2014 • Humanities and Arts
Artist Co-Funding: Redefining The Modern Record Label
Lead Presenter: Joey Lafyatis
PI: Joey Lafyatis
The entertainment industry is notorious for adapting to new technology overnight and a spotlight has been shone on the big business practices of major record labels that have failed to pivot with these changes. Even independent labels are struggling to innovate viable business practices with their artists. At Green Line Records, we have implemented a holistic approach to our artist relationship that we believe could become a standard. The core of this relationship is our Artist Co-Funding model, a new approach to financing an artist’s projects. I would like to present on behalf of Green Line Records, Northeastern University’s student-run record label, about the details of our record label’s functionality with a focus on this model (the underpinnings of which provide further insight on experiential education).
Whereas in the past an artist would have to work with a number of specialty companies to fulfill their needs, our approach defines a core group of in-house services that we guarantee each artist. Our go-to-market product is essentially the artist, their brand and their music. Though our contract dictates that we are not legally bound as a joint venture, the employment of our model operates as a cooperative investment into the tangible products of an artist’s career. The agreement is flexible, to the extent that a negotiable deal between artist and record label is built into the system. The foundation of this financial model puts the artist and record label back on the same team in face of the greater music industry.