Are you new to the music industry? Looking to work with artists or run your own label? This is the section where Rob Eakins (Ultimate Fake’s Managing Director) will share some of his experiences and give you tips for starting your own music business. We’re currently involved in a programme for new creative industries businesses on Merseyside, so please get in touch if you have any comments or topics you’d like to discuss.
01/06/10 - No one wants to sign to my label!
We were contacted recently by someone who wanted to set up his own label, but couldn’t persuade any bands to sign on the dotted line. He was amazed that uttering those two magic words “record deal” didn’t have them running off to find a pen. After a brief discussion it became apparent that the chap didn’t have any kind of relationship with any of the artists he’d approached, and given that his label was brand new, he didn’t have a track record of past successes with which to impress them. So ask yourself: Would you sign the rights in your material over to a complete stranger? I certainly wouldn’t. Even established labels tend to get to know artists before signing them, as each side will usually want to find out about the other’s reliability, expectations and working practices. If you’re a new label struggling to find someone to join your roster and you’re keen to get your business off the ground, it could be a good move to work with artists who know you on a personal level, who trust you and are prepared to give you a chance. You might wish to make the terms a bit more generous than you might in the future when you’re established and successful, in order to encourage them to sign to your company, or give them the option to curtail the contract at some suitable point if you haven’t held up your end of the bargain. Think carefully about this though, as you don’t want to be left out of pocket. Remember, musicians can record, release and promote their own material more easily than ever, so if you want a piece of the action you’ve got to offer something impressive in return.
