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What is the single most important aspect of the music industry an artist manager needs to understand?
Thomas Leavens, Music Business Attorney
” I think the most important aspect of the music industry that an artist manager needs to understand is how to find value in the transactions that the manager handles on behalf of the artist. Value is not just a matter of metrics – how many dollars, the royalty rate, or the number of anything.
“Value can be found in strategic relationships, data, market sculpting, control, reversions, and other matters that metrics don’t measure. Each transaction has its own value to be parsed out, and recognizing where the value lies in the transaction and how it can be maximized for the benefit of the artist (or when to walk away when there is no value) is the most important function that a manager must understand and perform.”
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Professor David Philp is Assistant Professor Music Management & Popular Music Studies at William Paterson University. He is the co-host of the only FREE advice college radio-based music & entertainment industry talk show in America, Music Biz 101 & More, which airs live most Wednesday nights and is available as a podcast HERE every night (days too). Your favorite professor is also co-author (with Dr. Steve Marcone) of Managing Your Band – 6th Edition. Reach him at PhilpD@wpunj.edu or find him on LinkedIn HERE.