Practicing Entertainment Law in the New Legal and Music Economy
Panelists Ken Abdo (Moderator), Lommen Abdo Cole King & Stageberg P.A., Steve Sidman, Owner, The Sidman Law Group, and Peter Strand, Partner, Leavens, Strand & Glover discussed the impact of specific changes in recording contract terms on the economic realities for artists and their lawyers. The exclusive recording agreement remains the centerpiece contract of most music artists' careers. However, by "getting signed", not only are the probabilities of a sustained career with a record company less than at the beginning of this century, but the terms of the recording agreement have also evolved since then to become less artist friendly. In addition, declining music sales coupled with the reduction of the purchase price of music altogether, causes the benefits of traditional "record deals" to be scrutinized more than ever.