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|The New Music Industry Guidelines By Kanye West by Extrim(m): 10:58pm On Sep 22, 2020|
Kanye West over the few weeks has come up with a lot of things including a set of new music industry guidelines.
The billionaire rapper had released over a hundred pages of his recording contracts all over Twitter making the week tumultuous.
In the same vein, the rapper had referred to himself as the "head of Adidas" and also the "new Moses" who would free artists from their contracts.
Here are Kanye's new guidelines, what do you think?
1. The Artist owns the copyright in the recordings and songs and leases them to the record label/publisher for a limited term. 1-year deal.
2. The record label/publisher is a service provider that receives a share of the income for a limited term. The split can be 80/20 in the artists' favor.
3. DEPENDANTS: Artists must be dependent on no one but themselves to manage their catalog. You should need no one else to understand the business you're in.
4. LAWYERS: The first thing that changes about Record Deals is actually lawyers. We need Plain English contracts. A lawyer's role is to improve deals, not charge for contracts we cannot understand or track. Re-write deals to be understandable from FIRST READ.
5. Equity and Blanket Licenses are the majority of future income.
6. ADVANCES ARE JUST LOANS. On Artists re-signing. Record companies have to buy into you, not loan you.
7. ROYALTIES: Artists are global, that's why their contract territory says GLOBAL royalty department in every label. No more separating finance teams from the music.
8. PORTALS: Are not just for royalties. They are for your entire business. Every audio file, every asset, every deal stored with the money.
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