Details...

When it comes to entertainment the first thing that comes to mind is the details. I’m sure that anyone reading this would agree that the saying the devil is in the details is a true statement. I have found that the problem with most unsuccessful artists is that they believe their talent is all they need to achieve their ultimate goal. When you peer into the details you start to realize that there are levels of progression and benchmarks that need to be reached in order to succeed. A business plan is a great way to investigate and establish a blue print to the actual service or good that you provide but the reason why the small details trump other business decisions is because in the entertainment world the difference between you and another artist whether it be a singer or actor comes down to the differentiation between both parties based off small unique attributes that sway the tastemakers one way or another.

Details are the indicator of hard work and environmental awareness. The thought of really being a perfectionist seems stressful to me but the closest thing to perfection in my opinion is recognizing the finer points of an issue or project and addressing those problems in a way that is unique to your methods, this is the key to earning and keeping a spot in this industry. As a music producer I’m always listening for the small error in the track or the sound that doesn’t quite belong. I believe that when it comes to a successful business in the entertainment industry evaluating the potential for losses or avoiding common mistakes made in the trade should be the first point of reference for most newcomers and start-ups. The reason why I believe details are so important is because all of the years I’ve been in the entertainment industry talent has never been the problem for most people. The real problem has always been issues like a disconnection from current trends, a lack of fashion sense, creating elaborate images without context and several other issues that could have been easily resolved with an honest evaluation. Many artists truly want to be incredibly famous and in the current market we participate in it’s easier than ever but to sustain a venture/career the fine print and the details will certainly make or break you.           

    

Business Planning and Investments

Tim Berry is well known in the world of business planning and he is very good at his job. Pamela Slim, author of the best-selling Escape From Cubicle Nation, calls him the Obi-wan Kenobi of business planning and Guy Kawasaki made me his business plan expert in” How to Write a Business Plan”. Tim has an MBA from Stanford University and is also the founder of Palo Alto Software. Tim berry has also been a consultant to one of the largest tech companies in the world Apple. Tim has done the annual business plans for Apple Japan and Apple Latin America. Apple Latin America grew from $2 million to $37 million and Apple Japan grew from $187 million to $1.5 billion while Berry handled their business planning. Berry believes in lean business planning that is constantly reviewed and revised.  Berry urges business owners not to hire a business planner until you have reviewed all the free content on the web.

The most important parts of a business plan are still business planning projections including sales, cost of sales, expenses, profit or loss, balance sheet, and by far the most important cash flow projections. The next expert I would like to highlight is Barry Moltz. Moltz is an expert in entrepreneurship and has been featured on MSNBC, NPR and writes regularly for the American Express Open Forum, Forbes.com and Crain’s Chicago Enterprise City. Moltz takes the classic approach to business planning by finding what problem exists that your business is trying to solve, what does it cost to solve the problem now, What will the customer pay you to solve this problem, What alliances can you leverage with other companies to help your company, How much cash do you need to find a path to profitability and finally the business plan is basically an "argument" where you need to state the problem and pain, then provide your solution with supporting data and analogies. These are all key suggestions because that I will be considering for my business plan due to the successful track records of the above entrepreneurs. When I think of a business plan I think of a contingency plan in which I have to anticipate potential hurdle and ask myself all the right questions in order predict the outcomes as accurately as possible. 

Time Well Spent?

For the purpose of this blog I would like to talk about personal and professional sacrifices that have to be made as it pertains to the entertainment industry. Most people are intrigued with entertainment mostly because it is a source of enjoyment and escape for so many. I currently have been spending the beginning of everyday and the end of every night searching for ways to best allocate my time. When I first gained my music business degree from Full Sail University believed that the Knowledge I gained would make my pursuits of being a well renowned music producer more attainable. Knowledge does not eliminate hard work it only shows you the best ways to focus your energy and get the most out of your efforts.

The question is how much are we expected to sacrifice for our craft. I’m currently the creative director for a regional Hip-hop battle league and our 5^th event was yesterday. This event had me preoccupied all week but I still have the responsibility of completing my schoolwork, raising a kid and fostering my career. Because of my hectic schedule I had to make a decision to turn in a late assignment to my instructor. The sacrifice that I made was a professional one and I ascertained that a point deduction due to the late submission was a consequence of me over extending myself. The problem is in the entertainment industry if your not over extending yourself its hard to feel productive because all of the really successful individuals brag about their lack of sleep and downtime.   https://soundcloud.com/jayphenry

Education is both a professional and personal pursuit because we expect the ends to justify the means but we must always be aware of what we are willing to give up to succeed in our chosen craft. I missed an assignment because I was to preoccupied doing exactly what my university has taught me to do in my industry. A some point I may also disappoint my daughter because I was too busy doing homework to play with her or stayed out too late at an event to get up early and take her fishing. Life is a gigantic compromise there will always be disparities between your options and desired outcomes. Prioritization and taking responsibility for any perceived shortcomings that you may have intentionally ignored in the past is the best way in my opinion to justify any sacrifices you will ultimately make in order to achieve your goals in entertainment.     https://www.facebook.com/Realspittasbattle?filter=3

Are You a Professional Musician?

