QUESTION
managing their career, and in particular how they ought to structure their financial and business interests.
This is now important to them, as a record company wants to sign them to a specific three album deal, which is to last for three years. Advise them:
firstly of of the options available to them, and
secondly, what business form you recommend and why you do so.ur assignment
SOLUTION
Structuring financial and business interests to manage the carrier interests of the members of this rock band, it is important that they begin with preparing a business plan for their career. Many musicians rely on their managers to promote and manage their career but they can manage their carrier themselves if they have the tools to get started. To self manage their career, the members of this rock band need to have straightforward skills and they also need to take practical steps one at a time. These skills can be learned easily and there are several resources available to help in this process. There are numerous examples of musicians who manage their carrier successfully and have built successful carriers over the years. Once the members of this rock band start doing it, they can gain reputable professional management (Corzine, 1997).
The members need to research their market first of all. At this stage a general overview of the music industry would also be helpful. It is particularly important in cases when the members are looking for outside funding our investment opportunities with another party. Market research can be started with the search for opportunities at the local level. Performance sites or concert areas are good places to begin with this search. Artists can find some interesting opportunities at these places along with excellent opportunities for networking with people who can help in planning concerts for the artists (Frascogna, 1997). The list of presenters can also be obtained from Musical America, College Music Society Catalogue and Chamber Music America Directory. Each calendar section of local newspapers also provides information regarding the State Arts Agencies and fellow performers.
The artists need to think carefully about their programs and how to make them interesting for the general public. The programs should be such that a reviewer would also want to cover your program. There should be an ‘interesting hook’ in the program or some other reason to draw the attention of general public and reviewers to the program of the artists. The programs should be of such a nature that they should make the audience is interested in attending them.
Artists also need to prepare a budget which helps them in keeping on track and keeping their spending within limits. Self-management by the artist involves an initial investment before they are able to generate any concerts fees. Once the artist start generating fees, it is important to reinvest these fees as it helps if the process of the up gradation of materials and makes the system of self management much more efficient (Kirkpatrick, 1997).
The artists also need to make their network mailing list. This process can be started from the address book itself by keeping track of persons who are interested in the work of artists. These include members of family, acquaintances and colleagues. As these persons are the fans and supporters of an artist, they should be informed of the next concert of the artist. This should be a guest sign in book at the concert where people can give their name and address which can be later added to the mailing list of the artist. This list can also help in marketing when the artist to release his releases any CD. The persons included in the mailing list can be promised discounted price of the CD. It can also be issued a newsletter detailing all the activities of the artist. This list should not only include the people known to the artist but it should also include people whom the artist would like to invite. This could be influential teachers, club managers, booking agents, management representatives or presenters. A list of media persons interested in the music of artists should also be collected which should include the name address and phone number of these people. Such a media list can also be found in public libraries and it would help tremendously in spreading the word to listeners, viewers and readers. This mailing list should be kept up to dated.
The artists need to be connected with their own promotion if they want successful artist management. In recent years knowing the audience has become an important part of the marketing plans of artists. Market/business plans that are more successful in case of artists who know their audience better. Artists need to keep a track of their audience. A break up of the audience can be done on the basis of age, gender and in some cases even on the basis of income level. It also helps an artist who know the size of his audience, how they purchase CDs and from where. Plain guesswork is not sufficient in these cases and statistics and research should be used to make good estimates. An artist should know what other events are attended by his audience and what the geographical location of his audience is. The artists can work with the retail outlets to promote themselves (Passman, 1996).
The sales and costs should be estimated on the basis of past success or on a well thought out formula. An artist needs to him and this properly. This includes the preparation of budgets, collection of income and monitoring expenditures. Other issues involved are investment decisions, insurance coverage and tax consequences of the transactions. The artists also need to prepare a budget for their personal spending and the stay within this budget (Weissman, 1997)
In this way we see that it is important for an artist to manage all the aspects of career properly including the personal, financial, legal and creative ones. The success or the failure of an artist is determined by these factors which are outside the music industry.
References:
Corzine, Chaz. Harold-Blanson Management of Nashville: Talent agent. Personal interview and telephone interview; 24 Sept. 1997
Frascogna, Xavier M., Jr. and H. Lee Hetherington: The Business of Artist Management. New York: Watson-Guptill, 1997
Kirkpatrick, Wayne. President, Beanstalk Recording: Grammy award winning Nashville songwriter and producer. Personal interview; 14 Sept., 1997
Passman, Donald. All You Need to Know About the Music Business. New York: Prentice-Hall, 1996.
Weissman, Dick. The Music Business: Career Opportunities and Self-Defense. Rev. 2nd ed. New York: Three Rivers Press, 1997.
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