Music

The music industry is a complicated system of several different companies, firms, and independents, and has endured and adapted to many changes throughout time. The music industry is concerned with the profits gained from the actions of companies that tackle production, distribution, and publication of music worldwide. The manufacturing, retailing, and wholesaling of music takes place elsewhere, while the publication of music entails the leasing of music as intellectual property to be used beyond live performance.

There are several sub-industries within the music industry itself. These subgroups include: the recording industry, live music industry, and artists, along with any representation and staff the artist may have for assistance.

In the recording industry, compositions are created and often sold to a publishing company. The publishing company works recording artists and studios to produce music media. Retailers offer the media for sale to the general public, and consumers purchase the media. When this transaction for music occurs, the retailers pay the record companies, who in turn pay the recording artist and publishing company, who pay the composer.

A promoter is hired for the live music industry to assemble both a recording artist and the owner of a venue where the artist will perform. A contract is formed between the two, and a booking agency is used to promote the artist and set up the live performance. Consumers then purchase tickets.

A recording artist often hires a group of people to help them in their career. An artist manager oversees an artist’s career for a percentage of the income an artist receives. Lawyers help with contractual details, and a business manager takes care of any financial transactions, bookkeeping, and taxes that are involved in the career of the recording artist.