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Notes for Exam 1

by: Kristy Notetaker

Notes for Exam 1 3900

Kristy Notetaker
GPA 3.0
Music Publishing
Prof. M. O'Brien

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About this Document

Notes from all class lectures up to Exam 1.
Music Publishing
Prof. M. O'Brien
75 ?




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This 8 page Bundle was uploaded by Kristy Notetaker on Monday September 28, 2015. The Bundle belongs to 3900 at Middle Tennessee State University taught by Prof. M. O'Brien in Summer 2015. Since its upload, it has received 59 views. For similar materials see Music Publishing in Film at Middle Tennessee State University.


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Date Created: 09/28/15
MUSIC PUBLISHING VVhatisit A The business of the acquisition development exploitation and administration of copyrights to musical works 1 Acquisition a CreativeMarketing i Ears for great music ability to recognize great songssongwriters ii Musical Trends be aware of what s hot now and in the future iii Aware of Market Trends how where and when music is being consumed b Business i Catalog Acquisition buying catalogsevaluate value BUG to BMG 300 mil ii Single Song Agreement buying songs iii Exclusive Songwriter Agreement Admin copub deal Fu Pub deal 2 Development a Creative i Doctor constructed critic ii Collaboration with other writers Chemistry with and artistic iii Demos b Financial i Advances for nancial help while developing ii Money for Showcases iii Demos Managing cash ow Discipline 3 Exploitation Generating income a Largest income generated is Performance Income b Mechanical income 91 or 175 centsunit controlled composition 34 rate c Sync license FilmTV Commercial d Print sheet music e Everything else Ringtones Ringback Karaoke Greeting Cards etc 4 Administration a Contract and Licenses b Collecting Royalties to be paid out c Registrations Copyright PRO international pub for exploit d Cash ow management Importance of Publishing A quotIt all starts with a songquot B Affects every profession in this business Live production C Value of publishing 1 Low riskHigh return a Start up Assets 1Songs 2 Relationships The need for people Music is grounded in our culture b Return 2 Proliferation of opportunity a Musical tide to culture b New mediaal the different cable network video games etc c International aspect think globally developing bringing in more money enactingenforcing copyright laws I Past Present and Future A The Birth of Publishing Sheet music printing press B Tin Pan Alley Provided structure for publishing Instead of searching for songs hire writers then plug them Get well known singers to sing Pluggers would need to be musicians so they could play for music store owners First time the creative side of publishing appears Up until 5039s sheet music sold more than mech uses C Brill Building Located in NY music district contained 165 Music Business basically a onestop shop for songwriters Producers Don Kirshner amp Aldon Music George quotShadow Morton Phil Spector Songwriters Carole King Gerry Gof n Neil Sedaka Howard Green eld Barry Mann Cynthia Well and Jack Keller Young people wrote songs that appealed to teenagers The most played song of the 20th century quotYou39ve lost that loving feelingquot Sold to ScreenGem Took writers to compose music for lmTV the Archives D The 60 s and Beyond Singer Songwriters E Today and Tomorrow Producer Songwriter IV Qualities of a great song Average intro of 7 secondsgood for radio Relatabilitybeing able to relate to the lyrics Melodymemorable catchy Structure Catchy line or hook Groovebeing able to dancerhythm nstrumentationarrangement quotSing abilityquot Simple sad and sexy Timelessnessquotevergreen earns money foreverquot BuyingSelling catalogues A Reasons Stable Assess value Attractive marketinvestment B Examples 0 Acuff Rose 0 Windswept o BUG Music Publishing to BMG o Chrysalis to BMG 0 Cherry Lane to BMG Sheryl Crow to EMI 2 bil o Liebert and Stoller 50 mil 0 Alan Jackson C Purchase price based on Average Net Earnings ANE Average Net Publishers Share NPS for some number of years 1 Net Publishers Share NPS How much of the total earnings does the publisher keep after paying out royalties Eg 10 million received by publisher who is obliged to payout 7 million in royalties on that income NPS Whatever income you bring