Workshop to focus on financial side of music industry

Release Date: 10/12/2006. Expired: 10/27/2006

Does writing a hit song mean big bucks in your pocket? How much of a CD sale or concert ticket goes to the performer? What do you need to know in negotiating a recording contract?

Three representatives from a Nashville business management firm will provide insight on the financial side of the music industry in a special three-hour workshop at The Renaissance Center in Dickson on Oct. 27.

Kristin Braaksma, Duane Clark and Trey Dunaway from Flood, Bumstead, McCready & McCarthy Inc. will present The Sound of Money 1-4 p.m. Friday, Oct. 27, at The Renaissance Center. The workshop will focus on the different aspects of the financial lives of artists and songwriters.

“We plan to talk through the three main sources of income for a singer/songwriter: publishing, record sales and touring/merchandise,” said Braaksma. “We’ll give examples of how certain income sources are calculated and paid, give a short summary of the major contract points and drop each source of income into three different stages of an artist’s career: baby act, mid-level and superstar.”

In discussing the calculation of income, the workshop will detail how much of a retail CD price the artist gets, the handling of advance money from a songwriting deal and other related topics.

Major contract points to be discussed include terms, royalties and recording funds.

“We’ll talk about what changes for them at each level and talk about what kinds of criteria qualify someone for each level. There are so few that actually hit superstar level,” Braaksma said. “It is really fascinating to see the way an artist’s life can change at each level. You see the hardships of how they make ends meet when there isn’t much money; you see how everyone else gets paid before you do; and you see how little of the retail dollar – whether it be a CD, a ticket price, whatever – actually makes it to the artist’s pocket.”

Flood Bumstead McCready & McCarthy Inc. is a firm with offices in both Nashville and New York City, nationally known for its business and financial representation of clients in the entertainment and professional sports industries.  The firm represents a prestigious roster of recording artists, professional athletes, songwriters, song publishers and music producers as well as serving as advisors to various public and private company boards and entertainment industry associations.  Among the firm's clients are winners of virtually every major award, including Grammy Awards, MTV Awards, Country Music Association Awards, League MVP Honors, Entertainer of the Year, ASCAP and BMI Songwriters of the Year and recipients of numerous gold, platinum and multi platinum records recognizing achievements throughout the world. Flood Bumstead McCready & McCarthy Inc. specializes in comprehensive financial and business management.

Clark is business manager/vice president of FBM&M. He and his staff provide consultation and logistical support to clients in areas such as tax accounting, tour planning, merchandise operations, contract negotiations, royalty analysis and personal financial planning. He has worked with Rascal Flatts, Keith Urban, Gary Allan, Joe Nichols, Miranda Lambert and others.

Braaksma is business and account manager for FBM&M. Her responsibilities include overseeing clients’ financial affairs and long-range goals, as well as assessing royalty statements, tax issues, risk management programs, cashflow budgeting, balance sheet analysis, investment results, estate planning and retirement planning. Her clients include Vince Gill, Clay Walker, Lee Ann Womack and Matraca Berg.

Dunaway is director of taxes, royalties and investments for FBM&M. He is a certified public accountant and obtained his MBA from The Vanderbilt Owen School of Management with a double concentration in finance and accounting. He is a former director of finance with Universal Music Group Nashville.

“This will be a great overview if you have always wanted to learn who gets paid and how much as well as prepare those of you with aspirations of becoming an artist or songwriter for the finances of the music business,” Braaksma said.

The Sound of Money is limited to 100 participants and will include a mixer following the workshop. Tuition is $35.

To register for The Sound of Money, call (615)740-5533.

The Renaissance Center is a fine arts education and performing arts center at 855 Highway 46 South in Dickson, just 35 miles west of Nashville on Interstate 40 at exit 172. For more information, call (615)740-5600.