What to do When you Receive a Recording Deal
Musicians live for the day they shall get a recording deal. But when it finally arrives, most of them forget to read the terms and conditions carefully, and so end up getting short-changed. Record deals are complex contracts to handle. This is why you need to each how you go about negotiating such a contract. You need to read more about what approach to take in such cases.
You need first to get an attorney. They are the best at negotiating these record deals. They know what to do about all the legal hurdles that the entertainment business present. You need to avoid the temptation to do it by yourself. IF this is your first deal; you do not need continued attorney services. You only do so when you start receiving regular ones. 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.
A musician will earn from their music through royalties. The royalties pay an artist the lesser percentage of the sales. Your percentage is usually on the lower side. The rest goes to the recording company. This is why you need to negotiate for the highest percentage you can get. There are cases where you may be asked to cover the packaging costs for the records. This further eats into your profits. You need the attorney to help you get the highest percentage if that is the case.
You need to practice more care where multi-album deals are involved. These multi-album deals are usually what most musicians dream of. But handling their negotiations is not easy. Once you enter into an agreement, it shall be hard to pull out if you are not happy with what you get from the first album sales. You may be lucky to find a company that allows room for renegotiation after the first album is done. Some simply do not. Therefore, in signing a multi-album contract, you need to be clear on the wording and meaning of every statement therein. You need to see it state clearly that you can renegotiate after each album is done.
You need to keep these tips in mind when you receive a recording
deal. Do not leave anything to chance. You need to be prepared well if you are to make anything substantial out of it. No matter how good you are, let the professionals deal with their area of expertise as you do yours.
You can read more tips on how to go about such negotiations here.