How To Start A Record Company - Creating Valuable Partnerships
Your record company certainly does not exist in a vacuum
. The business can achieve very little without seeking and maintaining valuable partnerships with many external parties. When these partnerships function at their best, these individuals and companies become key to the competitive advantage of your business.With Artists
The partnerships your company develops with its roster of artists are certainly the most important partnerships. In one sense, the artists are your clients, for whom you provide recording and promotion services in exchange for a good chunk of the revenues from music and concert sales. In another sense, the artists are your suppliers, providing the input of music your label needs to create its product. Deals must be struck which recognize the value that your company is offering to the artists, although you must always be aware of the competition other labels may provide by giving alternate bids to your prospective artists.
With Concert and Tour Producers
To get your artists in front of fans and potential fans, you'll need the help of experienced concert and tour producers to book them in the best and biggest venues that are still appropriate for the audiences they draw. Concert producers should be adept at managing the marketing, sales, and technical details associated with these concerts and you should be prepared to tie their compensation to the box office sales or profit in order to reward them for good work, as well as to build long-term contracts with the best producers you work with.
With Recording Studios
One way of working with recording studios is to merely buy time, send your artists in, and pay for mixing and mastering on an pre-determined hourly basis. However, studio engineers can bring much more value to the recording process if they are called on as partners with enticements beyond hourly pay. Beyond better quality, you may save money on recording by thinking of the studios as partners. When your record company uses the same studio over multiple albums, an easy repartee can be established which leads both to a more efficient recording process and the potential to negotiate lower rates.
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