Negotiating a wage and waiting for your payment isn’t always easy in the music business. Many music business occupations pay by % for one-off deals and freelancing labor. However, various music industry positions pay differently.
As a result, the music profession you pick will significantly influence your earnings. Remember that this is broad information and that the agreement you sign will determine your situation.
Managers are paid a share of the artist’s earnings. Musicians may also pay managers a salary, which acts as a retainer, preventing the management from working with other bands. This second circumstance only arises when artists earn enough money to live well and genuinely need to ensure their leadership is solely focused on them.
Promoters profit from the selling of concert tickets. This can happen in two ways:
After covering their expenses, the champion keeps a part of the show’s revenues, leaving the rest to the musicians. This is called a door split.
The promoter may agree on a predetermined payment with the artists and then retain whatever money is left over after expenditures.
Agents get a cut of the fees for the gigs they book for performers. An agent who negotiates a $500 concert charge for a band receives a percentage of that $500.
- Record Labels
Record labels generate money by selling albums. This implies that you depend on your employment and the label you work for. According to PaydayNow, Owning a record company means selling enough recordings to pay your expenditures and earn a profit. Working for another record label usually means a salary or hourly rate. The salary/wage is determined by the label’s size and your job.
- PR for music
Music PR firms get paid per campaign, whether radio promotion or press. They negotiate a fixed pay for working a release or tour, which generally covers a specific length of time. Music PR firms may also get incentives for successful campaigns and meeting particular milestones, such as selling a certain amount of albums. They are made before the campaign.
- Music critics
Freelance music journalists are paid by assignment or contract. If they work for a particular newspaper, they probably get paid.
Record producers might be paid on a per-project basis or a salary if they work for a studio. Points are another critical component of music producers’ remuneration, allowing them to participate in the revenues from their work. Not every producer gets points.
Independent sound engineers are paid per job, which may be a one-night deal or a tour, in which case they are paid for the time and may also get per diems (P.D.s). Engineers that work only for one venue are likely to be paid hourly.
What about the musicians? They earn money by performing, selling goods, and licensing songs. They have to split the money with the persons indicated above, but they also have to share mechanical royalties. If you don’t mind performing other people’s music, you may become a session musician.
Making money in the music industry is based on percentages and contracts. So everyone must agree on how payments will be made. Also, get it in writing.