I don’t know about you, but Uncle Prince was an integral part of my childhood.
My aunt was convinced they’d be married some time in the 80’s. Time and time
again we sang many of his infamous, yet inappropriate lyrics. Upon hearing the
news of his untimely death I began to reflect on what I knew about him. He was
a music mogul, producer, actor, an advocate, visionary, film director,
trailblazer, and philanthropist as well as creative mastermind. I’m sure you’re
wondering what this has to do with business and entrepreneurship: stick with
the kid and you’ll see where I’m going with this in just a bit.
I personally consider musicians to be entrepreneurs. Many
have turned creative ideas into some of the most popular and memorable songs in
each generation. Unfortunately, the creative minds do not have the discipline
to do the “hard things” like learn the business to protect their creative
intellectual properties. Queue the entrance of 360 deals in the modern music
world. These deals are where a music company will front the artist finances to
be used for promotions, marketing, touring, studio fees, video recordings, etc.
in exchange for these services and any financial advances the artist receives
the artist yields a hefty percentage of all artist streams of income including,
but not limited to: music sales/downloads, live performances, YouTube views,
publishing, merchandising, and more depending on the contract specifics...Uncle
Prince would not approve.
I’m reminded of when he changed his name from Prince to The
Artist Formally Known As Prince. As a 3rd grader (don’t judge me) I
didn’t understand the significance of this name change for him as an artist,
entrepreneur, and fellow rebel. Today, I understand he was laying a blueprint
for future artists/entrepreneurs to follow. He changed his name so that his
record label, Warner Brothers would no longer own his business (stage) name
along with his music.
He was such an advocate for owning your art, that he
re-recorded his old Warner Brother’s albums to create a catalogue only he would
own. Warner Brother’s would not let him obtain ownership of the master
recordings and publishing of his previous work. 17 albums were redone just so
he could own his art. In doing this, he would cut out the middle man, selling
directly to his fan base and ultimately earn more money for what was his
intellectual property to begin with.
To further substantiate the fact that Uncle Prince was about
that life when it came to owning his are, in 2015, he took his music off of all
streaming channels including YouTube, Pandora, Apple Music, and Spotify. He did
later allow Tidal to stream. I am convinced owner Jay Z said some moving things
in that meeting. (Side note: The primary reason Jay Z acquired Tidal was to
ensure artists could own their art. That had to resonate with Prince.) Spotify
pays an artist between $0.006 and $0.0084 per song stream to the artist. Many
artists are not making minimum wage in the amount of plays based on current
plays per song based on chart fees below:
Streaming Service
|
Per Play
|
|
Signed Artist
|
Unsigned Artist
|
|
Spotify
|
$0.006
|
$0.0084
|
iTunes
|
$0.23
|
$0.69
|
Google Play
|
$0.0073
|
$0.0179
|
Tidal
|
$0.007
|
$0.0043
|
Beats
|
$0.003
|
$0.018
|
Rhapsody
|
$0.0019
|
$0.0121
|
Deezer
|
$0.001
|
$0.0013
|
YouTube
|
$0.0003
|
$0.0018
|
Reference: Knowledge Is Beautiful
by David McCandless
The moral of the story is: Own your art! Uncle Prince paved
the way for other entrepreneurial kings like Master P, Jay Z, and Damon Dash.
These men learned the importance of having a boss mentality. These men sign the
front of their checks...pretty bossy.
How can you apply this to your art?
1. Own Your Art
It’s your intellectual property: make sure you own it. Don’t
let the things that come from your mind be the thing that someone else makes a
profit from. The music industry especially profits from creative artists
ignorance concerning the importance of owning your art.
