question

What is the typical commission rate for a Business Manager? Tour Manager? Artist Manager? Booking Agent?

answer

Bus. Manager- 5% Tour manager- salary Artist Manager- 10-20% Booking Agent- 10%

question

Who is licensed by the state to book artists?

answer

TA/Booking Agent

question

Can the Artist Manager book their client to do a show on The Today Show?

answer

Yes

question

What is the industry standard length of an AM contract?

answer

3-5 years

question

When working with minors in TN, NY, & CA, what percent of amount is put in the trust for them?

answer

TN & NY- 15%; CA- 25%

question

When working with minors in TN, three things must be done in order to validate the contract with the AM. What are they?

answer

1- have the contract approved by a judge 2- have the judge oversee it every year 3- have a parent/guardian signature

question

Explain the Sunset Clause:

answer

You get less % as time goes on; the manager earns an agreed upon % (commission) after the contract ends

question

What is a Power of Attorney?

answer

Gives the right to sign for an artist (bills, contracts, etc)

question

What are the 4 Powers? Give an example for each:

answer

1-Power of Access 2- Power of Body of Work 3- Power of Most Recent Success 4- Power of Money

question

What are the 4 functions of a Manager? (in order)

answer

Planning, Organizing, Leading & Directing, Controlling

question

What are the 4 parts of the Planning Process?

answer

1- Goal 2- Strategy 3- Tactic 4- Timeline

question

T/F: An artist has the right to put a cap on the amount of expenses a manager can spend on their behalf

answer

TRUE

question

Other than the personal manager, who are the other 4 primary members of the artist's team?

answer

Booking Agent, Tour Manager, Business Manager, & Attorney

question

What are the 4 sources of income in the songwriting/publishing stream?

answer

performance, mechanical, sync, print

question

Which of the 4 sources of songwriting/publishing stream does Terrestrial Radio stations pay for?

answer

Performance

question

Which company does internet radio pay their royalties through?

answer

SoundExchange

question

In the publishing stream, what is the standard rate a record company pays for use of songs sold? What type of license do they use?

answer

9.1 cents; mechanical

question

In the publishing stream, if an artist is also a songwriter on their own album, what type of composition do they use?

answer

Controlled Composition (the record company negotiates)

question

In the publishing stream, what is the monetary amount if the artist is also a songwriter on their own album?

answer

6.825 cents

question

In Live Entertainment, who does the Booking Agent negotiate concerts with?

answer

Promoter

question

Calculate the GP: Concert Hall seats 500 people 250 seats at $10 250 seats at $20

answer

GP: (250 x 10)= $2,500 (250 x 20)= $5,000 2500 + 5000= $7,500 gross potential= $7,500

question

Given the GP is $7,500, which is better? 75% of door vs $5,000

answer

(7500 x .75) = 5,625 so, it would be $5,625 vs. $5,000 you would choose the 75% of door because it is greater

question

T/F: If a Manager is managing an artist at 10% commission, the AM makes commission off of tour support

answer

FALSE

question

What is the royalty rates for a new artist, established artist, and a major artist?

answer

new- 13-16% est. - 20% maj.- over 20%

question

What makes up a SWOT Analysis?

answer

Strengths, Weaknesses, Opportunity, Threats (S & W are internal) (O & T are external)

question

What is an example of a weakness in a SWOT Analysis?

answer

artist can't write

question

What is an example of an opportunity in a SWOT Analysis?

answer

singing the National Anthem at an NBA game

question

What is an example of a threat in a SWOT Analysis?

answer

cancelling a tour

question

What are the 4 alternative Business Models?

answer

LLC, Incorporation, Partnership (LLP), Sole Proprietorship

question

Which of the 4 alternative Business Models would be best for protecting personal assets?

answer

LLC

question

What are the 4 Tools of Entrepreneurship?

answer

Education, Experience, Vision, & Business Plan

question

T/F: An Artist pays commission to the Manager and Booking Agent from their NET earnings

answer

FALSE

question

T/F: A Tour Manager's number one priority is taking care of the Artist on the road

answer

TRUE

question

T/F: Most Business Managers are also certified public accountants

answer

TRUE

question

T/F: The Tour Manager is hired by the Artist's Manager and is paid out of the Manager's commission

answer

FALSE

question

T/F: Tour Managers on larger tours are often given an annual salary

answer

TRUE

question

T/F: It is recommended that an Artist hires an Entertainment Attorney before signing with a manager or management firm

answer

TRUE

question

T/F: When a Manager signs an Artist to the management firm where they work, the Artist's commission still goes directly to that Manager and not to the firm

answer

FALSE

question

T/F: The job for a Tour Manager begins the first day of the tour

answer

FALSE

question

In industry standards, an AM gets a percentage of the Artist's earnings from which revenue streams?

