroken and astonished to learn that in the midst of their success they were broke. It is so easy to become so engrossed with the idea of fame, riches and superstardom that you neglect to ensure the most important part of you career is handled appropriately. Contracts, on any level, are extremely important as it relates to stipulating the specifics of a partnership. Reading contracts and understanding the language implied therein can be a tedious and migraine inducing
Nowadays it is important that artists educate themselves on the intricacies of the music business and understanding record contract basics prior to diving head first into shark infested waters. I hear artists say all the time that they don't care about the business side; all they're concerned about is developing their talent and maintaining their artistic integrity. Record companies squander so much money on artists that never lived up to their initial billing that they strive each year to make a profit off of a few of the many gambles they make. This is why it is so easy for record company executives to continually rob artists blind without them realizing what's transpiring. When you take an artist that has been struggling to make ends meet, it is easy to exploit them by throwing around huge advances that have to be recouped by the label. A word of advice to potential artists, hire a lawyer, read your contracts and learn about the business you are so eager to get involved with. Artists get so caught up in the hype of "making it" that they lose sight of the fact that this is a business first. Everything that is done for you by the label has to be recouped: wardrobe, travel, lodging, legal fees, manager's cut, producer's advance, recording budget, studio fee, video budget, and on and on. Artists are so busy, intentionally so, that they don't have time to take into consideration that you are nothing more than an investment and investments require returns. Knowing this and also taking full advantage of the fact that artists are green to the inordinate amount of covert deception involved, they create an elaborate perception that the artist is rich and making a profit, when in reality they are in perpetually in debt to the label.
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Record Contracts,
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