I have lots of new goodies for you since we last got together, such as the dominance of streaming, why artists have more power than ever in history, the emergence of music created by artificial intelligence (some argue that’s been going on since the beginning of stoner rock)
In the insightful piece “Getting Your Team Together” by Donald S. Passman, featured in the 11th edition of All You Need to Know, the focus is on the evolving landscape of the music industry and the critical importance of assembling a professional team to maximize an artist’s career and net worth.
The article delves into the undeniable impact of streaming, the power shift towards artists, the influence of TikTok on music, and the burgeoning realm of music in the Web3/metaverse/NFTs, among other updates.
Passman emphasizes the business aspect of being an artist, highlighting the necessity of viewing oneself as a business capable of generating multimillions of dollars. He points out that while many artists may not have an affinity for business, success in the music industry requires a professional team comprising a personal manager, attorney, business manager, and agency.
The article candidly addresses the reality that artists’ careers have a limited run, urging them to plan financially for the future.
The journey to assembling a team begins with either a manager or a lawyer, often starting with someone close yet inexperienced, transitioning to more seasoned professionals as the artist’s career progresses.
Passman offers practical advice on finding and engaging with potential team members, stressing the importance of persistence and the right approach in making connections within the industry.
He also touches on the significance of understanding who will handle day-to-day work, the necessity of clear communication regarding fees, and the value of a professional relationship that may not necessarily be a friendship but should be based on respect and effective communication.
This comprehensive guide not only serves as a roadmap for artists navigating the complexities of the music industry but also underscores the importance of strategic planning, financial prudence, and the relentless pursuit of professional relationships that can propel an artist’s career forward.
Source: Getting Your Team Together – Music Connection Magazine
