Licensing & Publishing: Making money in the new music industry
On January 22 we welcomed a packed house tot he MRC for a workshop on licensing and publishing. In case you missed it, here’s a recap from MRC Director Cameron Mann.
Last weekend the MRC hosted its first music business workshop of 2011 – Publishing and Licensing: Making money in the news music industry, featuring entertainment attorney Angela Green; Owner of RedWax Music Katherine Sage; and Elizabeth Brown from Ardent Music/Records.
The first portion of the workshop laid the foundation of publishing fundamentals, from signing up for a performance rights organization, songwriter split sheets and making sure your music is copyrighted and registered properly, to royalty reporting and calculation. After that, the panel discussed the different avenues for conventional licensing and how money typically breaks down in publishing agreements between a label, publisher, artist and PRO. The digital side of the performance royalty world is the arena that elicited the most audience questions and discussion.
More and more money is being generated each year for artists from streaming sites such as Pandora, and a relatively new PRO called SoundExchange is collecting digital performance royalties on artists’ behalf. Artists are getting more clever about leveraging their video content by allowing digital video aggregators to attach ads to their videos, which is generating revenue for them through sites like Vimeo, Revver and YouTube.
However, the most interesting thing to remember about all intellectual property is that artists must continue to do the best job they can to make their music more valuable real estate through a combination of good old fashioned guerilla and street marketing combined with a well-crafted and purposeful web strategy.