It's great to get together with collaborators and songwriting partners, write a song, and then dream of the success it can bring you. But when the money starts coming in, the dynamics of those songwriting and collaborating relationships have the potential to change... and they change quickly.
Before you start promoting any of your songs, it's essential to have a very clear agreement with your co-writers of what the ownership percentages are.
Never assume that just because two people are in the room writing, that the other person is expecting a 50/50 split. This assumption can cause a lot of grief when a high dollar license comes to the table, and there's a lot to lose in the process, including:
- Friendships
- Collaborators
- Money
- Reputation
Until the song starts generating income, these percentage disparities aren't an issue, but when that song lands on a commercial, all hell will break loose if you're expecting to get 50%, and they're under the impression that you're only a 20% writer of the song.
This is a business, and it's your responsibility to take care of your end of it.
What are some of the most costly mistakes you've made as a songwriter? Share with us in the Comments Section below:
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