The years in which musicians only generated money for the companies by selling CD´s and touring are now in the past and so are this Record Deals where they were obligated just to record and sing all over the world.
Due to the above, the battle to generate the highest income for everything that comprises an artistic career THE 360 RIGHTS AGREEMENT was created which is no more than a contract that obliges the artist to give their company a share of their total earnings coming from their career.
Through 360 agreements the artists share not only all the profits generated from concerts and touring but a share of the following:
· Song writing
· Merchandising
· Fan clubs
• Sponsors and advertising income
• Movie or tv acting
· Modeling
• Commercials
• The most important income these days: social media ads. And;
• Everything mentioned but no limited to the above, that is related to the artist career
This practice began when Record Deals were insufficient for music companies and they looked for a way to get earnings of every income around the artists as well as social media to help them solve money problems.
Nowadays, labels claim that they are not only record companies, they are artistic brand building companies and not only promote singers. Furthermore, they assure that of every single person around the artist, they are the only ones that invest to create their name and build a personal brand that has a value on the market. Thanks to them the artist has the possibility of making tons of money for tours, song writing and selling their merchandising with his or her image, creating social media content and making money for media ads etc.
Based on the above, music companies claim that they have to get a percentage of every income or business that the artist obtains from his career, arguing also that if the deal is 360, the company will have an incentive to invest money in enhancing their personal brand; if the artist grows the earnings increase. Due to the growth of social media and all that an artistic career encompasses, most of the companies make this kind of agreement when they sign an artist. It has to be considered that they are many types of strategies to exclude other incomes that the artist gets in this 360 Agreement, if you need additional information on this matter please contact us.
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