answer

concert bookings, publishing, & record sales

question

In industry standards, a Booking Agent gets a percentage of the Artist's earnings from which of their revenue streams?

answer

Concert Bookings

question

At a large management firm, an Artist may be assigned both a Career Manager & a Day-to-Day Manager. What 3 things would most likely be handled by the DTD Manager?

answer

1- spending time in the studio with the artist 2- handling situations w/ the promoter when TM can't 3- taking the artist to appointments

question

Out of the 4 functions of Management, which is best defined by "assembling the necessary resources to carry out a plan & put those resources into a logical order"?

answer

Organizing

question

Which of the 4 functions of Management is best defined by "taking the resources needed to reach goals and use them efficiently to achieve success"?

answer

Leading & Directing

question

Which of the 4 major powers is an example of "radio programmers have power with their listeners by deciding which songs to play and the # of spins for that song"?

answer

Power of Access

question

Which of the 4 powers is best defined by "the power of legendary status artists such as Aretha Franklin, MJ, Paul McCartney is found in this"?

answer

Power of Artist's Body of Work

question

T/F: Being a manager is immensely time-consuming, but the financial rewards come quickly to make up for all of the hard work

answer

FALSE

question

T/F: Once you have identified your goals, the next step is to come up with the plan on how to achieve them

answer

TRUE

question

T/F: One of the controlling functions of management is leading the team to stay on track with the plan

answer

FALSE

question

Which function of management is monitoring how effectively the plan is being carried & making any necessary adjustments to advance the plan?

answer

Controlling

question

What is the main focus of the exploitation from the Record Label? Publisher?

answer

Sound recording; the song

question

What does "All Success Leaves Clues" mean?

answer

It is about the clues that others see; look at people you consider successful and repeat what they did.

question

What is the focus for an Artist Manager?

answer

To focus on developing long-term goals and careers for their artists.

question

What are 4 things that managing an artist can be influenced by?

answer

Economy, Technology, Social, Politics

question

Explain the principle "Power Carries a Responsibility to Give Back": Give an example

answer

Artists and people who have had success in the music business should use their talent to improve the quality of life of those who need help. This will help aid in efforts to raise money for world hunger, flood/earthquake victims, or pay medical bills for a needy family.

question

Give a real-world example of what the following statement means: "The agendas of many people on the music business determine whether you matter to them"

answer

It depends whether you are relevant to them or not. If you're put on the backburner because you're not on the forefront of their mind, then maybe the market isn't ready for you or you are already past the market.

question

What are 3 things that create stress for an Artist Manager?

answer

1- constant pressure to plan & try alternatives 2- when a style prefers order and predictability; they must always be ready to react 3- they are ultimately responsible for every performance; they don't have set office hours

question

How many years does a Manager usually spend developing a new artist before seeing any real income from royalties, publishing, or even ticket sales?

answer

3-5 years

question

Which of the 4 powers are an example of "booking agents have this power because their relationship with prominent promoters & concert venues"?

answer

Power of Access

question

Which of the 4 powers is an example of "successful tours, music downloads, & songs that find acclaim in their ability to earn give power to those responsible"?

answer

Power of Artist's Latest Success

question

Major record labels' ability to dominate (influence) award show nominees, performers, & even awards can be found in which of the 4 powers?

answer

Power of Money

question

T/F: Most new artists are unable to pay their manager's expenses when they start working together

answer

TRUE

question

How long can record royalties take for an artist to earn from release date?

answer

2-3 years

question

T/F: Hard work doesn't guarantee success in the music business, but it is doubtful you will succeed without it

answer

TRUE

question

Is an artist's family a gatekeeper?

answer

No

question

T/F: Money can provide access through any of the Gatekeepers you are trying to get to

answer

FALSE

question

T/F: An Entrepreneur is someone who has a view for a new business and a new idea of how to make it successful

answer

TRUE

question

T/F: A broad education of a Bachelor's is necessary for those wanting to pursue a successful career in the Music Business

answer

FALSE

question

T/F: A company's vision statement defines what the company is today

answer

FALSE

question

T/F: An Entrepreneur's Vision Statement is an expression of where your business could be in some defined future

answer

TRUE

question

As an Entrepreneur Manager, a budget for your personal living expenses doesn't include what?

answer

travel to shows

question

T/F: Most Artists don't need a Manager until they are prepared to become a commercial artist

answer

TRUE

question

T/F: After developing a business plan, it's recommended that an Entrepreneur Manager should determine how much $ they need to survive for 1 year without making a profit

answer

FALSE

question

T/F: Among the attributes of the younger generation is having the ability to be very patient in pursuing and achieving success

answer

FALSE

question

What is the best example of a LONG-TERM goal for a brand new artist?

