According to the IFPI Global Music Report, global revenue from record sales in the music industry for the year 2018 was $9.1 billion. Beyond the thrill of having one entertained, music business is serious business. There is a strong air of astute seriousness associated with music- and it should be approached as such. Jay-Z, a multi-award-winning music artist who is listed on the Forbes list of billionaires is reputed have said, in the song “Diamonds from Sierra Leone” in which he was featured by another billionaire music artist Kanye West, that, “I’m not a businessman; I’m a business, man.” The purport of this statement goes to show why music artists ought to take themselves and the business of their art more seriously. This means beyond raw talent and great artistry, music artist and performers must begin to pay attention to the business side, the revenue generating part of their work. Top of which is that they must begin to pay closer attention to the terms of the deals they enter into and the contracts they sign.
In this short article, I identified certain important terms that music artists must pay attention to in industry specific contracts. Rather than dabble into explaining terms and clauses in specific contracts, I have simplified the identification and understanding of essential terms that music artists should always look out for before the close of that deal and signing of any contract. I simplified this by developing the Mofo Quadrant. Read on, you will get the gist.
Inyada, E. (2021). Record Deals and Music Contracts: A First Step Approach to Protecting Your Rights. Afribary. Retrieved from https://track.afribary.com/works/record-deals-and-music-contracts-a-first-step-approach-to-protecting-your-rights
Inyada, Emmanuel "Record Deals and Music Contracts: A First Step Approach to Protecting Your Rights" Afribary. Afribary, 15 Nov. 2021, https://track.afribary.com/works/record-deals-and-music-contracts-a-first-step-approach-to-protecting-your-rights. Accessed 25 Dec. 2024.
Inyada, Emmanuel . "Record Deals and Music Contracts: A First Step Approach to Protecting Your Rights". Afribary, Afribary, 15 Nov. 2021. Web. 25 Dec. 2024. < https://track.afribary.com/works/record-deals-and-music-contracts-a-first-step-approach-to-protecting-your-rights >.
Inyada, Emmanuel . "Record Deals and Music Contracts: A First Step Approach to Protecting Your Rights" Afribary (2021). Accessed December 25, 2024. https://track.afribary.com/works/record-deals-and-music-contracts-a-first-step-approach-to-protecting-your-rights