Sofar Sounds Promises More Earnings for Artists in 2020
SOFAR SOUNDS paying more in 2020
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Sofar Reveals its Economics
Sofar Sounds is promising to pay musicians more money per show in 2020.
That promise in addition to providing more insight into company economics, comes in reaction to hefty criticism of the international concert series famed for its intimate settings.
Sofar Sounds has come under criticism by musicians for paying each of the 3 acts on the bill $100 for an event that has the potential to gross several thousand dollars.
Sofar Sounds CEO Jim Lucchese published a blog post outlining where Sofar’s nightly income goes.
“There are a few different types of Sofar cities – most of them (about 375) operate independently,” said Lucchese.
“The majority of these (~90%) put on shows that are free to attend, then pass-the-hat to collect money for show expenses and artists, with $0 going back to the business.
The rest of the independent cities sell tickets online and pay artists a flat guarantee ($100 per act in the U.S.).”
After this explanation, Lucchese supplied an income break down of a typical Sofar show that charges a fixed ticket price.
Lucchese’s breakdown amounted to just $176 of income per show for the entertainment giant.
“The expenses above cover the local team and show costs,” said Lucchese.
“They don’t include centralized company costs, like the team that runs the website, ticketing and event booking systems, small marketing and finance teams, and others that make sure the shows happen and artists get paid.”
More Money for Artists
Given all the above factors, Sofar is still assuring to boost compensation to musicians on larger shows by February.
Lucchese explained ” “The average net income split between artists and Sofar is currently 63/37, with 63% of the net show income going to the artists.“
Our goal is to move from today’s 63/37 average profit split for our standard show format (3 artists and 20-25 minute sets) to 70/30 across Sofar-operated cities, in favor of the artist.
Kevin James has over 20 years of experience in the entertainment industry in various facets. He has worked as a recording artist, songwriter, producer, on-air radio personality, background actor and film director. Kevin is a Member of the National Writer's Union.
WOW! I didn’t know there were so many performing right organizations! Thanks for the heads up – I now need to do some serious research on which one is more suited for me. Thanks for also mentioning that they take that 11-13% fee from collected royalties.
I don’t know anyone affiliated with SESAC…it’s like some unicorn, does it even exist??? smh.
I don’t know any musician in SESAC. Such a rare thing I wonder if it even exists, never met a musician affiliated the place smh