All You Need To Know About Business – Called “the industry bible” by the Los Angeles Times, veteran music lawyer Donald Passman is the guide for everyone in the music business through ten editions, over thirty years, and more than ten editions. half a million copies sold. Now with updates explaining why musicians have more power today than ever before in history; discussion of the mega-million dollar sales of artists’ songs and record catalogs; how streaming media artists, and especially TikTok, have full access to the music business; the latest in AI-created music; and a full update on the latest numbers and trends.
For over thirty years, Everything You Need to Know About the Music Business has been the definitive guide to the music industry. Now in its eleventh edition, Passman guides novices and experts alike through the most profound change in the music business since the days of wax cylinders and piano rolls: streaming. For the first time in history, music is no longer monetized by selling something – it’s monetized by how many times a listener streams a song. And also, for the first time, artists can get their music to listeners without the custody of the record company, creating a new democracy for music.
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The “industry bible” (Los Angeles Times), now updated, is essential for anyone in the music business – musicians, songwriters, lawyers, agents, promoters, publishers, executives and managers – and the definitive guide for anyone who wants with them being in the business.
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So whether you are – or aspire to be – in the music industry, veteran music lawyer Passman’s comprehensive guide is an indispensable tool. It provides timely information on the latest trends, including why artists are more influential than ever before in history, the massive influence of TikTok, mega million dollar sales of artist songs and record catalogs, music in Web3 and the Metaverse, created music. with AI, and a full update on the latest numbers and practices.
And for you Spinal Tap fans, “This one goes to Eleven” (if you have no idea what I’m talking about, Google it).
I have a lot of new stuff for you since we last met, such as the dominance of streaming, why artists have more power than ever before in history, the rise of music created by artificial intelligence (some argue that that’s been going on since the beginning of the year. stoner rock), how TikTok has greatly contributed to the music world (and whether that’s good or bad), the recent mega-sales of music catalogs, music in Web3 / metaverse / NFTs, and of course updated numbers and practices.
Piracy killed the music business in the 2000s, as US music revenues fell from their peak of $14.6 billion in 1999 to half that, and remained stagnant or in steady decline for sixteen years. But thanks to streaming, we’re booming right now, hitting an all-time high of $15.9 billion in 2022, and still growing healthily. Streaming is clearly the savior, but in the process, it has changed the music biz more radically in the past few years than at any other time in its history.
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First, of course, there was a huge change in the way music was delivered. Since the 1890s, music has been making money by selling something: wax cylinders, piano rolls, shellac records, vinyl records, cassettes, CDs, and cheese merchandise (well, I guess we’re still doing that). Today, the business is not primarily based on sales of physical goods (although they still exist), but on Spotify, Apple Music, TikTok, Amazon Music, YouTube, and similar services.
The current swept us from the jaws of despair. As I said a moment ago, we beat the industry’s 1999 revenue record when we hit $15.9 billion in 2023, which is amazing except for the fact that gasoline in 1999 was $1.68 a gallon. But even adjusting for inflation, I predict the industry will be bigger than ever. Why?
In 1999, the music biz’s historic peak, the average CD buyer spent about $40 to $50 a year on CDs; Let’s call it $45. Today, with subscriptions priced at $10 per month, the average cost per subscriber is about $7 (due to student and family discounts). So let’s use $7 per month, which means music fans spend about $84 per year. $45 in 1999 is worth about $72 today (according to my two minutes of in-depth research to find a chart on the Internet), so at $84 in today’s dollars, we’re already ahead of the $72 equivalent of CD purchases a we got from him. fan in the good old days. In addition, the number of subscribers is growing worldwide. And subscription fees are going up.
But wait… there’s more! In the days of the music biz, the average CD buyer stopped going to record stores (or even listening to much music) in their early twenties. Today, people of all ages subscribe to streaming services (old people listen to classic rock or Frank Sinatra, and kids want things like “Baby Shark,” a song your brain can eat without mercy). Which means that streaming is not only generating more money per user (the $84 vs. $72 in the example above), but it’s also bringing in a wider range of consumers than ever before. How can the industry not be bigger than ever?
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This digital revolution also allows artists to send their music directly to fans without a record label being the gatekeeper. That levels the playing field and gives more power to artists, who can generate significant buzz on their own, and then decide if they even need a record company. We will talk about that in detail.
So step forward, folks. No need to push, there’s room for everyone, as we explore how the music business is shifting around like a Rubik’s cube. Hang on to your hats, glasses, and little ones.
For many years I taught a class on the music business at the University of Southern California School of Law’s Advanced Professional Program. The class was for lawyers, accountants, executives of record and film companies, managers, agents, and bartenders who wanted to manage groups. Anyway, at the beginning of one of these courses a friend of mine came up to me. She was an executive at a movie studio and was making the class understand the music biz as it relates to movies. She said, “I’m here to open the top of my head and put you in the music business.”
I liked that mental picture (because there are many things I would love to learn like that), and it inspired me to develop a painless way to infuse you with the vast contents of this book. So if you sit back, relax and open your mind, I’ll pour in everything you need to know about the music business (and a little more for good measure).
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I really love what I do. I have been practicing music law for over forty years, and I represent recording artists, songwriters, producers, music publishers, film score composers, industry executives, record companies, film companies, and various other mutants in the biz.
I went into this gig on purpose, as I have always loved the creative arts. My first showbiz experience was in grade school, doing magic tricks for assemblies. I also started playing accordion in grade school. (I used to play accordion; everyone applauded when I shook my head to “Lady of Spain.” I gave it up because it was impossible for me to romance a girl while wearing the accordion.) In high school, I switched from accordion to guitar, and in college at the University of Texas, I played lead guitar in a band called Oedipus and the Mothers. While I was with Oedipus, we recorded a demo that I tried to sell to our family friend, Snuff Garrett (more on him later). Snuff, a powerful record producer, took a long time to meet me. That meeting was a major turning point in my life. Snuff listened to the recording, smiled, and said, “Don’t … go to law school.”
So I took Snuff’s advice and went to Harvard Law School. While there, I played lead guitar in a band called the Rhythm Method. But it was quickly becoming clear that my ability to be in the music business and eat regularly was on the path of the business. When I graduated, I first did tax planning for entertainers. Tax law, like complex items, was a lot of fun, but when I discovered that there was such a thing as music law, the electricity really turned on. In fact, I later took the USC class I taught, and it got me so excited that I left the tax practice for my current firm. Music law was so much fun it didn’t even feel like work (I’m still not over that feeling), and I enjoyed it so much that I felt guilty getting paid (for I managed to do that).
My first entertainment law experience was a six-foot model sent to me by my dentist. I promised him
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