Independent Investors
As an independent musician there is the dielmma of how do I afford to make my own record? Should I make a record? Is it time to make a record? How many songs? How much is it? How many do I press? What is a reasonalble recording budget?
These are all very valid questions that MUST be answered...honestly, these are only the tip of the iceberg so to speak when dealing with independently released records. Bear with me for a moment...lets say a close friend all of a sudden says..."I have an extra $25K laying around. I love your music and know that it would sell like hotcakes and your career would skyrocket if we did this!!!" What a great opportunity!!! Or is it?
This person may or may not have expectations in terms of involvement in your career, making their money back, marketing ect. Be very careful.
A great indie investor :
1. Can stand to lose their investment and not lose thier home, car or wife.
2. Sincerely desires to see your career grow.
3. Wants to operate as a silent partner/ not a record label.
4. Understands the uniqueness of the independent music business or is cool with giving you the reins.
5. Buries their expectations the minute they write the check.
6. Puts realistic expectations of recoupment they may have in writing.
A questionable investor:
1. Starts with great intensions but then reads an article on how to start a record label and decides you need to be his/her first artist.
2. Knows zero about the music business
3. Is greedy
4. Wants creative control
5. Is cool with a hand shake
5. Wants to own your publishing/masters.
The music business is a big sea full of life and exciting things...be careful of the occasional shark(whether they know they are being a shark or not!!!)
posted by Underground Mix at 5:17 PM
2 Comments:
Great advice! A friend of mine from college approached me with a good amount of cash, with the idea of helping me record and print my first record. Well, a couple days before we were supposed to record, he pulled out a 13-page contract, the same contract that an indie label would put in front of me, but with much stricter terms. He wanted to own the masters, give me 10% of royalties, and have the option to produce my LP! He ended up proving himself to be a shark in the end because of his greed, although his intentions were good in the beginning. The studio was upset because of they lost potential income, my producer was upset because we really wanted to work together, and now i'm upset because i was expecting to have a CD for sale at all my shows. Be careful!
7:31 PM
Contracts are part of the business. It's important to be knowledgeable and proactive on this because without one you will run into someone who will treat you like anonymous's "friend" did below.
And, especially when dealing with friends, you may feel as if a contract isn't needed or that it is "too much." That you and your friend have a unsaid agreement. Best thing for your friendship not to blow up over misunderstandings is to sit down and write out a contract that you both agree to. Have a lawyer look it over and be done with it.
Better now than later when your friendship is on the rocks or you end up owning nothing but 10% of profits on your own hard work and creativity.
3:27 PM
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