Exam 1

Question 1

Agent

Answer 1

Someone who sets up jobs/gigs for an artsit

Question 2

Celebrity

Answer 2

A product of media representation, publicity regimes, and fame-making apparatus

Question 3

Public Relations

Answer 3

Someone who is in charge of an artist’s interactions with the public

Question 4

Sole Proprietorship

Answer 4

Being owned by one person

Question 5

Sunset Clause

Answer 5

Post-term commissions meaning the artist still pays their manager after the contract ends

Question 6

Synchronized licensing

Answer 6

A license granting permission to sync a song with a moving image ie. TV, Film and ADs

Question 7

Administrative Agreement

Answer 7

an administrator collects all income for a songwriter or publisher; 3-5 year terms

Question 8

Cross-Collaterization

Answer 8

Royalties recouped to pay back previous advances

Question 9

Flat Gurantee

Answer 9

Pays the act a specific amount of money regardless of ticket sales

Question 10

PEST

Answer 10

Political, Economical, Societal, Technological

Question 11

Licensing

Answer 11

The legal process that allows artists to make money off of their work

Question 12

Musical Intelligence

Answer 12

the potential to appreciate, consume and perform music

Question 13

Intellectual Property

Answer 13

Tangible creative work that is in physical form and includes copyright, trademark, and patents.

Question 14

Trademark

Answer 14

A recognizable sign, design or expression identifying products or service

Question 15

Limited Liability Company

Answer 15

A business structure where the members are not personally liable for the company’s debts and liabilities

Question 16

Commission

Answer 16

The pay that managers receive that is typically 15-20% of the artist’s net income

Question 17

Key man Clause

Answer 17

Assures the artists that their agreements with their manager remains, even if the manager leaves the company

Question 18

Mechanical License

Answer 18

A license used for distribution of a song and royalties

Question 19

Co-Publishing Agreement

Answer 19

A publisher administers an artist’s composition or compositions

Question 20

Advances

Answer 20

Funds that are paid back from royalties

Question 21

Artist Manager

Answer 21

The primary advisor and responsible controlling entity of an artist

Question 22

Audience

Answer 22

The listener and target market

Question 23

Concert Promoter

Answer 23

Someone who promotes, organizes, advertises and finances live performances

Question 24

Merchandising

Answer 24

The exploitation of rights in a name, image, object or design with an unrelated product of service

Question 25

Life-Cycle

Answer 25

The amount of time for an artist's career; depends on the artist's branding

Question 26

Creativity

Answer 26

The ability to produce novel and unique ideas

Question 27

Fans

Answer 27

the audience who finds value in the product/music

Question 28

Authenticity

Answer 28

Being able to entice a wide range of emotions, perspectives and situations with your work

Question 29

Economic Rights

Answer 29

Rights associated with the money and the economic value of creative work

Question 30

Patent

Answer 30

Right to exclude others from making, using, or selling an invention (utility, provisional and design)

Question 31

Contractual Clause

Answer 31

A clause that establishes required agreements in a contract`

Question 32

S Corporation

Answer 32

A business structure that can consist of up to 100 shareholders and sanctions like a partnership

Question 33

Adjusted Gross Income

Answer 33

The income after expenses have been deducted from the gross income

Question 34

Indemnity

Answer 34

Security or protection against a loss, financial burden, or legal liability

Question 35

Grant of rights clause

Answer 35

A songwriter assigns (sells) the song's copyright

Question 36

Recoupable

Answer 36

Costs and advances that are collected from royalties at a future date

Question 37

Option Periods

Answer 37

Rights to upcoming recordings or songs that may be exercised by a company per their contract; typically 9 months

Question 38

Endorsement

Answer 38

A famous artist who uses public recognition to recommend or co-present with a product in an ad