A Little Help Please?

It seems so surreal that I will be graduating from Full Sail University in December with a Master’s in Entertainment Business. A few months ago, I was questioning whether or not to pursue another degree after college let alone Full Sail University. Granted, I was very reluctant about paying the cost of tuition, but after seeking wise counsel from many Full Sail’s students, admission counselors, and financial aid advisors, I was comfortable with the decision of looking at it as an investment. Full Sail University has placed me on the journey of starting my own entertainment company through the many courses in its curriculum. I don’t know about you, but starting a business can be very scary. There is the threat of failure, being sued, not being prepared, and a host of other fears.

            This intimidating feeling was all too familiar, so I had to seek the guidance from Frederick Livingston who is an entertainment lawyer in Detroit, Michigan. Mr. Livingston graduated from Wayne State University and started out as a personal injury lawyer. Being that he grew up around music his whole life, he decided to pursue entertainment law. Moreover, he was perturbed at the many frauds that would get over on people with true talent with phony deals. It is his duty at the Law Offices of Frederick V. Livingston to protect these individuals and provide a service that is of quality.

In regards to my business, Livingston advised me to file as a Limited Liability Company because of the high potential of being litigated. He states, “If you do not get sued, you’re not making money because no one is paying attention to you!” I was all right with not being sued, but there was some truth to the statement. This filing protects the owner from having his or her personal assets at risk during a lawsuit. Having a plan was crucial advice he gave me because doing entertainment full-time takes a while. Therefore, gaining experience by working for another entertainment company, interning, or doing entertainment business on the side was recommended. Mr. Livingston also touched on the point of imaging. You cannot charge top bucks for your services if you do not have the proper equipment to send documents or hold meetings with potential clients. Building relationships and trust as a brand is a much-needed aspect of my business. There should be no rush to get into this business without the proper timing and preparation. He often sees management companies entangled in misrepresentation, frustration of purpose, and breach of contract litigations. To avoid these liabilities, I must be able to perform all the duties stated in the contract. Many management contracts are oral, but he advises that every agreement be in writing to avoid the tedious task of proving an oral contract if the situations gets there.

This was the amazing advice Fred Livingston gave to me as I am in pursuance to own an entertainment company. He encourages each individual who wants to go into business in the industry to gain book knowledge. This aspect is important, but it will also give the person a firm foundation. Then match this knowledge with real-world experience.

           

Take It From Them

One of the most avoided subjects of the entertainment industry is LAW, but it is the most important concept to understand in order to survive a gruesome industry. Many artists have talents, but the individual later find themselves irrelevant in a couple of years due to the lack of legal knowledge that result in multi-million dollar lawsuits. We even see in articles that artists and musicians we look up to are caught in legal battles that seem senseless but are later lessons for all who are watching.  Take the legal woes of Drake, Beyoncé, and New Boyz to understand how agreements and copyright infringement can be a headache in the long run.

In the news, it has been reported that James Prince, the guy who discovered Drake, is suing Drake’s management team for money. Prince states he is owed money from a verbal agreement between him and Cortez Bryant. Prince is also asking the judge to stop the negotiations between Drake and his record label because it would hurt Drake financially in the long run. Prince teaches us a lesson that when we do business, we should always get agreements in writing. He could have avoided the legalities if the agreement was already put into writing and both parties had signed. However, we must understand that verbal agreements can uphold in court also. BE WISE and CAUTIOUS of the words you say.

Oftentimes, mainstream artists become a target for lucrative ventures because of the artist’s major following and the company’s ability to make millions of dollars. This is the case of Beyoncé and Gate Five who wanted to release a video game with Beyoncé’s dance moves. The deal was very lucrative for both parties, but in the middle of the agreement, Beyoncé requested more money from Gate Five. Since the company was not able to come up with the money, she pulled out of the deal. It was then reported that Beyonce’ was actually looking at doing business with another gaming company (EA Games) which was a breach of contract. Therefore, Gate Five is now suing her for damages and for the judge to release documents of conversations she had with other parties that could unfold her motive of leaving the deal. In this instance, Beyonce’ business ethics come into question. If an individual does not want to do business with a company, just say NO! Going behind the backs of people destroys trust and a good relationship. It is important to know as artists that your reputation follows you everywhere. Practice business ethics to ensure your practices are sound.

Lastly, the importance of research is key in this next case. Frequently, an artist comes up with a unique name, but they do not know someone else across the world thought of the same name. New Boyz is a Hip-Hop group who is being sued by a Christian group from Australia named Newsboys. Newsboys from Australia have been receiving bad reviews from followers who think they have been releasing vulgar music, which is actual music from New Boyz.  Therefore, Newsboys are suing for damages for lost revenue during the time this confusion happened. I feel that this is something that management and label’s lawyers should have researched before releasing music under this name. Cover the bases because being creative is not too common nowadays. However, I do not agree with the fact that Newsboys should get paid for loss of revenue because they are from Australia, but some type of statement needs to be made.

All in all, having legal knowledge of the business can save you trouble in the long run. Be proactive about your career and learn from these artists who are constantly in the media. Remember to get everything in writing, have good business practices and ethics, and RESEARCH information.