As we have seen, there are many different ways to make money in music today. In the past few years, much has been said and written about the 360 degree deal, where an artist/writer enters into a business partnership with a company and gives the company lots of rights to recordings, songs, merchandise, and touring, usually in exchange for a larger advance.
My advice to you is to make a 360 degree deal with yourself and find ways to generate revenue from your writing, performing, brand, activities, and interests that suit you and what you stand for. DO NOT license these rights away to any one company, even if it waives a huge advance in your face. You do not want to be dependent on any one entity for your livelihood, other than yourself. If you make the 360 degree deal with yourself, you can then selectively find the right partner to help you exploit the various revenue streams that you have by focusing on each stream individually to maximize its potential.
The other reason to make a 360 deal with yourself is that you want to integrate the marketing and promotional efforts across all revenue streams. The artist/writer and their manager should coordinate the marketing efforts to maximize revenue and to gain the broadest possible exposure from advertising, publicity, public relations, direct marketing, interactive marketing, etc.
The new 360 deal:
- Own your masters and publishing
- Purchase the services you need
- Use and integrated marketing approach
- Create multiple revenue opportunities
- Control your career