Music Industry Discussion

The process that my band uses to keep track of our band related finances is very clunky. I am curious how everyone else is doing it?

Financial mismanagement can be a deathknell for a band. Specially if you don't have a stash of 'set aside' money for expenses - trying to get eveyone to kick in a $20 when needed is hard. And everyone in the band has to TRUST the person doing the money management -whether its a band member or a manager. However you do it, it has to be a group decision, and if its not unanimous that just creates more tension.

i currently play in four gigging bands. since they are all local and don't go out on the road, expenses are pretty much non existent.

i will say this.....i've been in a shit-ton of bands and the most successful and long lasting ones all had/have two things in common. no "leader" and equal shares of money for all.

PLANET JAZZ has been together since '92. never one disagreement or funny biz about money or anyone shirking duties. (yes....i AM a lucky S.O.B.)

Money ?

We are supposed to get paid ...

I feel so uninformed.

Might I suggest handing out semiautomatic weapons prior to discussing money? Worked for Gilbert Arenas, aka Agent 0, of the Washington Wizards.

We split the money equally. I always take a picture of the check when it arrives. I forward pic to all members via text. When being paid in cash I try to make sure another member is around to witness. I want no doubt about how much the band is making I believe in an open book policy. Everyone in this group has a duty to support the band and ironically no one assigned them that duty. We all are happy to do what we can to make this happen and yes I'm a lucky SOB too!

Splitting the money evenly should go without saying, but how do you handle the expenses fairly? Website monthly payments, PA component/cable replacements, etc? If the band doesn't have a paying gig one month (or during the rehearsal period prior to gigging) how do you handle the expenses?
In 'Instant Karma' everyone was responsible fo thier own equipment expenses - mics, cables, in-ear monitors. Our website cost about $19/month, so all 6 of us would kick in a $20 every 6 months. The last time the oney came due, 4 of us put up our money, 2 guys didn't and the singer (responsible for the website payments and updates) put $40 of his own in expecting the two guys to give their money. We ended up breaking up 2 months later, those 2 guys never did give thier money. That's what starts bad feelings in a band. Or if everyone decides to kick $100 each to get some new piece of gear for the band, then one person quits and wants his money back .... (all things that need to be looked at)

Jericho March functions, for the most, as a democracy.
However, in reality, it is my project, as I am the most senior original member of said project.
All contribute, but my wife and I are the main financial supporters.
I do not have a problem with this, as I feel, in this situation, it is as it should be.
As we grow and change, this will also change I'm sure.
My dedication rarely wavers . . . I am the rock of rock.
And Jesus is my Rock.

Through trial and error we have found what works best for us. The less common expenses, the better and we just keep a ledger that is available to everyone. Each player is responsible for owning, maintaining, and transporting his own gear, mic, and powered monitor if they choose to use one. I own and maintain the main PA. Someone else owns and maintains the lights. If we play a large show we hire a sound Co. and that comes off the top. We split the rest equal shares.

I normally handle the business end and bring cash to pay the players their share at the end of the night. I also receive all the 1099s and write off as much music expense as possible so taxable income is reasonably low. I send 1099s to my band mates for their income if they made more than $600 as contract musicians and suggest they write off all expenses as well.

We avoid monthly expenses like the plague but we are looking at a local booking website that is very successful with other bands right now. It is about $60/mo but generates a ton of A list gigs that pay well. When we start this I will deduct monthly expenses from gig income so no one has to come up with cash out of pocket. Our promo vid will also come off the top of gig income for the same reason. We always take expenses off the top of gig income and then split the rest evenly. This is much easier than acting as collection agent and hitting up your mates for $20 here and $40 there. Bands tend to fold up quickly when expenses mount and income wanes.

I have a great day job, and the money really isn't my priority. What is my priority is making sure that *someone* gets paid. If I do a duo gig and we have the usual underpaying venue, I'll give the lion's share to the other guy. I look at it from the perspective that first, this is my band, so it's my responsibility to make sure the players are compensated. Second, the folks I tend to play with are making a living from their music, and I'm not. I need to keep them fed so they'll be there for the next gig. In regards to gear, I have a lot, and if one of my players needs to use it during rehearsal or a show, they're welcome to it. Anything they require beyond that is on them.

How do bands make a million $s ? Give them 2 million $s and let them start a business I take this approach - a band should pay all expenses first ie 'management costs' marketing, advertising, rehearsal & insurance/public liability 'logistics costs' car/cars/van /vans/bus hire/petrol/maintenance, band member meals & accommodation (if needed), sound reinforcement / pa equipment (if needed), 'other personnel wages' like roadies, sound engineers, lighting engineers & equipment maintenance technicians. Any $s left ? (I doubt it) share evenly with the band members