How to Handle a Recording Deal Negotiation
Musicians always look forward to when they are called up with a record deal. But when it finally arrives, most of them forget to read the terms and conditions carefully, and so end up getting short-changed. There are a lot of complexities involved in record deals. This is why you need to each how you go about negotiating such a contract. You need to read more about what to do when you receive one.
You need to get in touch with an attorney. They now how to go about negotiating these deals. They know what to do about all the legal hurdles that the entertainment business present. You need to think hard before trying it out on your own. In case you are on your first deal, you do not need to keep the attorney in a retainer. You do that when you start getting them aplenty. The best attorney shall be present at all negotiation meetings. There are sites online you can use to track down which of these best ones are.
A musician will earn from their music through royalties. 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. The objective then in all negotiations is to try and get the highest percentage possible. There are cases where you may be asked to cover the packaging costs for the records. This lessens your earnings even more. You need the attorney to help you get the highest percentage if that is the case.
You need to be even more careful if you are negotiating a multi-album deal. Getting a multi-album recording deal is something that most artists aspire to. But they have a heavy negotiation price to pay. 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. Others have no room for such changes. Therefore, in signing a multi-album contract, you need to be clear on the wording and meaning of every statement therein. You need it to expressly state that you have the chance to renegotiate after you are through with each album.
Therefore, the moment you receive a record deal, you need to start thinking along these lines. Make sure you cover all bases. Go in prepared if you wish to get the best out of it. However great you are at negotiations, let the experts do it for you.
You will get even more advice here.