Innit for the money

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Innit for the money

  1. 1. Innit For The Money – InfoBrett Pracownik, owner of the independent record label, Innit For The Money, started hiscareer completing A Levels at Bridgwater College in Media, amongst other subjects. Whenleaving college he moved to London where he set up the record label. Silent Front was the firstband in which he had dealings. Their 1st release was on vinyl, using Rough Trade for distribution(a larger independent record label which also owns a few shops). This record sold quite well andwas soon released onto CD. It soon became clear that as soon as a band become pretty wellknown or successful they were poached by a major label, for that reason and the rising costs ofproducing and duplicating CDs and vinyl and the impact of illegal downloads, Brett soon branchedinto management.Brett considers Innit For The Money to be a national company, as they represent and promotebands nationally and globally including one band from Australia. The internet has certainly madescouting for new talent much easier and this was how Brett first become aware of the band inAustralia. Innit For the Money also uses a reputable French company for distribution and someproduction called Kitsune.Innit For The Money’s most successful band to date is ‘You love her coz she’s dead’. Their firstgig was a New year’s eve party 2008 and the first band that the label has signed solely as amanagement deal. Since signing the band, Innit For The Money have worked hard to build thereputation of the band but slowly resisting over-exposure and thus a temptation for a majorrecord label to sign the band before they are ready. ‘You love coz she’s dead’ (YLHCSD) havehad records on limited release on vinyl and CD distributed through Rough Trade and Cargo.They have also appeared on a vinyl collection release distributed through Kitsune. Once thesesongs have built a reputation, they have then become available as downloads, again distributedthrough another company ‘Shell-shock’ for on-line distribution. As a management team, Innit ForThe Money have arranged various gigs for YLHCSD, and as the band become more successfulthese gigs must appear more professional, a feat for a two-piece band with only a half-hour set.The band has appeared on ‘Skins’ in which they were favoured over Franz Ferdinand. At themoment the management team are in talks with Adidas for a sponsorship deal and Top Man radiofor airplay. Innit For The Money do not own studios for production and would rather use localstudios to cut costs however most bands signed by the label are very DIY. YLHCSD actuallyrecorded all of their music in one member’s bedroom using an empty wardrobe as a sound booth!YLHCSD have set up their own record label to release their own music as Innit For The Moneyonly act as management for the band.The internet has been a godsend for Innit For The Money. For the management side of thebusiness, use of the internet has negated the need to pay a third party to conduct PR, and hasalso made it easier to scout for new talent. For the label side Brett is able to download gigsonto their MySpace page and allow for the music to be listened to and downloaded. There isalso the long-tail effect which basically means that the connections internet users make from aspecific member of a band which may not even exist any more, will eventually lead back to InnitFor The Money’s MySpace page or their music available to download.In terms of what makes the money for Innit For The Money – vinyl reproduction used to takeplace in the Czech Republic however due to the recession is now done in this country for muchmore money, so generally a max of 500 duplications are made and sold to a very niche market,however more money is to be made from these than downloads of which less money is paid and
  2. 2. the distribution company takes a larger percentage cut. The merchandise produced and soldalso makes more money for the bands signed by Innit For The Money. For instance, Andy Howl,a fairly well known American designer was approached to design some of the artwork forYLHCSD. He was paid £30 for his work. The T-shirt which carried the design has become verypopular and in may cases has been bought even without a customer knowing the band or hearingthe music. It is clear for Innit For The Money that the management deals create most of thecash in terms of sponsorship, live gigs and merchandise.Brett considers the threat from major record labels to be low due to the fact that they dealwith very different genres of music and therefore audiences, however he is aware that theymay be ready to pounce the moment a band becomes fairly well-known. He feels that this is notgood practice for bands as it is highly likely that they may crash and burn and therefore bedropped by the major long before their third album if sales are not what are expected. He isalso aware of the practice of major record labels signing a band and then giving them money toset up their own record label in order to release the bands initial creations. Silently the majorrecord labels ensure that the tracks and the band become successful and well-known and thenannounce to the audience that they have signed the band. The audience are therefore underthe impression that this is a band produced on an independent record label which carries morekudos than if it had been signed to a major from the beginning. The major record labels havealso been affected by the recession and no longer have in-house duplication plants to try to cutcosts. Live Nation has become an innovator within the music industry. Originally set up toproduce and promote huge live gigs and concerts, they recently signed a 360 degree businessmodel with Madonna. This means that instead of just being responsible for Madonna’s liveconcerts they will also manage and act as a record label for her. Brett feels that due to theloss in revenue of record sales, this is the future of the music industry and soon majors such asSonyBMG will be signing artists using this model to try and make more money. This businessmodel will also include publishing deals where royalties are obtained for songs being playedthrough media outlets.So, as to the future of Brett and Innit For The Money. In September they are hoping toemploy a further two full time members of staff and possibly move their offices back toLondon. They moved to Bath to be closer to YLHCSD who are based in Bristol. Although Brettfeels that the music scene in Bristol is one of the best in the UK, London is where all thecontacts are. At the moment the company are concentrating on YLHCSD whose future Brettsees as a couple of albums and possible acceptance on the festival scene, taking it slowly all thewhile to ensure non over-exposure and therefore a real threat from a major.Brett has recently been approached to join UMG, an offer he refused due to his love of themusic and commitment to the bands that he signs and represents. He expresses his concernthat bands do not know what they are entitled to and are open to exploitation from majorrecord labels. He hopes that the future of Innit For The Money will be as a managementcompany representing 10 or so bands using the record label side as a marketing tool. Brett feelsthat the future of creativity within the music industry is an increased DIY ethic which he feelsis more beneficial for the artist and the consumer.

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