"The hidden secrets of the Music Business"

Recently retired from the legal profession, I can well appreciate how individuals, who may be well meaning, can freely pass along advice; however, very often they lack the appropriate credentials to offer sound counsel. This is particularly evident in the music world where unfortunately many agents, accountants, attorneys, managers or even friends are "out of their league" and unfortunately are not acting in the best interests of the artist.

As Peter M. Thall mentions in his book What They'll Never Tell You About The Music Business: The Myths, the Secrets, the Lies (& a Few Truths) "it is not enough to know the things you think you need to know about the music industry. Those who live within it-whether at the artistic or the business pole or somewhere in between-must know more. They must know the difference between surface and substance; between truth and lie; between reality and myth."

Thall is an attorney specializing in entertainment and copyright law. Some of the clients he has represented have included ABBA, Pat Benatar, The Cars, Miles Davis, The Irish Tenors, Barry Manilow, Anna Moffo and Simon & Garfunkel. In other words "he is no babe in the woods," and his book reflects his many years of invaluable experiences that he shares with his readers.

Presented in a clear and efficient manner, the reader receives priceless counsel concerning royalties, personal managers, business manager, record producers, promotion, touring, merchandising, copyright issues, musicians contracts, music publishing, internet entrepreneurship, urban music, classical music, and the role of record companies.

In fact, in many instances in order to grasp the full implications of what was being revealed, I was forced to re- read paragraphs or sections that offered deep insights of a topic. This was particularly evident when Thall discussed royalties and how the pie is divided among the various players. It was an eye opener to learn that very often the musician is left with "chicken feed" at the end of the day, after everyone takes a percentage of the earnings.

Although much of the book is devoted to legal and accounting matters, there are also chapters dealing with personal finances and the importance of being surrounded with honest and competent advisors. Unfortunately, sometimes musicians are "shafted" by unscrupulous managers, accountants, lawyers or other individuals who form part of their entourage.

Reading this book is beyond doubt a learning experience and will certainly serve as an important resource for musicians as well as their advisors.

Reviewed by Norman Goldman
Posted December 8, 2002

Summary

What They'll Never Tell You about the Music Business reveals what most savvy music executives already know-and hope that readers never find out! This insider guide discloses the hidden dynamics and often unfortunate consequences of what really happens when a deal is prepared, contracts are signed, and promises are made-and alerts musicians, attorneys, songwriters, and anyone else interested in the music business to the potent dangers lurking beneath the surface of this incredibly competitive industry. Twenty chapters cover virtually every aspect of the music industry, including recording agreements, record royalties, artistic management, music publishing, music marketing and promotion, merchandising, copyright infringement, and the international music business scene. What's more, the information in this invaluable reference is all explained clearly and concisely with no legal jargon. For anyone involved in the music business, here is your source of inside information!