The differences between a professional musician and a novice musician can be complicated. In some circles a classically trained musician is considered a professional. In other circles any musician who gets paid for their services is considered a professional. In my opinion both of these musicians can be considered a novice if they do not do due diligence as it pertains to the business side of the industry. Publishing, distribution,copyrights and trademarks are all necessary clerical steps that must be taken in order to fully monetize your music and likeness. The definition of a professional is a person engaged in a specific activity as their main occupation not just a past time.

I personally know several professional musicians that would find this definition impossible. When it comes to art a person may receive payment and even put in very long hours but the paychecks for art can be few and far between. Often artists have to take on full time jobs just to pay their bill and invest in their craft. It would be insulting to most serious and talented artists to classify them as a novice. In my opinion the classic definition of a professional is hard to apply when describing a vast majority of musicians or recording artists.

In other words the term professional musician is relative to the user, I believe that the consumer or the listener often decides. You can easily declare yourself a professional musician but in my opinion to be considered one you must be able to perform the musical task that you have been commissioned to complete with more than one instance of customer satisfaction. People feel very passionate about their art, as they should but the key is opening up your network. The more strangers that like or dislike your music the more likelihood you will make an informed decision about whether you can be a professional in the traditional sense. Although I believe every professional musician is not a full time one I guarantee a vast majority wish they were. Music is just like any other craft, if you educate yourself and become employed to do the craft under legal license you become a professional.    

Takes Money To Make Money

For the purpose of this blog I would like to talk about the importance of investments. I’m sure anyone reading this has heard the term it costs money to make money. Investment in yourself will probably be the single most important investment you will ever make. There are several types of investments, some are investments of time and some are financial. Most investments can be translated into a monetary expense because as we all know time is money. The time spent doing anything cold be time spent earning a dollar. One of the most important investments is branding, it costs money to trademark logos and other brand identifiers but taking these steps are necessary. A graphic artist will also be necessary unless you are proficient with technology such as Adobe Elements.

Artist managers may not always seek the spotlight so things such as a flashy wardrobe or grooming costs may not play a major part in expenses. Artists often have to create an image and then maintain it. Designer clothes, hair and make-up, photo shoots and press kits are all expenses an artist must take into consideration. A record label will invest capital in an artist but before the record company even discovers an artist funds have been spent on all the items mentioned above as well as the cost of recording or even lessons.

The caricature of the jaded artist doesn’t come from them not reaching there full potential in my opinion. The jaded artist is most likely the artist that invested incredible time and money in their craft and hasn’t seen a sufficient return on the investment. I have been an artist and producer for many years and I have realized that in order to be successful you have to be ready to spend a lot of time and money on improving your standing in the entertainment industry. Some artists get lucky and get discovered before making a large investment but those artists are the minority. The majority of artist must invest in themselves and always remember you get out of it what you put in.   

Preparing The Plan

During my time at Full Sail I have experienced a reoccurring theme. The theme is a culture of detailed research and due diligence. Entertainment law is probably the single most important aspect of an entertainment business plan. The laws that govern media are changing on a daily basis. Cases such as the Viacom Intl., et. al. v. YouTube, Inc., et. al. will set new precedents as it pertains to copyright laws. The best way to make sure a business gets off to a good start is to explore all potential risks and liabilities. Ignorance of the law is not an acceptable defense in a court of law should you find yourself there. Viacom sued YouTube for this very reason, claiming that YouTube turned a blind eye to the protected content uploaded by users. The courts disagreed with Viacom the judge believed that YouTube was only responsible for removing protected content when they were notified. The case is currently under appeal.

The importance of entertainment law can also be seen in networking. When dealing with a potential client you can gauge their level of professionalism by how many legal steps they have taken to protect them. As a music producer I like to ask the artist I work with if their material is protected. The artist that takes the time to register with a performance rights organization or trademark their logo is more likely to be a more lucrative client.

Reviewing blogs and podcasts are also a great way to gain some of this knowledge. The problem people often have is they’re not sure where to start. Getting legal advice if you can afford it is the best solution. Internet and library research will solve a lot of the initial issues at the inception. The laws may change overtime but a good business man should either see signs that things are changing or know that ethically they’re in a position to fight.  

Own Your Brand

Almost everybody in the entertainment industry knows what a copyright is. The problem is some people deem it unnecessary in the beginning stages of a career. As with politics there are liberal opinions of the extent in which copyright law prohibits the exchange of arts. It is clear that there are times when copyright laws can be too stringent but they are most definitely necessary. What would the world look like with out copyrights? Entertainment is already full of the same old recycled ideas but without copyrights we would be stuck with identical compositions and works of art. There are examples of fair use that in my opinion are unfair. The NCAA licenses the use of teams and player likenesses for video games without the player’s permission. The players should definitely be compensated if their likeness is being used in a video game. Federal courts will see the case against the NCAA for copyright infringement in 2014.

Trademarks are also an important part of entertainment. A trademark makes sure that your logo and brand signature cannot be duplicated without expressed permission. Trademarks are needed to ensure that another party doesn’t exploit your brand or incorporate themselves with you for their personal gain. Trademarks and copyrights are the first step in monetizing your art and it’s also a great way to see if you unknowingly have similar attributes to another company or artist. What would the world look like without trademarks? Without trademarks it would be impossible to judge the quality of a brand simply by name and logo identification. Consumers see a brand and recognize its quality because they’re either a past user or have been referred. Without trademarks anyone could take advantage of the popularity of the brand and possibly sell an inferior product. Copyrights and trademarks can be can be attained by the common man but it is best to consult an attorney.