| Title | What They'll Never Tell You About the Music Business, Third Edition: The Complete Guide for Musicians, Songwriters, Producers, Managers, Industry Executives, Attorneys, Investors, and Accountants |
| Author(s) | Peter M. Thall |
| Publisher | Watson-Guptill |
| Year | 2016 |
| Edition | 3rd Edition |
| Language | English |
| Pages | 416 |
| ISBN | 9781607749745 |
| Genre | Music Business, Law, Entertainment |
| Series | Unknown |
| Size | 1.74 MB |
| Extension | EPUB |
Summary
What They'll Never Tell You About the Music Business is a definitive guide to the legal and financial realities of the music industry, written by Peter M. Thall, a veteran entertainment attorney with more than four decades of experience representing major artists and companies. First published in 2002 and now in its third edition (2016), the book has become an indispensable resource for musicians, songwriters, managers, producers, and attorneys who need to understand the hidden clauses, industry customs, and legal traps that can make or break a career. Thall's approach is direct and unsentimental, offering readers the kind of insider knowledge that is typically learned only through costly experience or expensive legal counsel.
The book is organized into twenty-five chapters that cover the full spectrum of music business concerns. Early chapters address the financial foundations of an artist's career, including investors, advances, and royalties, explaining why advances are essentially loans and how the royalty pie is sliced in ways that often disadvantage the artist. Subsequent chapters tackle personal management, business management, employment agreements, and the role of record producers, offering practical guidance on how to negotiate these relationships and avoid common pitfalls. The middle sections address marketing, touring, and merchandising, while the later chapters delve into the complex world of music publishing, copyright law, and the challenges of the digital age, including internet entrepreneurship and piracy.
What distinguishes this book is Thall's willingness to name the specific mechanisms by which artists lose money and control. He explains concepts like cross-collateralization, diabolical deduction devices, and the myth of royalty escalations in plain language, arming readers with the knowledge they need to ask the right questions and push back against unfavorable terms. The chapters on copyright compliance for corporate counsel and catalogue valuation are particularly valuable for industry professionals, while the sections on lost or misplaced royalties and internet do-it-yourself models offer practical strategies for artists seeking to maximize their income and autonomy. Thall's writing is accessible without being simplistic, and his decades of experience lend authority to every page.
The book is intended for anyone who works in or aspires to work in the music industry, from emerging artists and songwriters to established managers, attorneys, and executives. It is particularly valuable for creative professionals who lack formal legal training but need to understand the contracts and business structures that govern their careers. The third edition has been updated to address the latest developments in digital distribution, streaming, and copyright law, ensuring its relevance to the contemporary music landscape. While the book focuses primarily on the United States legal system, many of the principles and practices it describes have international application, making it useful for readers around the world.
Peter M. Thall's credentials as a practitioner rather than an academic set this book apart from other music business texts. Having represented artists ranging from The Cars and Barry Manilow to ABBA and Pat Benatar, and corporations including Gucci and Victoria's Secret for their music needs, Thall brings a depth of real-world experience that informs every chapter. The book has sold more than 20,000 copies in its first edition alone and has been praised by figures like David Geffen as "intelligent and accessible." For anyone seeking to navigate the music industry with their eyes open and their interests protected, this volume remains an essential and authoritative guide.
Key Features
- The book is written by Peter M. Thall, an attorney with more than forty years of experience representing major artists and corporations in the music industry.
- It is now in its third edition, having been fully revised and updated to address the latest developments in digital distribution, streaming, and copyright law.
- The book exposes specific industry mechanisms that disadvantage artists, including cross-collateralization, deduction devices, and the myth of royalty escalations.
- It covers the full spectrum of music business topics, from advances, royalties, and management to touring, merchandising, and music publishing.
- Dedicated chapters address internet entrepreneurship and do-it-yourself business models for artists seeking greater autonomy.
- The book includes practical guidance for corporate counsel on copyright compliance, making it useful for industry executives and legal professionals.
- It addresses catalogue valuation, termination of copyright grants, and other advanced topics relevant to established artists and estates.
- Thall explains complex legal and financial concepts in accessible language, making the book suitable for readers without formal legal training.
- The third edition includes updated coverage of piracy in the 21st century and strategies for avoiding its consequences.
- The book has been praised by industry luminaries, with David Geffen calling it "intelligent and accessible."
- It has sold more than 20,000 copies in its first edition alone, demonstrating its widespread adoption and trust within the industry.
- The author's client roster includes The Cars, Barry Manilow, ABBA, Pat Benatar, and corporations like Gucci and Victoria's Secret.
About Author
Peter M. Thall is a veteran entertainment attorney who has practiced law for more than forty years, specializing in the music industry. He has represented many of the world's greatest artists, including The Cars, Barry Manilow, ABBA, and Pat Benatar, as well as corporations such as Gucci, EXPRESS, and Victoria's Secret for their music needs. His deep involvement in the legal and business affairs of major artists has given him a unique perspective on the inner workings of the music industry, which he shares in his writing and through his frequent contributions to music journals and international law publications.