2. Learn The Business Side of Your Industry
If you’re going to play the game, it’s probably best that
you learn the rules. Being a creative mastermind is one thing. Cashing in on
that creativity is another. Unfortunately, many artist/celebrities only earn
around $30,000 to $40,000 annually with bogus contracts like 360 deals. (Thanks
for the information Master P.) What you don’t want to be is a disgruntled
artist angry like TLC because they’ve sold millions of albums; the world knows
your name, yet they drive off from an awards show in a Toyota. You can’t afford
not to learn the game if you want to avoid being tomorrow’s barista at
Starbucks.
3. Know Your Worth & Add Tax
Know exactly what it is you bring to the table. Don’t be
afraid to pass up a business deal that is not a good fit for you. Don’t be so
desperate for fame/money that you cheat yourself in the end. All entrepreneurs
must learn the art of negotiation. Remember, Uncle Prince wrote, “slave” on his
face at a major awards show? “If you don’t own your masters (intellectual
property), your master owns you!” – Prince Rodger Nelson.
4. Consult The Experts
I specifically remember Rev Run coaching his son Jo Jo on
the best record contract to sign. It was better to sign and independent deal
and sell fewer records, but make more money than to sign a major deal with less
ownership, but more album sales. The same principle remains true in any
business deal. When Master P was up and coming he consulted Michael Jackson’s
lawyer for sound business advice. Beyonce even received game changing advice
from Uncle Prince. They’ve paid for the knowledge through experience and education;
don’t be afraid to ask (and pay for) good advice.
5. The Independent Route Is Harder, But More
Gratifying
Independence causes you to be more involved through the
entire process. Freedom isn’t necessarily free. There’s a price we entrepreneurs
pay for that coveted freedom. Jay Z is working double time to cultivate an
environment for artists to receive the most for their intellectual properties they’ve
created! Being independent allows you to be in control of your art. In our
generation, we have business savvy artists like Beyonce and Romeo Miller that
stand for creative freedom and demand to be compensated fairly for their
contribution to the industry they work in. Pure artistry is a labor of love,
but don’t get it twisted, it can still be very lucrative if you are willing to
do the work the right way.
Thank you Uncle Prince. If no one else was
listening, I was. Your fight was not in vain.
The most successful entrepreneurs like to live on the edge. We do “it” afraid. Many liken the experience to jumping off of a cliff and building an airplane on the way down. Taking a business risk reminds me of the pregnancy process: it’s exhilarating, taxes your body, drains your finances, it can be uncomfortable (please get used to being uncomfortable,) and you lose plenty of sleep. It has painful moments: moments of unsurety, it stretches you, makes you stronger, more flexible, and more fearless. The freedom an entrepreneur possesses is birthed through the experience that gives you your fearlessness: the birthing process. In the end, everything you experienced no matter how tumultuous, was worth it. Yes, we entrepreneurs take risks unlike any other, but what’s a normal journey look like anyway? Don’t fight it. Taking calculated risks in your can be one of the most freeing and rewarding experiences you will ever have.
In the words of entrepreneur, Ming Lee, “the best marketer wins.” And the award goes to... Mrs. Bootylicious Carter! Marketing talent is rare. She’s no Mary Kay Ash by creating network marketing, but all it takes is one post on social media and the BeyHive is spending tax money on Formation Tour tickets; paychecks on Ivy Park athletic gear; or fasting lunch to purchase the latest $20 album. How can this information help your business? Market your product/service in such a way that your customers praise your greatness without you having to tell them to do so! The best marketers know how to tell one hell of a page-turning story to grab your attention, keep your attention, and close the deal with the customer purchasing what’s been placed in the cart online. Geniuses close the deal!
It is a must you learn how to be a great storyteller as an entrepreneur. Authors typically sell their life experiences. Beyoncé took her alleged sour life experiences and turned them into a lucrative visual masterpiece. There’s no reason why you can’t sell your pain and profit from life’s misfortunes. Some take lemons and do nothing. Some are smart enough to make lemonade. Some make lemon drop martinis. But the entrepreneur distributes it as a product or service and makes a profit! Be like Beyoncé, profit from your life experiences.
