As partner and co-chair of Global Entertainment and Industry Group, Gregor Pryor is one of the world’s leading lawyers in digital music.
Throughout his career, Pryor has been involved in landmark deals and cases that have influenced the development of the digital music and was named as ‘Top 100 Most Influential People in Digital Media’ by Wired Magazine.
So it's safe to say Pryor knows his stuff. Knowledge he shared at IMS Ibiza yesterday revealing some very interesting insight into the key rules of doing business, based on lessons that can be learned from hip-hop…
A commandment that the rap game knows well. Hip hop measures success by not just being an artist but also a good businessman, like P.Diddy and Jay Z.
Own your own stuff
For Chance The Rapper, it’s critical that he owns his own assets. Intellectual property is key.
It’s a team sport
Always ensure that everyone gets paid fairly.
Strong team of people
Acts like Mick Jagger and Michael Jackson have always had a very good team around them.
Read your contracts
Rappers compete to have the best team, e.g Biggie Small’s infamous lawyer.
Competition is good
By making people up their game, artists are constantly competing for market space.
The best deal makers view a deal as a sporting event, such as Jay Z and Kanye. They never settle and always get the absolute most out of everything. Preparation is key.
Dance music is good at it. For example embracing the CDJ alongside the turntable. Embracing change early is paramount.
For example Will.I.Am launched his own business. Deciding that voice activation wasn’t good enough, they created their own OS. It’s all about taking a risk, and moving forward before anyone else can.
Let the music use you
Dance music has a much more unique landscape than hip hop. The people who love the art form rather than treat it as a business do better.