Sunday, July 10, 2011

Selling A Million And Still In The Hole

If ever there was a reason to not be on a major label, imagine finally hitting it big with a million selling album only to find out that you're in the hole $500k to the record label, with additional money owed to management and agents. You think that's far-fetched? Watch this video by entertainment attorney Martin Frascogna, as he explains an all-too common scenario where just that happens.

Now keep in mind that if you have a good music lawyer your situation might not be as bad as what's described in this video, but you could still easily wind up owing money. The good part is the fact that you'll probably be in-demand to play shows, which will bring in additional revenue, but if you've signed a 360 deal, the label will have its hands in your pocket on that too. This can discourage someone who's only in it for the money, but not if you're in it for the music. Which one are you?
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