Performance Rights Act

There is a critical piece of legislation making its way through Congress — legislation that will have a significant impact on your economic future: the Performance Rights Act. If passed into law, it will be every artist’s (and label’s) economic safety net in this age of illegal downloads. This bill ensures a fair distribution of terrestrial radio advertising money back to those that create and invest in the music. As we are all too aware, the traditional music business model of a radio hit equaling a platinum album (or, for that matter, even gold) are over. Traditional record sales will never again be the key economic driver of an artist’s career. Therefore, it is absolutely essential for artists and labels to participate in all “revenue” streams related to the use of their music. That means the old broadcasting business model of “use-your-music-for-free” because the for-profit radio station is “promoting your record” needs to be retired. While the broadcasting industry has its own economic issues, your music is theinventory. (They would say their inventory is advertising space, but that dog don’t hunt. If radio had no programming other than commercials, no one would listen.) I don’t know of many business models where inventory costs you nothing, and I’m interested in helping put a piece of that advertising revenue back in your wallet where it belongs. Here’s the kicker: Although the Performance Rights Act has passed through committee in both houses of Congress, it has yet to be brought to a floor vote. The corporate broadcast industry is fighting this bill with every trick and dollar (can you say millions?) in its vast arsenal. The bottom line is that all of us who make our living in the music industry need to step up and be counted, while we still have a job!

Remember, Lyric offers much more than just words to help you manage your career. We put our money where our mouth is! Pick up the phone and give me a call at 615.739.6515 or shoot me an email to eli@lyricfinancial.com, and let me help guide your career toward success.

Happy Holidays,

-Eli Ball
CEO Lyric Financial

Posted 12/08/2009

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