Legal
What is the definition of “Conflict of Interest”?
occurs when an attorney has two clients that have opposing interests
What is gross income?
The total amount of money earned without/before deducting expenses
What can be found on the back of a magazine?
An advertisement
Who is the most important person on an artist's team?
personal manager
What is a service mark?
Brand or identification mark associated with a service, in the same way a trademark is associated with a good ie name
What is a common solution to a conflict of interest?
One of the clients gets an new attorney
What is Post-Term commission?
manager will still get paid from album if it was recorded when the artist and manager were under contract
What is advertising?
Advertising however is the activity or profession of producing information for promoting the sale of commercial products or services. Paid for
What does the booking agent do?
The booking agent is the employment agency for the band or artist and should keep the client working regularly. The booking agent is in sales, ensuring they secure tour dates for the artist, but are also in logistics, as they administer paperwork. They are often involved in commercials, endorsements, etc.
What does SWOT stand for?
Strength, Weakness, Opportunity, and Threat
Can conflict of interest be waived?
Both clients agree to ignore the conflict of interest (waive the conflict) and continue using the same attorney. Or the clients work out the deal with each other and attorney just draws up the paperwork
What is a retainer?
set monthly fee paid to attorney to retain
their services
What is branding?
Who you are
How long is the typical manager contract?
A typical manager contract is typically 3-5 years in the managers favor. They can continue to be paid from the album if it was recorded while under contract
What is Adjusted Gross Income?
Total income that allows for deductions, counted as if that money was never earned
What does an attorney do?
Draw up, look over contracts, and advise clients about the law. Structure deals and shape artists’ business affairs. Negotiating contracts with other team members, labels, and publishers. Deal with corporate issues, trademark and licensing, lawsuits
What is a business manager paid?
The Business manager typically receive 5% of gross or a flat monthly fee. Sometimes they will work for an hourly rate, flat fee, or combination. If you do a percentage deal, many business managers accept a cap or maximum fee, and they can charge additional fees for auditing
What is Marketing?
the process through which goods and services move from concept to the customer. What you do
How are publicists paid?
oftentimes, publicists ask for a flat fee for their work with an and is usually paid monthly. Depending on the location, how large the firm is, and that publicists experience and services, the cost for hiring a publicist can range anywhere from $4,000 to $25,000 per month.
Who is paid only on an annual salary?
No one in an artist's team is paid only on an annual salary
In what instances should a manager use their power of attorney?
Only documents that you’ve verbally agreed to and can’t physically sign, and short-term personal appearance contracts should be included
Should a booking agent charge for expenses beyond commission?
Yes, including consolation fees and planning fees
What is SWOT analysis?
Assess what is going on within and around your organization. Identifies the negatives and positives of external and internal circumstances to better understand and cope with them
What is the exclusivity regarding personal managers?
Management contract will say that the artist deems the manager as the exclusive personal manager. However, managers, however, can represent more than one artist (and usually do)
What are types of investors?
Crowd funding, venture capitalist, banks, angel investor