When hiring a band for a corporate event, your biggest question will likely be “how much will it cost?”
Here’s the bottom line: generally speaking, bands with eight or more hit songs are going to cost six figures.
There are some national acts available for less than $100,000, so don’t stop reading if your budget doesn’t include five zeros; it can be done – you just won’t be hosting Beyonce or The Rolling Stones.
In addition to the talent fee, plan on expenses related to travel, hotels, food and beverages for the band and their crew. You may also have expenses for rental equipment (known as backline), if the band flies to your event, rather than arriving via tour bus. These expenses can add another 10% or more to the cost of hiring a band.
Here are some reasons bands charge more for corporate shows than they earn on “hard ticket” shows that are open to the public:
• There’s equity in the band’s name and your company is leveraging that asset for commercial gain.
• Corporate shows are generally viewed as stuffy, with aloof audiences who sit in the back of the room, rather than stand in front of the stage.
• Audience excitement and energy is a motivator, but so is money. A show has to have one or the other, so because corporate audiences aren’t viewed as high energy, money becomes the equalizer.
• The line between art and commerce can be jeopardized in corporate settings, so the risk for the artist is higher and that’s reflected in the cost.
A misconception is that talent fees are related to the length of time a band plays. However, regardless of set length, the act is committing a night of their career to your event, and they’re bringing their gear and road crew with them. Most of the work for a traveling musician takes place before and after the actual concert, so whether the set is 30 minutes or 2 hours, fees remains the same.
And don’t think band members pocket all the money you’ll pay them.
Here’s a list of others who get a piece of the pie:
• Booking agencies take their percentage of the talent fee, right off the top
• Personal managers also take a percentage of the nightly gross
• Business managers (responsible for keeping the band’s financial books) may earn a percentage of gross, or be paid a retainer or hourly rate
• The band’s attorney is also often on retainer, or may earn a small percentage of a band’s income
• Band members and back-up singers are often paid on a per-show basis, or on retainer
• Finally, the ban must pay the road-crew, bus and truck drivers, independent publicists, radio promoters, and of course, Uncle Sam
So with all this to consider, how can you get the best rate possible?
1. Convince the agent your show will be low risk for the crew and fun for the band
2. Provide a solid plan for sound, lights, staging, and local labor
3. Look for “routing” options, tying your show into others in the region
4. Have your deposit money ready to go upon execution of the contract
5. The best idea: let a seasoned promoter or management company handle all this for you, taking a load off your plate and likely saving you time and money in the process
Next month: What’s a “Rider” and why are green M&Ms such a big deal?