What to do When you Receive a Recording Deal
A musician is always on the hunt for a recording deal. But is common in the excitement of having received one, to forget about the terms therein, which leaves them with the least possible earnings. There are a lot of complexities involved in record deals. This means that you need to be thorough in your research if you expect to get the best deal possible. You need to take time to read more on what you need to pay attention to.
You need to hire the services of an attorney. They are the best at negotiating these record deals. They are well versed in all the technicalities that legal issues in the entertainment industry contain. You need to think hard before trying it out on your own. IF this is your first deal; you do not need continued attorney services. You do that when you start getting them aplenty. The best attorney shall be present at all negotiation meetings. You can browse through some web pages to find out who the best one is.
Royalties is how an artist gets paid for their work. The royalty system is skewed in favor of the recording companies, with the artist getting the lesser percentage of the sales. You need to be prepared to receive the lesser percentage. The rest goes to the recording company. This is why you need to negotiate for the highest percentage you can get. There are even contracts that require you to foot the packaging bills for the records. This further eats into your profits. There is no doubt that aiming for the highest percentage needs to be the top priority for you.
You need to practice more care where multi-album deals are involved. Getting a multi-album recording deal is something that most artists aspire to. But they have a heavy negotiation price to pay. IT is not easy to get out of such a contract after you have agreed to it, only to find it oppressive as time goes. You may be lucky to find a company that allows room for renegotiation after the first album is done. If not, you are stuck with it as it is. You therefore need to be extra cautious about the structure of a multi-album contract before signing it. You need it to expressly state that you have the chance to renegotiate after you are through with each album.
You need to remain objective and have these points in mind when you get the call. Do not leave anything to chance. Your preparation determines how much you shall make. However great you are at negotiations, let the experts do it for you.
There are more tips you can learn from here.