How to Run A Record Label for Dummies

How to Run A Record Label for Dummies

A record Label is like any brand or company; it requires a method(s) of operation. The difference in running a record label is that the “product and services” it deals with are Peculiar. These “products and services” requires technical protective mechanisms, accountability procedure, good human relationship and public relations expertise, involvement in creative research and development and market interactions.

Firstly, Legal and Confidential Operations, these require that a record label be a company registered under the law and the company must there on ensure to fulfill all requirements of the law. Fulfilling these requirements means you must register your intellectual properties via trademarks and copyright protection, ensure all tax liabilities are taken care of, ensure everyone working, paid and unpaid, are working under a contract and never hesitate to take legal precautions. 

These consequentially ensures the following:

  • The company is operating legally
  • The properties, products and services are protected
  •  everyone’s involvements are spelt out
  •  confidential information is kept as they are
  • smooth sailing

Secondly, Financial operations, these require that the company keeps detailed records of expenses and income, and ensure tax compliance are fulfilled. Ensure that all expenses to be incurred are properly investigated and scrutinized before incurring such. Doing all these helps the company in many ways which includes but not limited to:

  • Financial forecasting for effective production and promotional planning
  • Accessing investment
  • Reporting to shareholders, investors, Artiste and Managers
  • Paying tax liabilities

Furthermore, a record label must ensure to hire appropriate and competent staffs who understands the “product and service “and the professionalism needed to be exhibited by such personnel. Employing competent staffs cannot be over-emphasized. An incompetent manager or Publicist can cause grievous harm to a record label than a cancelled event or endorsement deal.  A competent experienced A & R can be the trade secret of a record label.  Ensuring that the assets of the company are managed by competent hands is a priority that cannot be moved down wards on any list on “How to run a record label for Dummies

Lack of these key structures in place will lead to the fall of the brand. Although, one cannot zero this on one specific shortcoming even though you realize most record labels in Nigeria lack the mechanism listed above. Through experience, I can zero in on many factors such as

  • Incompetency and negligence of the owners, directors and managers
  • Misappropriation of company funds
  • Lack of due-diligence culture and professionalism
  • Human factors such as pride, ego, distrust, infidelity among others. (funny this is the most common one)

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Fawehinmi Oyinkansola Esq.

Fawehinmi Oyinkansola aka The FozaDoza is synonymous to energy and passion. With keen interest in the entertainment and legal industrIes, Foza has been able to create a niche in both industries for herself. She obtained her LL.B and a Diploma in Security studies from the prestigious Babcock University Ilisan Remo, Ogun State. She was called to the Nigerian Bar in 2014.

She started out in the entertainment industry as Business manager for a school group called Pro Inc which became the favourite go to hip hop group in school. This spurred her passion for talent management and she has worked as a road manager at Monarc Talent Agency (an affiliate of Aristokrat Records), G- WorldWide Entertainment as business manager and currently is the General Manager at a 360 management company (Incubation Factory).

Her clientele spans across the music, film and telecommunications industries where she has effectively brokered license, distribution and endorsement deals. She has an impressive personal and professional relationships with all her clients which ensures she creates a comfortable working relationship. She leads the music and film divisions of the firm.

Foza is a vocal and passionate change agent, a non conformist and an adventurous risk taker. These traits have made her a known face as well as speaker on the most prestigious entertainment conferences stage. She strongly believes in integrity and is driven by family and legacy building. She has received numerous awards in relations to leadership and social activities.

Foza enjoys her live band music sessions, and a gathering of talented artiste anytime. She is the life of every party and has an excellent social skill.

Olumide Mustapha Esq.

Olumide Mustapha is a technology and entertainment attorney both in Nigeria and the UK. As an undergraduate he was a student of Sociology and economics at the University of Reading in the UK before embarking on his legal career by first qualifying – with Distinction – as a Solicitor from the College of Law UK, (and then practising for a period), with a particular focus on International Commercial Law,
Tax and Intellectual Property. Having been also called to the Nigerian Bar with Honours Olumide has since continued to focus on the areas of media, entertainment and technology law.

Olumide, in applying his vast legal and business knowledge in these sectors, has successfully initiated, negotiated and pushed through numerous transactions to the commercial benefit of clients. He has advised two of the “Big Three” global music labels on their planned entry into, and commercial strategy for, the Nigerian market; negotiated significant licensing agreements with a number of major Nollywood production houses and advertising agencies on behalf of a major music publishing company; consulted for one of the country’s biggest copyright collective management organisations; and worked with numerous technology start-ups in securing funding and scaling their businesses. Olumide is also the Chair of the Music Publishers Association of Nigeria.

On the back of such experience Olumide has also built over time a formidable network of contacts that allows his clients to enjoy a full suite of legal and business advisory services that include the ability to source funds, conveniently acquire/produce/licence valuable content, in addition to ensuring specialised due
diligence is carried out on all transactions and that good governance is practiced at all times; all with a keen understanding of the relevant market dynamics and client’s specific commercial objectives. Moreover, he has significant experience in litigation and has a lot of expertise in utilising the Nigerian court system to ensure client’s rights are protected and enforced at all times.

Never being one to shy away from sharing his professional thoughts, opinions, and analyses, Olumide is regularly featured in various media to provide his views and analysis on the legal and business issues surrounding the Nigerian entertainment and technology industries. Such media outlets include Channels TV, TVC, NigeriaInfo FM, Business Day, The Guardian, Techpoint Africa, and the African
Venture Capital Newsletter amongst others.

Olumide’s aim is to use his years of experience and expertise in international commercial and intellectual property law related matters, and strong network of contacts – both foreign and domestic – to contribute to the legal development of Nigerian enterprise structures and governance, and general business practice; thereby pushing the country closer towards fulfilling its socio-economic potential.

Iredumare Ojengbede Opeyemi

A graduate of Obafemi Awolowo University Nigeria (LLB) and University of Strathclyde, Glasgow (LLM) is a legal practitioner in Nigeria with over six years of experience in intellectual property, telecommunication and cyberspace Law.

He is a cyberspace, media and entertainment researcher with keen interest in Music, Film and Television, digital rights and personal data protection, intellectual property protection, creative financing, Media Advocacy and information literacy on the digital space. A cultured, informed and disciplined legal practitioner, who prides himself as a strategic solution executor, an expert in identifying root challenges and creating specific market/territory based solutions to cyberspace and digital challenges. He is always constantly seeking growth opportunities and self-improvement initiatives as a team player working in and for goal-oriented organizations.

Iredumare has spent the last two years facilitating multimillion naira deals for his clients across catalog licensing, catalog acquisition, intellectual property estate valuation as well as developing music business models for various value chain members in the African creative industry. Iredumare enjoys reading and having solution driven conversations with like minds.