artist management

what are the 3 music industry revenue streams?

Sound recording, Publishing, and Live entertainment 

Which manager is primarily responsible for an artist's overall career direction and strategy?

Personal manager 

What is the standard commission rate for a business managers. _% an artist of gross income 

5

A booking agent typically commissions income from which revenue stream?

live entertainment revenue stream only

Five Powers in the music business? Power of: money , access, hard work, latest success and _______

power of body of work

What are the four functions of management?

Planning, organizing, leading, controlling

What are the Elements of planning? 

Timelines, Goals, Strategies and Tactics

What is the primary goal of an artist manager?

Develop an artist career 

Which contract term gives someone authority to act on behalf of another person?

Power of attorney

What financial concept refers to building a business with limited outside funding and using your own resources?

Bootstrapping 

How much money does a personal manager make?

10-20%

What is a mission statement?

describes current goals

what is a vision statement?

describes future goals 

What is a sunset clause? 

It allows a former manager to continue to receive commissions for a limited time after the contract ends. 

Which stakeholder is most likely responsible for purchasing or guaranteeing a performance for a specific event or venue?

Concert buyer 

A manager identifies that radio programmers are preventing a song from gaining exposure. In this situation, the radio programmers would be considered:

Gatekeeper 

Which planning element explains HOW a goal will be achieved at a broad level?

Strategy

When self-managing, which challenge most commonly results from not having a professional team?

Balancing creative and business challenges

An established artist and a major artist both hire business managers. How would their standard commission rates compare?

they receive the same percentage

how much does a business manager make?

5% of an artist gross income

what revenue streams does a business manager receive commission from?

live, sound recording and if the artist is a songwriter, publishing

Which revenue source can a booking agent generally NOT commission?

Merch sales 

A manager leaves a company and an artist has the right to terminate the agreement because that specific manager is gone. Which contract provision is involved?

Key man clause 

Which concept best describes a situation where a manager's personal interests could interfere with decisions made for the artist?

Conflict of interest

An artist wants to become relevant to a concert buyer despite having little money. Which power would be MOST helpful if the artist recently had a viral hit?

Power of latest success

Which planning element answers the question 'What specific actions will we take this month?'

Tactic

When managing a minor, which topic receives special attention in states such as California, New York, and Tennessee?

Trust funds

A manager introduces an artist to influential promoters, venues, and media contacts. Which power is primarily being used?

Power of access

Which number should generally be used first when calculating a personal manager's commission?

Artist gross income

Most business managers are also…

certified public accountants

In industry standards, an artist personal manager gets a percentage of the artist's earnings from which of their revenue streams?

All of the revenue streams

Which one is best defined by the following statement: "taking the resources needed to reach goals and use them efficiently to achieve success?"

Leading & Directing

How many years does a manager usually spend developing a new artist before seeing any real income from royalties, publishing or even ticket sales?

3-5

Which Market Segmentation did we talk about in class as being the easiest to identify?

Demographic

Which market segmentation is best defined as dividing the markets by looking at why consumers engage with a product.

Behavioristic

A(n) _____________ is the artist's name and everything associated with it.

brand

a(n) __________ is the way people feel about the artist.

image

Which one of the Basic Fee Structures is best described by tthe following description: Artist gets paid an agreed upon amount. Typically done on Soft Ticket shows.

Flat Guarantee

the first recording of a song by a recording artist on an album is granted what is called a __________?

mecanical license

which one of the following organization's responsibility is best defined as "a company that licenses songs on behalf of many publishing companies in the US, and then collects the royalties for their use to be paid to the Publisher."

Harry Fox Agency

Which one of the following organization's responsibility is best defined as "licenses the use of copyrighted musical compositions for public performance and then collect royalties for the use on behalf of publishers and songwriters."

Performance Rights Organization

Which one of the following organization's responsiblity is best defined as "collects and distributes digital performance royalties on behalf of the owners of copyrights of the sound recordings used on satellite radio or the Internet."

SoundExchange

Which one of the following is not one of ASCAP's top five qualities that increase someone's potential to become a hit songwriter?

Amount of commissions