Exam 1 Flashcards
Agent
Someone who sets up jobs/gigs for an artsit
Celebrity
A product of media representation, publicity regimes, and fame-making apparatus
Public Relations
Someone who is in charge of an artist’s interactions with the public
Sole Proprietorship
Being owned by one person
Sunset Clause
Post-term commissions meaning the artist still pays their manager after the contract ends
Synchronized licensing
A license granting permission to sync a song with a moving image ie. TV, Film and ADs
Administrative Agreement
an administrator collects all income for a songwriter or publisher; 3-5 year terms
Cross-Collaterization
Royalties recouped to pay back previous advances
Flat Gurantee
Pays the act a specific amount of money regardless of ticket sales
PEST
Political, Economical, Societal, Technological
Licensing
The legal process that allows artists to make money off of their work
Musical Intelligence
the potential to appreciate, consume and perform music
Intellectual Property
Tangible creative work that is in physical form and includes copyright, trademark, and patents.
Trademark
A recognizable sign, design or expression identifying products or service
Limited Liability Company
A business structure where the members are not personally liable for the company’s debts and liabilities
Commission
The pay that managers receive that is typically 15-20% of the artist’s net income
Key man Clause
Assures the artists that their agreements with their manager remains, even if the manager leaves the company
Mechanical License
A license used for distribution of a song and royalties
Co-Publishing Agreement
A publisher administers an artist’s composition or compositions
Advances
Funds that are paid back from royalties
Artist Manager
The primary advisor and responsible controlling entity of an artist
Audience
The listener and target market
Concert Promoter
Someone who promotes, organizes, advertises and finances live performances
Merchandising
The exploitation of rights in a name, image, object or design with an unrelated product of service
Life-Cycle
The amount of time for an artist’s career; depends on the artist’s branding
Creativity
The ability to produce novel and unique ideas
Fans
the audience who finds value in the product/music
Authenticity
Being able to entice a wide range of emotions, perspectives and situations with your work
Economic Rights
Rights associated with the money and the economic value of creative work
Patent
Right to exclude others from making, using, or selling an invention (utility, provisional and design)
Contractual Clause
A clause that establishes required agreements in a contract`
S Corporation
A business structure that can consist of up to 100 shareholders and sanctions like a partnership
Adjusted Gross Income
The income after expenses have been deducted from the gross income
Indemnity
Security or protection against a loss, financial burden, or legal liability
Grant of rights clause
A songwriter assigns (sells) the song’s copyright
Recoupable
Costs and advances that are collected from royalties at a future date
Option Periods
Rights to upcoming recordings or songs that may be exercised by a company per their contract; typically 9 months
Endorsement
A famous artist who uses public recognition to recommend or co-present with a product in an ad
