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What is the most important thing to remember when negotiating a record deal?

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If you are a musician who wants to make a living from your art, you might dream of signing a record deal with a major label. However, before you sign on the dotted line, you need to be aware of the potential pitfalls and risks that come with a contract. In this article, we will discuss what is the most important thing to remember when negotiating a record deal, and how to protect your rights and interests as an artist.

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Ian Steaman

Reformed Music Industry Executive Turned Award-Winning Screenwriter
Johanna Canton

CMO at Dreams Records
Daniel McNamara

A&R / Digital Marketing Manager at Ostereo | Director at Mara Music Group

1 Know your value

The first thing to remember when negotiating a record deal is to know your value as an artist. How much do you expect to earn from your music? How much creative control do you want over your songs and image? How much are you willing to compromise or sacrifice for the sake of exposure and promotion? These are some of the questions you need to answer before you enter into a negotiation with a label. You also need to do some research on the market and the industry, and compare your offer with other similar artists. Don't sell yourself short or settle for less than you deserve.

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Ian Steaman

Reformed Music Industry Executive Turned Award-Winning Screenwriter
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1. Use an experienced entertainment lawyer, preferably one who specializes in recording contracts. 2. Try to have them strip out as many of the recoupable expenses as possible from the contract. In a digital/streaming world, many of these expenses relating to physical manufacturing and distribution are no longer applicable. 3. Try to retain your publishing rights and fight for reversion clauses to retake ownership of your masters (master recordings) after a given period of time. Ideally you would merely license your music to a label but as a newcomer with limited leverage, that's very difficult to get as is any language that gives you back your masters. But it's worth fighting for if you have a well-founded belief in your own talent.

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Johanna Canton

CMO at Dreams Records
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1. Claridad en los derechos de propiedad intelectual: Asegúrate de entender quién posee los derechos sobre tu música y cómo se reparten los ingresos generados por ella. 2. Términos de duración y compromisos: Define claramente la duración del contrato, así como las obligaciones tanto para el artista como para el sello en términos de lanzamientos, promoción y distribución. 3. Transparencia financiera: Exige una transparencia total en los informes financieros para garantizar que recibas una compensación justa por tu trabajo, incluyendo regalías, gastos y cualquier otra ganancia relacionada con tu música. Lo más importante: Contratar una firma legal especializada sobre Industria Musical.

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Alessandro Carli

Guitarist, educator, composer
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The most important thing to keep in mind is: ALWAYS seek legal assistance before signing! Hire a good lawyer who has experience in music industry deals, or if you live in UK join the Musicians' Union and they will provide you one for free!

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Mixer Man

music producer
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make sure the record label you sign to has a track record of releasing hits, and also see how long it times for the record label to release music.

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2 Understand the terms

When negotiating a record deal, it is essential to understand the terms and conditions of the contract. A record deal is a legal document that binds you and the label to certain obligations and rights, so it is important to read it carefully and ensure you comprehend its implications for your career and income. Notable terms to be aware of include royalties (the percentage of revenue you receive from sales or streams of your music), advances (the money the label pays you upfront to cover recording and living expenses), recoupment (the process of the label recovering advances and other costs from your royalties before you see profit), ownership (the rights the label has over your master recordings and publishing), duration (the length of time the contract is valid for, and how many albums or singles you are obliged to deliver), options (clauses that give the label the right to extend or terminate the contract based on certain criteria), and exclusivity (restrictions that prevent you from working with other labels or partners without the label's consent).

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3 Seek professional advice

The third thing to remember when negotiating a record deal is to seek professional advice from a lawyer, a manager, or an agent. These are people who have experience and expertise in the music industry, and can help you review and negotiate the contract. They can also represent your interests and advocate for your needs, and protect you from any unfair or abusive terms. Don't sign anything without consulting them first, and don't be afraid to ask questions or request changes. Remember, a record deal is a business relationship, not a personal favor.

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Daniel McNamara

A&R / Digital Marketing Manager at Ostereo | Director at Mara Music Group
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Do not feel pressured to sign a legally binding contract without fully comprehending the terms. Once signed, it can be exceptionally challenging to free yourself from the agreement. Scrutinise every point you receive. Contracts can be perplexing and contain jargon that may be unfamiliar to you. If you're new to the industry and feel there's no one to turn to, consider checking Fiver for a music lawyer or industry professional who can review your contract and explain its details. Alternatively, ChatGPT can be helpful in simplifying clauses into layman's terms.

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4 Consider alternatives

The fourth thing to remember when negotiating a record deal is to consider alternatives. A record deal is not the only way to achieve success and recognition as an artist; there are other options that might be more suitable for your goals and vision. For example, independent labels often offer more flexibility and freedom, while self-releasing gives you full control over your music and finances. Alternatively, you can license your music to a label or a third party for a specific purpose, such as a film, game, or advertisement. This way, you retain ownership of your music and receive a fee or royalty for its use.

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5 Be realistic

The fifth thing to remember when negotiating a record deal is to be realistic. A record deal is not a guarantee of fame and fortune, nor is it a magic solution to all your problems. It is a partnership that requires hard work, dedication, and compromise from both sides. You need to be prepared for the challenges and opportunities that come with a record deal, such as the highly competitive and saturated music industry that requires you to stand out from the crowd and stay up-to-date on the trends and demands of the market. The label will have expectations and targets for your performance and output, as well as potential changes or adaptations to your music or image that you may have to accept or reject. Additionally, there are risks involved, such as the label not delivering on their promises or obligations, or going bankrupt or dropping you at any time.

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Braulio Cavazos

Marketing, Music & Business
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Así como en cualquier negociación, conoce cuáles son los intereses de la otra parte, sin ellos difícilmente lograrás llegar a un punto medio en donde ambas parte ganen.

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6 Trust your instincts

The sixth and final thing to remember when negotiating a record deal is to trust your instincts. At the end of the day, you are the one who knows your music and your audience best, and you are the one who has to live with the consequences of your decision. Don't let anyone pressure or persuade you into signing something that you are not comfortable or happy with. Listen to your gut feeling and follow your passion. A record deal is a big step in your career, but it is not the only one. You have the power and the potential to make it happen, with or without a label.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Daniel McNamara

A&R / Digital Marketing Manager at Ostereo | Director at Mara Music Group
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Be wary of 360 deals. Despite potential advantages, a 360 deal poses significant drawbacks (know what you're getting yourself in for). It entails a loss of control, extending beyond music production to endorsements, merchandise, and live performances. Revenue-sharing diminishes an artist's income, with the label taking a cut from various streams. Long-term commitments and complex accounting are challenges, particularly for emerging artists. Pressure to generate revenue from multiple sources limits flexibility and collaborations. Careful review and negotiation are crucial to ensure fairness and alignment with an artist's career goals. Once signed, you're locked into an overbearing contract that is next to impossible to leave.

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What is the most important thing to remember when negotiating a record deal?

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1 Know your value

2 Understand the terms

3 Seek professional advice

4 Consider alternatives

5 Be realistic

6 Trust your instincts

7 Here’s what else to consider

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