Ever since Rachel Hacken was young, she always dreamed of having her own independent music publishing company. With such successful companies like EMI and Sony, she realized that she wouldn’t be content being just another employee, she want be the employer. With her growing knowledge on music publishing, she believes that she is ready to launch my own independent music publishing company called Glenwood Music along with the help of her business partner, Allahna Bruefach. Below is the step-by-step on how they plan to make Glenwood Music a successful music publishing company by touching on subjects such as the business structure, financing and funding, personnel,roles and departments,
Glenwood Music will be run as a partnership between Rachel Hacken and Allahna Bruefach. The location of the Glenwood Music office will be in New York City in the Financial district on Ceder Street. Within this office they will have four main departments and have approximately thirty to forty employees. In order to start Glenwood Music, Rachel Hacken and Allahna Bruefach must file Glenwood Music to their local government offices to obtain a business permit (in this case NYC City Hall) (McCay). Glenwood Music then will apply to a performance rights organization of their choice, which will most likely be ASCAP (since the company is located in the United States), by submitting an application and fee of about $35. The application can be found at http://www.ascap.com/join/.
2.Financing and Funding:
Glenwood Music plans on being funded without loans or grants, since interest fees are on the rise. Rachel Hacken and Allahna Bruefach plan on using the money from their trust funds to pay for the business’ start up costs. The cost for renting the office space is $1,250 a month. Other start-up expenses not included in the rent are furnishing, supplies, paying staff, taxes, applying for a performance rights organization(ASCAP in this case), legal fees, demo costs, promotion, etc. If Glenwood Music does not generate enough income for Hacken and Bruefach to breakeven, then they will look into adding a backer that will receive half or what Hacken and Bruefach will make.
3. Personnel,Roles and Departments:
Glenwood Music plans on having four different departments. The first key department is the A&R/ Creative/ Promotion department. The job description includes this worker to find new songwriting talent by listening to demos, going to shows, word of mouth from other key players in the industry that they trust ,etc. This is an extremely important department because without it, there would be no company. In order to keep a fresh and current catalog with potentially big money making hits, Glenwood Music will need to have the best up and coming songwriters at all times. Other jobs within the department include matching up songwriters or composers with lyricists if needed and to get the songs used in as many different ventures as possible through record companies, performers and broadcasters. (Britten) Glenwood Music will generally work with bands where one or more members is the songwriter to the band, however, in the case we sign a songwriter to Glenwood Music, this department with try to get that songwriters work to be used by major artists. This department can also set up songwriters and lyricists together, preferably ones both signed to Glenwood Music so the split up of royalties will be easier. Another department that would be part of Glenwood Music is accounts and royalties department. This department is essential for Glenwood Music to have because it handles the income as well as distribution of money. Accounts and royalties will take care of number crunching, keeping track of song usage to collect royalties and handle all monies owed. If songwriters want their work to be expanded to other forms of media, then this department would be in contact with the accounts departments of...