If your long-term strategy for success is to get ‘signed’ by a major label here are three main pitfalls that you should be aware of (and a major reason why we run our business the way we do, keeping you in control).
In the music business actually very few people get a big ‘deal’ from a major label - you actually have more chance of becoming a millionaire through playing the lottery than through being signed by a record label! In our experience of those that do, the majority of artists come away from it worse off than before they signed. This article from someone who got dropped by a big label is extremely illuminating and I recommend you take a look at it.
Look out for these 3 worst contracts ever…
1. The contract that actually turns out worse than minimum wage
Sometimes a contract looks like it promises a wealthy future - but that’s only if you sell a LOT of records - If Simon Cowell takes 50% of your record sales and you sell 1 million records - great! you’ll still have a decent standard of living. Very few people sell that many records. We know lots of artists who are not that well known who are making a great living for themselves - and others who get a lot of publicity but are practically penniless. Which would you rather be?
2. The contract that lasts for ever
Getting a deal while you’re young and don’t have many overheads other than Bollinger and Versace may seem amazing… but 10 years later and you want to buy a house but you can’t because you are still tied into the deal you signed when you were 18? Bad times. This can ruin a career if the label decide they don’t like what you are producing and you are stuck in a contract but not able to get your music out there.
3. The contract that is actually just there to shut you up
Sadly this happens. A label has an act a bit like you - they want them to succeed and you are competition that will get in the way. What do they do? Sign you as well on a deal that won’t cost them much - they then have rights over your material so you can’t publish it elsewhere and won’t let you record new stuff. Your career is over.
It is now so much easier to achieve the things yourself that previously only the major labels had the ‘reach’ to achieve… If you get a good team around you and combine it with a sensible work ethic you can now make more money, create a far bigger fan base and send your music further around the world than ever before…! Our model at Sound Consultancy is to empower you to become a success rather than take over and make you a puppet for corporate shareholders. We believe you reap what you sow, basically - so if you’re prepared to work hard at making your music a career we can help you move up to the next level. There’s very few careers where you can progress and succeed without investing and sacrificing in order to get started/ get the help and resources you need etc. That’s where we can help you learn how to maximise your return on your abilities and time and effort.
Whatever you need to take your music to the next level - don’t wait around for that magic deal to come and do it all for you - there’s another way! Invest your money and time wisely. Contact us today for a chat about how we can help you: joel@soundconsultancy.co.uk