In addition to his legal practice, Thall is a member of the International Association of Entertainment Lawyers and the Copyright Society of the United States. He has also been involved in cultural and artistic endeavors beyond the law, serving as a member of the prestigious New York Festival of Song, special counsel to the London Philharmonia's Millennium Creation series, and associate producer of the acclaimed PBS special The Papal Concert to Commemorate the Holocaust. He is a frequent guest on national and international radio and television programs as an expert on the music business, and he lives in New York City. His combination of extensive legal experience, industry connections, and commitment to educating artists makes him one of the most trusted voices on music business matters.
Related Books
- All You Need to Know About the Music Business — Donald S. Passman
- The Music Business Explained — Rich Stim
- Music Law: How to Run Your Band's Business — Richard Stim
- This Business of Music — M. William Krasilovsky and Sidney Shemel
- Lessons from a Street-Wise Professor — Ramon Ricker
- The Music Industry Explained — Alan H. Siegel
- How to Make It in the New Music Business — Ari Herstand
- Music Publishing: The Complete Guide — Steve Winogradsky
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FAQ
Q : Is this book only for musicians, or is it useful for other industry professionals?
R : The book is explicitly written for a broad audience that includes musicians, songwriters, producers, managers, industry executives, attorneys, investors, and accountants. While much of the advice is directly relevant to artists navigating their careers, the chapters on corporate counsel, catalogue valuation, and copyright compliance are particularly valuable for legal and financial professionals. Managers and executives will find the sections on deal structures and industry practices essential for their work. The book's comprehensive scope makes it a reference for anyone whose livelihood depends on understanding how the music business actually operates.
Q : What is new in the third edition compared to earlier versions?
R : The third edition, published in 2016, has been fully revised and expanded to address the significant changes in the music industry since the previous edition. It includes updated coverage of internet entrepreneurship, digital distribution, streaming, and the ongoing challenges of piracy. The chapter on solving piracy in the 21st century reflects the evolving legal and technological landscape. Additionally, the book has been updated to account for changes in copyright law and industry practices, ensuring that readers receive the most current guidance available from a practitioner with decades of experience.
Q : How does Peter Thall's experience as an attorney shape the book's perspective?
R : Thall's forty-plus years of legal practice representing major artists and corporations give the book a distinctly practical, insider perspective. Rather than offering abstract theory, he explains how contracts are actually negotiated, where artists typically lose money, and what specific clauses to watch out for. His client roster has included The Cars, Barry Manilow, ABBA, and Pat Benatar, giving him firsthand knowledge of the deals that shape careers. This experience allows him to cut through industry myths and provide advice that is grounded in real-world outcomes rather than academic speculation.
Q : Does the book address the impact of the internet and streaming on the music business?
R : Yes, the book includes dedicated coverage of internet entrepreneurship and the digital transformation of the music industry. The chapter on doing it yourself addresses how musicians can leverage online platforms to build business models and reach audiences directly. The third edition has been updated to reflect the streaming era, and the final chapter on solving piracy examines the ongoing challenges of unauthorized distribution. Thall's approach is pragmatic, acknowledging both the opportunities and the pitfalls of the digital landscape for artists and rights holders.
Q : Is the book focused exclusively on the American music industry?
R : While the book is grounded in United States law and industry practice, much of its content has international relevance. Thall discusses foreign taxes, international touring concerns, and cross-border contractual issues, reflecting the global nature of the music business. His involvement with the International Association of Entertainment Lawyers and his work with international artists inform these sections. Readers outside the United States will find many of the principles and cautionary tales applicable to their own markets, though specific legal provisions may differ. The book is widely used internationally as a foundational text on music business practice.
Q : What are some of the specific "secrets" the book reveals?
R : The book exposes a range of industry practices that often surprise artists, including the reality that advances are essentially loans that must be recouped from royalties, the mechanics of cross-collateralization that can prevent artists from ever seeing a profit, and the various deduction devices that reduce royalty payments. Thall explains why royalty escalations are often illusory, how "free goods" affect earnings, and where lost or misplaced royalties can be recovered. He also addresses the complexities of music publishing, including the pros and cons of being your own publisher and the value of copyright reversion. Each of these topics is explained with specific examples and practical advice.
Q : Who is the ideal reader for this book?
R : The ideal reader is anyone who is serious about a career in the music industry and wants to understand the business side without being taken advantage of. This includes emerging artists and songwriters who are beginning to sign contracts, managers who need to protect their clients' interests, attorneys who are new to music law, and executives who want a comprehensive reference on industry practices. The book is also valuable for students in music business programs and for investors or accountants who work with artists. Thall's accessible writing style ensures that readers without legal training can grasp the concepts, while the depth of information makes it useful even for seasoned professionals.
Q : Does the book provide guidance on negotiating contracts?
R : While the book is not a substitute for legal advice and does not provide fill-in-the-blank contract templates, it offers extensive guidance on what to look for in contracts and how to negotiate from an informed position. Thall explains the implications of specific clauses, the typical ranges for advances and royalties, and the points at which artists should push back. The chapters on personal management, record production, and employment agreements are particularly detailed in this regard, walking readers through the key terms and potential pitfalls. The goal is to empower readers to ask the right questions and to understand when they need professional representation.
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