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Thursday, June 16, 2011

Greatest Hits Albums

Greatest hits albums are a compilation of songs from your albums prior.

Greatest Hits Advances

You should be able to get an advance for your Greatest Hits albums. The amount of the advance will depend on how much bargaining power that you have. A new artist on a major label will be 75k less the unrecouped deficit. If you are a mid level, the deal with often have a "floor" on the Greatest Hits advance regardless of the deficit. This is how it works:

1. If the artist was recouped, the advance would be $400,000.
2. If the artist was unrecouped $100,000, then $400,000 minus the $100,000 deficit equals a $300,000 advance for the Greatest Album.
3. If the artist's was $350,000, then $400,000 minus the $350,000 deficit equals $50,000, but the floor is $150,000, so the artist would get a $150,000.

New Songs for Greatest Hits

Now and days it is becoming more common for companies to require two or three new songs for Greatest Hits released during the term. This is good for everyone because a hit single will pump up your sales on Great Hits album. You will get a higher advance for Greatest Hits album with new tracks on it when making your own music.

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