A recent New York Times article describes the crucial role of a 16-member team at Deutsche Oper Berlin. Those individuals aren’t onstage, but they’re not entirely behind the scenes either. Concertgoers see them briefly, depend on them completely, and then usually stop thinking about them, as if they are invisible. The team’s importance is not
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Musician Fundraising – From Busking to Internet Crowdfunding
Musician Maria Schneider had a band and a creative vision, but she needed capital to bring her vision to life. Busking wouldn’t produce the money she needed. So, rather than turning to record labels for financing, in 2003, Schneider became the first artist to launch a project on ArtistShare, the first crowdfunding site. Schneider’s pitch…
SEC to Revisit Safe Harbor for Finders
In 2013, PBS aired Orchestra of Exiles, a documentary by Academy Award nominated director Josh Aronson about the formation of what became the Israel Philharmonic. The film shows that the orchestra’s first performance, in Tel Aviv on December 26, 1936, led by world-renowned conductor Arturo Toscanini, was the culmination of three years of tireless effort…
Music Fundraising, Orange Groves, and Securities Laws
In March 2025, Blackstone announced the consolidation of its music catalog holdings and its Hipgnosis Song Fund (Hipgnosis) to form music brand Recognition. Hipgnosis, which Blackstone acquired in 2024, was the largest IPO in the UK in 2018 when it offered retail investors the opportunity to invest in a collection of music song catalogs purchased…
Why Rent Control Doesn’t Solve Housing Problems
In 2018, the Royal Theatre was relying on government funding that hadn’t been increased in 21 years and 30-year-old rent structures that were not profitable. To address its financial challenges, the theatre decided to significantly increase the rent for its long-time tenant, Victoria Symphony (a beneficiary of the rent structure), which was using the theatre…
Why Securities Issuers Should Emulate Marian the Librarian Rather Than Harold Hill
The Music Man first opened on Broadway in December 1957. It was wildly successful, winning five Tony awards, including Best Musical (for which it edged out West Side Story, which had opened a few months earlier). The Music Man’s cast album spent 245 weeks on the Billboard charts and received the first Grammy Award for…
Many Residential Real Estate Purchases Must Be Reported to FinCEN under New Rule
Opera prompters play a vital role in live opera. Yet, even avid opera fans might not know they exist because prompters typically are positioned near the stage but out of sight in a small box, called a “prompter’s box.” Prompters help singers by providing verbal or visual cues for lyrics, timing, and stage directions. The…
Cabaret Cards, Music Royalties, and Sales Quotas – How to Prevent Unintended Consequences
One of my mantras when preparing contracts or business policies is to “be careful what you incentivize.” This concept is related to the economic principle known as the “cobra effect,” named after a likely fictional story based in Colonia India. As the story goes, the governor wanted to eliminate wild cobras, so he incentivized citizens…
Comparing Bands and Artists’ Solo Careers to Real Estate Investments
When a band breaks up, the musicians’ careers don’t necessarily end. Instead, the musicians’ may pursue their own solo careers or other personal projects, which can be even more successful than the band. For instance, after the Beatles split up in 1970, Paul McCartney launched Wings, George Harrison released All Things Must Pass, John Lennon…
Why Section 1031 Proceeds Can't Be Invested in a Real Estate Fund and How a TIC Can Be Used Instead
A violinist’s control over a musical performance depends on their role. A solo violinist performing an unaccompanied Bach Sonata or Partita must make every decision about bowings, tempo, phrasing, and interpretation. In contrast, an orchestra violinist contributes only one part to a vast collective. The violinist’s sound is inseparable from those of other violinists in…