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Advertising Agency:
An agency whose business is to produce
graphic, written, or commercial broadcast advertisements. In the
record industry, because of the complexities and high cost of
maintaining an in-house advertising department, many
record companies
sublet there advertising campaigns to agencies that specialize
in this field. These agencies have to research the product or
service that is to be advertised, create and produce the ads,
develop an advertising strategy (which may include test marketing),
submit the ads in a timely fashion to the appropriate media outlet,
do the accounting, i.e., pay the media and bill the client, track
the results of the ad, follow up to evaluate the cost effectiveness
of the endeavor, and adjust the procedure in order to improve
the results of future advertising.
Advertising agencies usually charge a 15 to 20 percent commission on all advertisements placed plus reimbursement for expenses. Or, a flat fee is sometimes charged. If the agency places the same ad over and over a reduced fee may be negotiated by the principal. Other agreements may include an incentive bonus or a percentage of the increase in sales resulting from the agents efforts. See Cross-links: ADVERTISING, PUBLICIST, PUBLICITY, PUBLIC RELATIONS, PROMOTION.
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