Peter Paterno Talks With HITS Magazine About Record Label Strategies
July 17, 2017
Peter T. Paterno
King, Holmes, Paterno & Soriano, LLP
THE BIG BET – STREAMING IS FUELING A METAMORPHOSIS OF THE MUSIC BUSINESS
CONTRACTUAL STICKING POINTS
“It’s still next to impossible to break on a mainstream level without a major label,” says attorney and onetime label head Peter Paterno of King, Holmes, Paterno & Soriano. And when a hit single has the power to drive ancillary benefits in a way that has not been seen before, there’s one simple business conclusion. “All the labels are doubling down on 360 rights by hiring dedicated staffs to pursue their participation,” Paterno notes.
“Three of the five largest music markets in the world are still predominantly physical, and all five of those markets have very different consumption patterns,” says one major label group executive.” It requires a customized marketing/promo mix in each territory that can truly break an artist worldwide.
Only a major can provide global marketing support.”