The Pursuit Of The Record Deal
by Tom Hess
Do you want a successful, stable and rewarding music career as a professional musician? Would you like to know exactly what record labels, music producers, and artist management companies are looking for when seeking out new artists? There are many great musicians who are not able to build a successful career in music because they do not know what it is these music companies want from them. As a result, many struggle and wonder why they are unable to “make it in the music business” even though they may be incredible musicians with great songs. What usually happens is that musicians start to believe the common myth about 'luck'. They believe that you need to “get lucky” in order to “make it in the music industry”. The result is that most musicians give up on their dreams and get a normal (non music related) day job.
Because you are reading this article, I can imagine that you have probably faced similar challenges. I know how you feel, because I went through the same depressing struggle for years and have seen hundreds of great musicians travel along the same path. But over time, I have discovered that in many cases the lack of success is caused by the musicians (including myself in the past) simply not knowing what music industry companies want from new bands and artists.
You probably already know that record labels, music producers, entertainment lawyers, and managers seek artists who have a lot more to offer than talent alone. What they want from you is a “total package” which includes many things, but the two main factors are: adding more value (in terms of money and/or opportunity), and reducing potential downside risks to the music company. I am going to tell you more about these two elements of value and risk in this article.
Prior to signing my first record deal and doing my first real concert tour, I read dozens of books about the music business. Although some of these music industry books were helpful, I quickly discovered that the reality of the music business was very different from what the books described. In most cases these music business books weren’t necessarily ‘wrong’, just very incomplete.
Entering the music industry as a professional opened my eyes to many things I had never heard of or thought about before. Eventually I came to know and understand many important details about the record companies I worked with: their needs, challenges, problems and mindsets. I paid very close attention to things that others around me often overlooked. I did this for two reasons:
The central theme which kept coming up in my earliest conversations with the record label executives I worked with was “partnership”. Today, it seems perfectly normal for me to think that record labels might see their artists as “business partners”, but at the time, I didn’t think that the term had a genuine meaning. Over the years that followed, the concept of ‘partnerships’ began to show up everywhere, but I probably would not have paid much attention to it if my first meetings with the record label and management hadn’t been so focused on this fundamental idea.
Record labels, managers, and successful bands, are looking for artists who think in terms of mutual benefit. You must think in this way before any company in the music industry will want to work with you and invest their money and resources into your music career. Imagine you are in a band, trying to get a record deal. Obviously you know what YOU want from this record deal (access to the record label’s resources that will be used to propel your music career forward, attract new fans, sell more records, make more money, go on tours, etc.) But have you thought about what the record label wants (besides the obvious)?
Now imagine for a moment that you are the president of a record label. Would you take $250,000 of your money and invest it into a band which is good and has marketable songs??? I don’t know about you, but I certainly wouldn’t do this, UNTIL AND UNLESS it was clear to me that my investment into the band will not be a waste of money, and will bring back substantial returns. It’s highly unlikely that a $250,000 record label budget will be enough to take a band anywhere significant if that band is ‘only’ a good band with marketable songs. It’s going to take a lot more than good talent and good marketable songs to get the type of serious commitment and investment from a record label which is needed to advance your band’s future over the long term. It takes a partnership (not merely a contract and a budget) to make this happen.
What About You?
Do you think you have what it takes to become a successful business partner of any company in the music industry? Take this 5 minute survey and find out: http://www.tomhess.net/WhatDoesTheMusicIndustryLookForInYou.aspx
Here are a few things you need to think about when approaching any record label in the music industry:
Key Mindsets You Need To Acquire:
Too often artists and record labels are at odds with each other because each is out to reach its own objectives even if those objectives are in direct conflict with the other side’s goals. When either side feels “entitled” to something without a win-win strategy, everything breaks down between them. And sooner or later both sides lose (and so do the fans!).
Until you begin to think and work with the win-win partnership concept, the people and record label's with the greatest power to help you will typically not be interested in you…. And the bad people (“sharks”) in the music industry might seek to take advantage of you, if you are talented but ignorant to how the music business works.
Here Is How These Mindsets Help You:
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The good music business people expect you to know how the music industry functions BEFORE they begin to work with you. They get tired of answering basic questions about how things work. While record labels could teach you these fundamentals, they would prefer for you to learn them yourself. The reason they want this is because it saves THEM time (and resources).
Remember, when it comes to getting other people to associate with you, think in terms of what they stand to gain or lose by signing you to a record deal or putting your band on tour (or anything else).
These music companies prefer not to waste their time teaching you about the music industry, general business, mental attitudes, image, stage presence, logistics, etc. At first glance, this may seem like an inconvenience for you, but it isn’t. It is in YOUR interest to see these resources spent on promoting your music career, helping you sell records, tour the world, attract more fans, make more money etc. If instead, a big chunk of money and time was spent on teaching you what you should already know, who do you think loses the most? YOU do! This is because the company’s resources SHOULD be spent on helping you achieve what you could not do on your own (and learning the fundamentals of the music business is not one of them).
Also, remember that since record label's are directly investing money into your music career, they will expect their investment back, with interest. Therefore, it is (again) to your advantage to minimize any waste in that investment. Here is an example.
Let’s say that your band was put on tour by a record label, but the management believes that your band does not know how to conduct yourselves on and off stage. They will require you to be coached in these areas (and believe me, they WILL). If rehearsals take an additional week (at the rate of thousands of dollars per day), then money will be spent on this new expense instead of being invested into other aspects of your tour, record and music career. Remember, this extra money will need to be paid back to the record label FIRST before your band sees any profits from the tour OR your record (yes your record label will require to be recouped for all expenses).
Many new bands feel a sense of ‘entitlement’ and think it is the tour manager’s job to coach the band how to conduct themselves on and off stage. This, as already discussed, costs the band and the record label a lot of money. However, when you see yourself in a win-win partnership with the record label, then you know that it is in everyone’s best interest to take the initiative to prepare yourself in all possible ways before money is spent. If you are not prepared beforehand, you are creating a higher investment risk for the record label you are signed to!
You should think deeply about the issues that I brought up and consider the ways some or all of them can apply to your current (or future) music career. I have given you some good starting points to begin thinking and planning for success. Use them to take the actions you know you must take to reach your music career goals!
If you missed the music career survey mentioned at the beginning of this article, I encourage you to test yourself here: http://www.tomhess.net/WhatDoesTheMusicIndustryLookForInYou.aspx
Learn more about becoming a professional musician.
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