in minus royalties paid equal NPS eg 16000000600000010000000 2 Number of years Figure the NPS at least 3 to 5 years back The further back you go the truer the picture 3 Cash v Accrual The way to gure out royalties paid D MultiplePurchase price based on ANE times some multiple 1 Current range 818 times ANE catalogs are usually worth 8 to 18 times the average net earnings Formula for assessing value of catalog average net income x multiple 818 purchase price 2 The more value the more potential 3 Some factors affecting the multiplepurchase agreed upon 0 Life of copyright remaining 0 Duration of contracts with writers and sub publishers 0 Number of evergreen titles 0 Variety in catalogue 0 Ability to absorb catalogue without further expense Spikes in income 0 Whether catalogue was underexploited 0 Value of executives 0 Cost of borrowing 0 State of industry and economy 0 Advances due 0 Process 4 Seller prepares PROSPECTUS 0 Earnings history 0 Revenue BreakdownTypes Top down reportHighest earner to lowest Identify remaining rights Current writer agreements Sub publishing agreements 5 Con dentiality Agreement from prospective purchaser 6 Buyer if interested prepares LETTER OF INTENT Description of the assets Earnings history Offer of purchase price with reference to multiple Payment schedule Warranties Income cut off date Closing date 7 Formal agreement prepared while DUE DILIGENCE process begins Formal economic audit Review of agreements E Sony Music intends to purchase a publishing catalog from Casablanca Music who controls songs from their record company af liates artists in the 1970 s including KISS Donna Summer the Village People Parliament and country duo The Hudson Brothers among others The catalog has the following income and royalties associated with it 2014 2013 2012 2011 2010 Income Paid Out 9000000 6000000 7000000 4000000 8000000 5500000 7000000 4500000 6000000 4000000 F Advances for signing writers 0 15000 to 30000 larger companies 12000 smaller companies Generally 20 to 30 could be more or less depends on the company 0 Formula 50 to 75 has gone down to above what they believe mech royalties would be so if an artist wrote 10 songs on an album they would get around 300000 to 525000 Controlled Composition 91 mech 6725 per song G Forecasting when signing writers 1 Projected income 0 Type of deal and writer 0 History 0 Comparative analysis 0 Sources and proportion of income mechsyncperf Likelihood of reaching projection Are we certain they are going to make a hit H Time Frame 0 Income o Payout Types of Publishers A Full Service publishers Multinational Big 3 Sony Warner amp Universal 0 Independent Publisher B Record Company Af liates C Can have Specialty Publishers 0 By music Sync Opportunities Sheet Music 0 By function D Investment publishers 0 Publishing is a attractive investment 0 Windswept o quotBankerquot publishers E Artistowned publishers vest pocketquot quotdesk drawerquot quotVest pocketquot or quotdesk drawerquot Steve Wariner Music quotHold on to your publishingquot Hold ownershipcollect moneyown Craig WisemanBUG Music F Copyrightholding publishers not associated with music at all Acquire the rights to music works but not a publishing company CocaCola National Geographic Company Holds Copyright Catalog 0 Jingles 0 Production Companies Song used in Movies TV Ex Paramount copyrightholder publisher 0 Christmas songs top copyrightholder income Sesame Street G Structure of publishers EARS FINANCIAL EAGAL FILMTV COPYRIGHT SPECIAL EGISTRATION PROJECTS Ll EN ING CRE TIVE PRODUCTIO GER DIRECTOR TnncnnnM ll Starting a publishing operation A Options 0 Start from scratch Break off from publisher B Obtain nancial backing Your own funds 0 Another publisher Joint Venture COPublishing Investors Loan v Equity Equity Ownership interest C Choose business form AdvantagesDisadvantages Sole proprietorship Partnership Corporation 0 Hybrid D Costs of start up and operation 0 Product Acquisition Product Development 35 years ti money starts coming inreturn Marketing 0 Administration 0 Overhead E Timetable for pro tability and cash ow 35 years even under ideal circumstances Qualities to look for in signing with a publisher Roster of artist size Track record Financial strategy Relationships with the right people in industry Reputation Personal interest International capabilities NP P PP N


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