These days, the new standard for singer/songwriter deals with music labels is referred to as a “360 deal.” In what is the new norm, so to speak, for music contracts, the artist agrees that in return for the record label’s financing and promotional clout, the artist will give a share of all revenue streams to the label. This includes record sales, live performances, merchandise, product endorsements, composer revenue (“publishing”), movie revenues and more.
If a music label offers you a “360 deal,” there are several important features you must look out for before signing, which will be the feature of several upcoming blog posts. The Miami entertainment lawyers at Chase Lawyers offer the following advice from their collective decades of experience in the music and entertainment industries:
Stay independent until the right deal comes along.
- DIY means that you don’t have to share your revenue with anyone.
- You will need to learn about the business side of music. This is important so that managers, labels, music publishers and more cannot take advantage of you.
- How do you convince labels to sign you? Prove that people are ready and willing to pay for your music. Being able to show your dream music label the large number of your music that has been paid for and downloaded or that you already fill a 500-person venue just may be the determining factor in swaying a music label.
- If you do land a meeting with music label execs, how will you stand out among the thousands of other unknown artists clutching several demos? If you’ve already independently sold 10,000 – 15,000 and are pulling in crowds for your shows, you have something to offer the label. Therefore, you have a negotiating tool that many others do not possess.
After building a following as an independent musician, you might attract interest from several music labels, thus creating a bidding war over you that will work in your favor. Another possibility is that you might discover you may no longer wish to sign with a label and become a successful, independent musician. Stay tuned for more information and tips on how to navigate a 360 deal.
Chase Lawyers is a boutique entertainment law firm that advises and represents clients in legal matters related to music, sports, television/film, visual and literary works, modeling, online matters and intellectual property. If you are planning a music career and have questions about copyright laws, contact our Miami entertainment lawyers today to ensure your path to stardom is a smooth one!