Prompt Cast
Negotiating a Record Deal for Singer Ernest Jackson
TLDR A podcast team becomes a record label for singer Ernest Jackson, negotiating a record deal where the label gets 80% and the artist gets 20%. The complexities of the music industry, focusing on streaming revenue, are highlighted as they navigate legal issues and royalties to help Ernest become a star.
Timestamped Summary
00:00
A podcast team decides to become a record label for a singer named Ernest Jackson, aiming to release an old song and make him a star in the music industry.
04:12
A podcast team seeks guidance from a lawyer to negotiate the rights and shares for an old recording they plan to release as a record label.
07:43
The podcast team negotiates a record deal for Ernest, with the label getting 80% and the artist getting 20%, which is considered a bad deal for the artist but is done to explain the workings of the music industry.
11:26
Music industry has evolved to focus on streaming revenue rather than upfront investments, with artists like Ernest needing millions of streams to make a modest income, highlighting the complexities of making money in the music business.
15:24
Tracking down band members and their estates to secure waivers for releasing a song becomes more complicated than expected due to differing opinions and the need for legal review.
18:48
Session musician Kenny believes he and the band members should receive a share of the music publishing rights, not just a session fee, in case the song becomes successful.
22:22
The band negotiates new splits for royalties, with Ernest receiving 67.5% and the rest of the band splitting the remainder, hoping for a hit song to make it all worthwhile.
26:11
Ernest needs 5,000 streams on Spotify in the first week for his song to be promoted, so listeners are encouraged to stream "Inflation" to help achieve this goal.
