Next Up Artist Finance: Get Paid..

We often hear stories about recording artist selling a large number of records, but may still be in debt with their record labels or not even see close to the amount of money thought possible. Martin F. Frascogna who’s an entertainment attorney, music marketing executive, and also a co-author of the book, Entertainment Law for the General Practitioner; did an informational video post entitled, “How To Sell 1 Million Albums & Owe 500,000”. Frascogna covers, how if an artist were to see a million dollars after record sales, all the deductions that the record label takes out before even paying the artist.

Many of the deductions may be seen as uncalled for. For example, the uncollected account deduction is a deduction that covers, if a store carrying the artist album for sale, and happened to go bankrupt. Well instead of the record label picking a fight with that store carrier, they would just deduct a fee from the particular artist. This too many, maybe be seen as unfair or not right. Some of the other deductions that Frascogna goes in depth, which decreases an artist’s payday, are fees like breakage, free gods, container charge and reserves fee. Frascogna goes more in depth, on how advances, recording cost; producer and mixer fees are also deducted.

At the end of it all, it seems as if the artist is always held out and cheated at the end. With all these deductions an artist still has to pay his/her personal staff like a manager, attorney etc. It’s one thing, when talking about a solo artist, but it’s a sure thing that the money seems like peanut compared to pennies, when deal with a band or group. The video post by Frascogna has shinned a light on an area many may have seen profitable for an artist or even brand/group.  Artists have seemed to find new ways in making money, especially with the growing age of technology. 

Next Up Inspiration: Viktor Frankl

TED.com features a video on Viktor Frankl entitled, Why To Believe in Others. The video was shot in May of 1972 and was posted on TED.com, May of 2011. In the video Frankl speaks on the issues on what young peoples interest in their search for the meaning of life. He believes that our youth only focuses on the search for making money. His researches lead him to believe that 16% of all students in school, main objective goal in life is to make money. While 78% expressed that their main objective in life is to find meaning and a purpose in life. Mr. Frankl also trusts that as individuals, we should assist one another by helping each other advance in life. He states that, if we take man as he is, we make that man worst.  But if we take a man for what he should be, we can make him capable of what he can become.

Many may think differently about Viktor Frankl opinion, with how individuals may feel about their main objective in life; especially, young adults. Compared to when Frankl made his thesis, and how he feels about the new generation’s thoughts and opinions of living life. Some say that the main goal of making money is the goal of reaching for success.  In our society today, money is normally defined as how successful individual really is. Other may say that money can’t buy you love or happiness, but some say that money can buy you love and happiness. Then the question to the thought would be, “Is it real love?”

Viktor Frankl inspired the audience by trying to convey the understanding of what’s more important to life, money or understanding your meaning and purpose in life.  He conveys the significant events and how he over came adversity; with how time changed with the young individuals mind focus in life over the past few years.