On the Uncensored Truth Podcast host O’God and Sam Ant did a live interview with Brother Khonsu Sheshmu Amun. Amun expertise is on money management and accounting. Amun was able to address the concerns that both host had about music artist mismanagement of money. A lot of music artist lose their wealth due to millions on back taxes owed to the government. Amun provided tips on how to correctly manage money and careers in today’s market.
Amun says don’t fall prey to mismanagement of money
Amun talked about hip hop artist and athletes how the two are similar in regards to ownership rights and mismanagement of money. Amun made a comparison, rock stars like Aero Smith are making residuals without performing concerts primarily because they made deals that provided them money long term. Unfortunately, some athletes and hip hop artist have been notorious for mismanaging their careers and spending money without a long term plan once their careers are over.
Apparently, early in their rap careers Jay Z and Diddy did not have contracts that were in their best interest. And as a result the deals made with record labels weighed heavily in favor of the label receiving most of the proceeds. But Jay Z and Diddy realized they had little to no control over the money made on record sells and concerts. Both became more educated and made the necessary corrections. Now, Jay Z and Diddy have become a brand with sole ownership and rights to all of their music, merchandise etc.
The 360 slave deal can work in the favor of the artist
Amun answered some questions about the different types of recording contracts. Amun talked about the 360 slave deal. The 360 slave deal weighs heavily in the favor of the record company. However, it was interesting that Amun gave a perspective on the deal that could be profitable for the recording artist. He suggested that the recording artist comes to the deal not as an individual but as a corporation. The artist can maintain the rights to concerts sells and merchandising. One great example is how Travis Scott record sells did much better than Nicki Minaj.
Scott understands how marketing works
Rapper Travis Scott did very well with his record sells because he sold merchandise along with his music. Amun pointed out that a lot of new artist utilize social media outlets to become popular with fans and be more marketable. Once the artist has established a following created a presence for themselves on social media then the tools to market are at the ready. They can sell hats, sweaters, t-shirts and other various items. In return, promoters see the numbers on social media ( number of followers, views and monetization), they want to do business. Amun also states:
“Number of sells are verified, demographics are more than three percent. So younger artist are getting more money up front from promoters because of social media. Boom, that is money straight in the door”
Instead of getting upset with Scott, Minaj could take a page from his book and sell hats, scarves or anything with her brand in addition to her music. She would make a killing. It was a very smart marketing strategy on Scott’s part to ensure he gets the most for his product. Amun, provided a wealth of information on various topics that pertain to home ownership and record deals.
Social media is a powerful tool for success in the music industry
No matter what the skeptics say, social media is a very powerful tool. Gone are the day where music artist needed to depend on expensive marketing campaigns or radio play. Today’s music artist utilize social media outlets such as: YouTube, Instagram, Twitter, Sound cloud etc., to reach fans and promote their products. In fact, stars like Justin Bieber, The Weekend, Soulja Boy, and Post Malone can thank social media for their success.
It is important to note, that the discussion on the Uncensored Truth Podcast has a part two of the discussion. Stay tuned!!!