This is particularly evident in the music world where unfortunately many an agent, accountant, attorney, manager or even friends are "out of their league" and unfortunately are not acting in the best interests of the artist.
As Peter M. Thall mentions in his book What They'll Never Tell You About The Music Business: The Myths, the Secrets, the Lies (& a Few Truths) "it is not enough to know the things you think you need to know about the music industry. Those who live within it-whether at the artistic or the business pole or somewhere in between-must know more. They must know the difference between surface and substance; between truth and lie; between reality and myth."
Thall is an attorney specializing in entertainment and copyright law. Some of the clients he has represented have included ABBA, Pat Benatar, The Cars, Miles Davis, The Irish Tenors, Barry Manilow, Anna Moffo and Simon & Garfunkel.
In other words "he is no babe in the woods," and his book reflects his many years of invaluable experiences that he shares with his readers.
Presented in a clear and efficient manner, the reader receives priceless counsel concerning royalties, personal managers, business manager, record producers, promotion, touring, merchandising, copyright issues, musicians contracts, music publishing, internet entrepreneurship, urban music, classical music, and the role of record companies.
In fact, in many instances in order to grasp the full implications of what was being revealed, I was forced to re-read paragraphs or sections that offered deep insights of a topic.
This was particularly evident when Thall discussed royalties and how the pie is divided among the various players.
It was an eye opener to learn that very often the musician is left with "chicken feed" at the end of the day, after everyone takes a percentage of the earnings.
Although much of the book is devoted to legal and accounting matters, there are also chapters dealing with personal finances and the importance of being surrounded with honest and competent advisors. Unfortunately, sometimes musicians are "shafted" by unscrupulous managers, accountants, lawyers or other individuals who form part of their entourage.
Reading this book is beyond doubt a learning experience and will certainly serve as an important resource for musicians as well as their advisors.
This review first appeared on reviewer's own site
This information can evoke essentials that you may not even know exist, and help hedge against potential trouble like heeding regulations and scrutinizing your assembled team bridging your weaknesses with your strengths.
It is rare...or nearly impossible to be given legitimate sincere advice on the ins/outs of the music industry via published works. "Confessions" is one, and this is definitely another!
Looking at the artist's net earnings after all expenses, and the standard recording agreement most companies draft up, no wonder some artist's are labeled sell-out's and are criticized for their envisions and protuberances.
If you're 100% serious about making a living working in the music recording industry, and looking to save time and money, "What They'll Never Tell You About The Music Business" is a major fundamental. It's a Prerequisite, expressive and totally educational, no-holds-barred. One of the most unnerving experiences about being in the music business is getting ripped off. Read this so you won't!