Most musicians often feel that getting signed by or being offered a recording deal should be their ultimate goal. While getting a record deal is a great achievement for a band, a contract can lead to many bad things the band never foresaw or wanted.
These days a recording contract is nothing more than a big advance of money to be recouped by the recording company through sales of your product. If it doesn't sell to expectation you still have to pay the money back somehow. Music companies are a business and they are there to make money not lose it. It is no different than going to a bank and getting a loan to market your music your self, except the recording companies have the methods to make the product sell, get airplay and distribute the product throughout the country or even the world. Recording companies loan you the money to make the music and get their money back by distributing it. Typically artists make a small fraction on CDs- most of the money comes through merchandise and tours.
Beware of recording companies who try to influence and change your sound, often to the point of rewriting your songs and even changing members of your band. They may even have you record music from other people.
Many times the band doesn't produce the sounds a company wants and the music get shelved. Since you signed with the company, they own you and you can't produce any music with any other company while under contract. You simply have to wait it out and this can take years. Just ask Billy Joel.
After you are ready to record your songs, you might find the recording company will bring in a co-writer that changes your lyrics beyond all recognition to fit in with labels style. You started to make a hard rock album and you end up with a rap album with all your instruments removed and samples and remixes replacing them.
Beware the big advance of money, to make and promote your music. If it doesn't sell you will have to pay the money back, with interest, just like the banks. How do you pay it back? Live gigs, touring, radio shows, shopping centres etc for the next ten years. How do all those artists who make millions of dollars end up bankrupt? All the bills they didn't know they had to pay. They had so much fun, they never watched where the money was going. Read the fine print so you don't end up like MC Hammer.
Quite often musical differences between band members and record companies are solved by the company getting rid of and replacing any member of the band who doesn't agree with them. They are always trying to get work for their own players and artists who have already been signed. Quite often you will find all your guitar players work re-recorded by the studio guy or producer to fit in with the labels sound or smooth over tensions within the band.
Remember that the music business is a business. If you can become successful yourself, you should try to do so. You can use the web to promote yourself. Many people become famous this way but at the end of the day, you may need a company. If you sign with a record company, make sure you read the fine print carefully. You don't want to waste your best years in a bad contract.
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