Thursday, January 2, 2014

Music Business Defines Vocabulary for Warren Buffett Have you noticed that the music business has a set of vocabulary words not typically spoken in the rest of the business world? Of course, every industry has its jargon, but the music business tend to give occupations a title that significantly differs from what outsiders name it. This isn’t a reference to the terminology communicated among students of music theory, or tech words audio engineers can relate to. I’m regarding music-oriented corporations and freelancers that aren’t known by generic names. So if a record label needs a financial backing from, say, Warren Buffett, how would the owners of that record label define their products and operations in (business) laymen terms? What is the time efficient way to translate the language of the music industry before Mr. Buffett tilt his head backwards to a snore? As the famous Apostle Paul once wrote, “If then I do not know the meaning of the language, I will be to the one who speaks a barbarian.”1 Below is a cross-referencing table comparing the vocabulary of the music business to that of generally used business words. Some of these comparisons may seem obvious. For those of us already operating in the music industry, the benefit to reading this table is you’ll gain a clearer understanding of the music roles. .tftable {font-size:12px;color:#333333;width:100%;border-width: 1px;border-color: #000000;border-collapse: collapse;} .tftable th {font-size:12px;background-color:#EFEFEF;border-width: 1px;padding: 8px;border-style: solid;border-color: #000000;text-align:left;} .tftable tr {background-color:#ffffff;} .tftable td {font-size:12px;border-width: 1px;padding: 8px;border-style: solid;border-color: #000000;} .tftable tr:hover {background-color:#EFEFEF;} Music Business General Business A&R (Artist and Repertoire) Recruiter On-the-job Trainer Agent Booking Agent Artist Development Business and Operation Development Management Consulting Technical Consulting Professional Development Artist/Personal Manager Business Manager Operation Manager Sales Representative Business Manager Accountant Finance Officer Deal Contract Written Agreement Independent Record Label Small Business Major Record Label Big Corporation Performance Rights Organization Collection Agency Record Label Marketing Organization Brand Consulting Service Sales Force Record Label Manager Chief Executive Officer Record Producer Project Manager This list is not meant to be extensive, but to provide enough information about the prominent keywords investors and entrepreneurs outside the music business may possibly find confusing. Even music-oriented individuals will find this favorably palpable. Are there any pairs of vocabulary words you believe should be listed here? Please leave a comment below. P.S. I couldn’t figure out if there was a generic equivalent to the word “imprint,” or “music imprint.” In case you are wondering, it is a company that signs artists to its record deal, develop the artists’ music, and pitch the music to a record label for marketing and/or distribution purposes. The record label split royalties with the imprint, and the imprint pay artists their share. If you are already familiar with “production houses,” then this shouldn’t be a surprise, because an imprint is nothing more than a production house.2 Do not confuse an imprint/production company with being a record label. Christopher Patton Hot Bird Music The business and music development services at helps you beat 90% of musicians and companies that fail.

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