answer

Headlining a tour

question

What are 3 examples of SHORT-TERM goals for a new artist who is already signed to a record label?

answer

Recording an album, writing songs, and signing with a booking agency

question

What are the 4 Market Segmentations?

answer

1- Demographic 2- Geographic 3- Psychographic 4- Behavioristic

question

Of the 4 Market Segmentations, which is the easiest to identify?

answer

Demographic

question

Which segmentation is best defined by "dividing a market up by the lifestyle characteristics of music buyers"?

answer

Psychographics

question

Which segmentation is best defined as "dividing the markets by looking at why consumers engage with a product"?

answer

Behavioristic

question

A ______ is the artist's name and everything associated with it

answer

brand

question

A(n) _______ is the way people feel about the artist

answer

image

question

Which of the 4 Alternative Forms of Business is "a formal business form that requires filing a charter with a state's secretary of state"?

answer

Corporation

question

An Individual's Right to Publicity means that people have the right to control the commercial EXPLOITATION of their name, image, or likeness

answer

TRUE

question

Strategies are the things the Artist and Manager do every day to implement the tactics in order to achieve goals

answer

FALSE

question

After an Artist develops individual strategies, they need to establish a TL to accomplish them

answer

TRUE

question

T/F: The objective in a meeting with the record label is for the Manager to convince those in the meeting that their Artist is unique and the best new talent out there

answer

FALSE

question

T/F: The meeting isn't about you, the Manager, or about the Record Label. The meeting is about the Artist.

answer

FALSE

question

T/F: The one thing that Ethics and Payola have in common is that they are both regulated by laws

answer

FALSE

question

T/F: Payola is when someone offers a radio station something of value to play a song without disclosing the payment on their air or to the station manager

answer

TRUE

question

T/F: Breakeven for the ARTIST means the artist's fee is equal to the expenses associated with doing the show

answer

TRUE

question

When both are on a large tour, does the Road Manager take direction from the Tour Manager?

answer

YES

question

Where would a Manager go to get statistical info on how well the record label is doing as a whole?

answer

All Access

question

Which of the Basic Fee Structures is "artist gets paid an agreed upon amount; typically done on soft ticket shows"?

answer

Flat Guarantee

question

Which Basic Fee Structure is described as "artist gets paid an agreed upon percentage of the ticket sales"?

answer

Straight Percentage

question

What is the total the box office actually takes in for all sales for the event before any expenses have been taken out of the total?

answer

Gross at Settlement

question

What 3 things would be included as part of the Performance Contract?

answer

technical rider, cancellation clause, advertising approval

question

T/F: An Artist's contract with a Record Label is on a non-exclusive basis

answer

FALSE

question

Does the Record Label provide all financing necessary to create the sound recording for the Artist?

answer

YES

question

T/F: The expenses being charged to the Artist are payable back to the Record Label ONLY if the recording earns adequate income from the project to pay them

answer

TRUE

question

T/F: The recording contract requires the Artist to pay for ALL of the costs of recording an album

answer

TRUE

question

T/F: Artist Advances are "loans" against future anticipated royalties

answer

TRUE

question

T/F: An Artist Manager is ALLOWED to take commissions on the Artist's Advance

answer

TRUE

question

T/F: An Artist Manager CANNOT commission the recording costs used to make the artist's album

answer

TRUE

question

T/F: An Artist Manager CANNOT commission the tour support given to the Artist

answer

TRUE

question

T/F: Royalties paid to the artist from the sale of their single or album, are a percentage of the wholesale price of the recording

answer

TRUE

question

T/F: Regarding royalty pay-out, singles earn 3/4 the rate of an album

answer

TRUE

question

If an Artist is paid 10% royalty for each album sold through iTunes, and the wholesale price is $7.00, then the artist earns how much in royalties each time an ALBUM is sold?

answer

(7 x.10) = 70 cents

question

If an Artist receives a $25,000 Advance and the Recording costs were $75,000, how much money in commissions would their Manager earn if they were a 20% manager?

answer

(25,000 x .20) = $5,000 (since a Manager cannot commission off of recording costs, and can commission off of an Artist's Advance)

question

T/F: An Artist signed to an "all-in" contract means that the specific royalty rate being paid to the artist includes the royalty payment to the producer of the recording

answer

TRUE

question

T/F: The responsibility of paying the record producer is the artist's and is done through the artist's royalty earnings

answer

TRUE

question

T/F: If an Artist decides to create a music video, they must pay for the entire amount out of their advance

answer

FALSE

question

T/F: In a record label's 360 deal, it gives the record company a license to use the artwork created for the album for the other products

answer

TRUE

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