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.