1. Build the right team
Make sure team players know their place and their specific duties.
2. Understand copyright basics
Music is an intellectual property which is protected by the US Copyright Act of 1976.
3. Be aware of royalty compensations
Royalty rates differ throughout the various physical and digital mediums.
4. Become versed on the different types of music contracts
The ranges of contracts vary from full ownership agreements to simple template licenses.
5. Publishing is the bread and butter of the music industry
Publishing companies register and collect song royalties from physical and digital album sales to licensing deals, then distribute these royalties according to the final split sheets and albums points.
6. Expand your sound beyond album sales and radio
Today's music can be heard everywhere, be sure to find various avenues to exploit the musical work through television and film, sporting events, video games, and digital ringtones.
7. Know your Performing Rights Organization (PRO) representative
Befriending your rep is important because they are familiar with artist that you may collaborate well with, in addition to knowing of shows looking for performers and music events that can prove beneficial for networking purposes.
Discovering how to navigate through the music industry is simpler if you are aware of industry jargon and standards. Take these tips into consideration when making your next business move from picking a promoter for your next gig to registering your songs with your PRO.
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