Entertainment Management

Entertainment Management

Entertainment management means different things to different people.  This article will speak directly to management not the artist, however not to a specific field.  The tools presented act as a pivotal point in your career.  It is best to consider the following before moving forward.

Management in this industry covers a vast array of talent--artist, a band, comedian, or even a product. As a manager, your primary task is to enhance or further an artist’s career.  You are responsible for ensure that every facet of the artist career or future career is in tact.

The Industry

Before jumping into a relationship with an artist or product, it is important to ensure that the artist is worth your time.  We’ve all witnessed Simon Cowell from “American Idol” and “X Factor” and his approach to new talent.  “You didn't beat the competition you crushed the competition!” This is exactly how you should approach working with an artist—minus the abrasive attitude. Your opinion of a newly acquired should reflect the wow factor that is needed.

Sample Artist Management Agreement

As a manager its important to ensure that your artist or product has a social media presence. With the presence on the internet, it is important that the brand is consistent across the board.  This ensures that the message delivered to the public remains the same. 

Becoming a manager in this industry can be a daunting task.  However, as with any endeavor, it is important to do your research and stay informed. 

There are several resources for this subject matter; I’ve listed some below!

Music Management Guide

This Business of Artist Management

Free Downloads of Agreements

The Industry

The Power of Negotiation

The Power of Negotiation

In the entertainment business, no deal progresses without negotiation.  I’ve recently had the opportunity to interview, Freddie Baez out of Chicago, IL about his experience with negotiating deals. 

Freddie Baez is currently the National Director of Events at GTM, Inc.—a marketing and media agency.  His primary focus is live brand activation and branded content for television. Freddie has been the Event Producer for Master of the Mix Seasons 1 & 2 (a reality show seeking America’s best DJ—providing branded content for Smirnoff).  His most recent client is Diageo.  Freddie believes in “the moments, curating cultural lifestyle integration, and providing the bridge for brands.”

There are a couple of topics that were covered in the interview—The Separation of People and The Problem, Positional Bargaining Tactics, Mutual Gain and The Best Alternative to a Negotiated Deal. These topics were derived from the book Getting to Yes by Roger Fisher and William Ury.

When asked about separating people from the problem, Freddie removes himself from the position of power and presents himself as the “gatekeeper”. Stating that he uses “the client as a tool, so that (he) can be a mediator.” He states, “ I can hear the request, but realistically I’m powerless to change their (the client) position.” Furthermore, by using his experience and reputation as leverage, Freddie ensures the venue that he has their best interest at heart.

Not only does this allow him to a gain the best-negotiated deal, it creates a relationship between he and the venue. Whenever there is a need to bargain by way of position, he immediately reminds the venue that he favors the accounts needs.  When mentioning he accounts needs, he reminds the venue that he is the arbitrator, knows their position and wants to ensure there is mutual gain for both parties. By doing this, he has identified the shared and opposing interests in advance, assuring an easy decision making process.

When asked how he arrived at the best alternative to a negotiated deal, Freddie mentioned that he knows in advance the what his bottom line is—how much he can alter his budget. At this time, when the negotiation is becoming a bit difficult, he uses his “dirty trick”—simply stating “We have to pick a place, you’re our/my first choice, we cant afford to loose time… If I go back to the account/brand I will have to go the your competition. Your competition will gain if we can’t settle.”  If the venue continues to persist, it is common that they heard the deal as a professional courtesy—knowing they did not want the deal.

This interview is very insightful to how negotiations take place in the world of entertainment and venue bookings.

For further insight on negotiations see--
  http://www.inc.com/magazine/20101101/how-to-negotiate-effectively.html

on booking events--
  http://www.pmpmeeting.com/articles/howtobookentertainment.htm

for the book Getting to Yes--
http://www.amazon.com/Getting-Yes-Negotiating-Agreement-Without/dp/0143118757

Crowd Funding!

 

Need assistance funding your dream???

Have you considered? ...... 

Crowd Funding

What is it?

For years, individuals have solicited friends and family members for financial donations in effort to fund a project, passion, or purpose—weddings, equipment or college tuition for example. In recent years, gathering the attention of acquaintances, interested and unknown parties alike, to assist in funding a start-up, project or idea has become increasingly popular. Crowd funding, also known as crowdsourcing, is defined by USLegal.com as “the collective cooperation, attention and trust by people who network and pool their money and other resources together to support efforts initiated by other people or organizations.

Different sources:

1. wefunder.com 
2. startupaddict.com-for those who have a general need
3. peerbackers.com-leverages social media to fundraise through peers and strangers alike
4. believersfund.com - funding through mobile applications
5. rockethub.com – has gained a lot of media attention
6. quirky.com – geared more toward inventors
7. newjelly.com – focused more on launching new artist and films

for more… www.plantostart.com

Important to know:

While seeking funding, it is important to stay clear of “offering equity or a financial return in the company for exchange of funds” which will prompt a legal problem with the Securities and Exchange Commission

www.sec.gov

 

JOBS Act is a “Cost-effective access to capital for companies of all sizes plays a critical role in our national economy, and companies seeking access to capital should not be hindered by unnecessary or overly burdensome regulations. We look forward to hearing the public's views as we write rules that both facilitate capital formation and promote investor protection”

http://www.sec.gov/spotlight/jobs-act.shtml

Crowdfunding Boot Camp Oct 9 -11, 2012, Las Vegas, NV

Networking for the Entertainment Business

Networking is the exchange of information or services among individuals, groups, or institutions; specifically; the cultivation of productive relationships for employment or business. ¹   Traditionally, networking has been produced by relationships created while in college or during previous employment. Networking can also occur through previous business relationships. For instance, working together during numerous events creates relationships between vendors, artist and sponsors. 

Networking can occur in various different ways—social media groups, websites, email, LinkedIn groups, actual face-to-face events, and more. Below is a small list of groups that have formed in Facebook and LinkedIn for networking purposes.

http://www.linkedin.com/groups/Entertainment-Industry-93013

http://www.linkedin.com/groups/Electronic-Entertainment-Industry-Network-92032

https://www.facebook.com/groups/126004724149515/

https://www.facebook.com/groups/entertainmentIndustryconnects/

 

Timing is always of the essence.  Perfect timing creates miracles during networking opportunities. Therefore, it is imperative that one always be prepared to deliver.

Ensure that you are prepared to have substantiated information, fluff will get one no where.  Be honest about your position and your desire to succeed.

http://infinitepossinc.blogspot.com/2012/04/first-impressions-last-forever.html

Finally, a strong network alone will not make you successful.  Creating an audience that is imperative.  To create an audience with a positive view—one that is willing to source you for projects—is done by creating positive reviews, having great talent, or great work. In other words, to create a great audience, display great work.  This way your work speaks for itself.

Final words:

A network must be up kept; relationships must stay fresh.²

An audience grows itself as people talk about you.

Another great read:

http://blacksonvillejacksonville.com/site/how-to-make-real-connections-in-the-entertainment-industry/

¹http://www.merriam-webster.com/dictionary/networking

²http://careergreenlight.com/networking-is-useless