5 Music Finance Jobs That Are More Than Crunching Numbers
Music finance jobs are about far more than spreadsheets and revenue statements.
If we say “music finance jobs,” you’ll probably imagine legions of accountants buried in spreadsheets to see what royalties came in that quarter. And while that is part of the job, it’s not the whole picture. Financial leaders in the music industry often have first-hand knowledge of what goes into album production and live performances — some, like producers, often have creative talents of their own!
Read on to discover what makes music finance far more than revenue statements.
Learn more about every aspect of music finance with Music Finance: The Ultimate Guide.
Which music finance jobs do more than crunch numbers?
Producer
Music producer is a nebulous term, covering everything from record production to executive leadership. Yet despite the dizzying array of roles, the most consistent responsibility for producers is budget management. Producers are the ones who guarantee every song or album recording is OTOB — on time and on budget — while meeting any technical and artistic standards the musician expects.
The exact way producers achieve this goal will vary depending on their relationship with each artist. In most cases, producers are responsible for:
Scheduling recording sessions
Processing any physical album manufacturing orders
Creating or approving marketing and publicity materials
Keeping artists happy and on task
Ensuring all production checklists are finished before an album’s release date
Of course, understanding budgets is just one-half of a producer’s role. They also supervise recording and remixing sessions to provide critical feedback and recommendations. In addition, most have creative expertise that elevates good songs into smash hits, from using digital audio effects to adding “more cowbell.”
Finally, producers are music industry intermediaries. Their job is to balance an artist’s creative goals, audience expectations, and the commercial realities of a project. The best producers in the business align these goals to make sure all parties are happy with a final recording, opening the door to future projects.
Business manager
Just as music producers are responsible for the budget of a specific song, business managers offer financial stability for musicians themselves. Business managers create and execute financial strategies for their clients professionally and personally, whether creating investment strategies or paying utility bills. This role is essential for any artist who reaches a level of success where they must turn over business responsibilities to focus on songwriting and performances.
As you might imagine, there’s no such thing as a typical day for business managers. Within a single year, they’ll file tax returns, handle global tour reconciliations, secure insurance policies for new assets, and even take the lead on estate planning. In addition, most business managers coordinate with agents, producers, lawyers, and booking agents to secure lucrative contracts and assign tour budgets. Then you have days where the artist calls the office with an unexpected problem, and managers must drop everything to help.
In recent years, one of the most critical responsibilities of business managers has been royalty tracking. Our diverse media landscape allows popular songs to appear just about anywhere — on film and televised media, radio stations, or any number of streaming channels. Since royalties contribute so much to a musician’s bottom line, business managers account for every cent so their clients can focus their efforts on songwriting and live performances.
Business accountant
Artists, music companies, and even some business managers usually leave the bulk of financial wrangling to business accountants. This role is all about analyzing a musician’s financial status to ensure overarching goals are being met. Business accountants audit royalty statements, review contracts, and submit financial applications on behalf of their employer, whether a firm or a client.
Of all music finance jobs, what makes this one about more than crunching numbers? For a start, while business accountants get into the weeds more often than producers, some also have a dual role as tour accountants. This job is all about lending their expertise to live performances, including managing tour budgets, collecting money from each venue, and keeping track of expenses.
Business accountants can work alongside firms or a business manager, but many are independent contractors who collaborate with up-and-coming musicians. In our digital age, this is handled remotely, usually leading to odd working hours when clients are in multiple time zones. But helping new artists find their financial footing while juggling a day job makes this role all the more satisfying.
Publishing manager
Publishing managers serve two vital roles within the music industry — promoting artists and making sure they get paid. These are the figures who make sure that songwriters and composers receive royalties for every commercial use of their work.
This process begins when an artist first signs their publishing contract, which grants licensing rights or some percentage of copyright to the publisher. Next, the publisher assigns the artist’s work to a manager who guarantees customers will hear it everywhere. These promotions take many forms, such as offering compositions to recording artists or licensing music in film, television, and video games. Even advertisements that use existing songs fall under the publishing manager’s purview.
When they aren’t creating new revenue streams for their artists, publishing managers collect royalty statistics to distribute payments. Most also spend their time reviewing agreement drafts to account for exclusive rights or publishing restrictions. As a result, artists who have become commercially successful on a grand scale often have an excellent publishing manager who made it happen.
Booking agent
As the name implies, booking agents handle all reservations for musicians during a live performance. Their job is to schedule tour dates, secure popular venues, negotiate contracts, and follow-up with all parties to ensure contractual obligations are met. Booking agents are expected to be well-versed in everything that goes into a live performance, often meeting directly with artists to customize elements of a show — and make sure specialized equipment is paid for.
Because of that final ingredient, booking agents rank among the most crucial music finance jobs. Since money management is a big part of any tour, booking agents are directly responsible for on-location financial details. For example, they work on contracts that define artist revenue, technician fees, and lighting and sound equipment costs. Booking agents also reserve hotel rooms, plan meals, and manage transportation costs for the musician and crew. If you’ve ever thought about the logistics of running worldwide tours where millions of dollars change hands in a single night, a booking agent usually helped make it happen.
What should be clear is that music finance is big business, whether you’re managing live performances or tracking royalty payments. At Trqk, we know how complex musician compensation can be, because we’re musicians and music executives ourselves. We created the TrqkIQ™ platform to contribute to a transparent and fair creator economy that simplifies royalty tracking with data science.
If you want to identify revenue opportunities that other music platforms may miss, Trqk can help. Get in touch to find out how!