To be a successful manager you should:
- Know and understand all of the potential revenue streams available for talent to exploit.
Songwriters share, publishers share, producers split, songwriters split, breakages, synchronization, recoupment, returns, mechanicals, points, advances, streaming, soundexchange, masters and the list goes on and on.
If you don't know what these words mean and how they relate then you have some necessary reading.
- Have connections and more importantly relationships within the music industry.
Having connections, knowing people, and being in the mix is one thing. These lend credibility to your ability to get things done but you have to actually get things done.
Getting things done or conducting business with people is the only way to build a true relationship; being seen in the club, going to meetings and negotiating deals don't mean a thing if you can't close the deal and manage the situation to a profit.
- Have a sense of music history so that they can spot trends on the horizon, understand the fans of the talents music and grasp technology's roll in the creation of your talents music. All 3 of these have direct effects on your revenue streams and help you maximize your talents creative output.
This is often overlooked by aspiring managers. To truly be part of the music community and properly exploit talent you need to know about the music community. It's not necessary to know about every instrument or genre but if you manage a reggae act your best bet is to know something about reggae music.
Knowing the musical history of a genre of music also lets you spot authentic talent. Authenticity is a key ingredient to spotting talent that could potentially last.
- Have their finger on the pulse of the current music industry.
It’s important to stay current with your information so that you can effectively forecast trends in the music industry.
Magazines, Youtube, podcasts, web articles, books, social networks. There’s no excuse to not expose yourself to some of the different reviews, opinions, and current events of the business side of the industry.
This goes beyond reading or participating in celebrity gossip or knowing who won on “The Voice”. This has to do with real industry news and incite.
A successful manager is strong in all 4 categories, but it takes years of experience to get to that point.
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