The Key to Success - Representation

The entertainment industry is full of glamour, fame and fortune. That is of course if you are fortunate enough to be on the inside and happen to be someone who has found they keys to open the front door. For every success story or rags to riches, small town extrovert turned Hollywood celebrity; there are dozens of hard luck stories of those who thought they had what it takes to make it big.

When it comes to the entertainment industry, there is one tried and true formula that has delivered fame and fortune to many a seemingly overnight celebrity success story. While there is no escaping a basic need for talent, and the long forgotten Milli Vinilli scandal notwithstanding, the one factor that has delivered for most, if not all those celebrities is professional management. Entertainers are proven to be more successful when represented by professional management companies. More importantly, contributing factors to that success include the management company’s industry contacts, media and legal experience and financial position.

Representation and Industry Contacts

Success in the entertainment industry does not happen overnight, or by chance. While the advent of social media has made it easier to promote yourself, and for even the oddest of talents to garner a small amount of overnight stardom and success, those who realize long term success do so with professional representation. More importantly, that measure of success can, in many cases, be directly attributed to the number and level of industry contacts an agency has and the clout it carries within the industry.

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Oprah Winfrey, Robert Downey, Jr. and Tiger Woods have been on top of their respective industries for many years. In fact, each of them was recently named to Forbes Magazine’s highest earning lists in their respective fields for 2013, each earning over $70 million to date according to Forbes Magazine.  Even more telling is that until recently, both Winfrey and Downey, Jr. were represented by the same management agency, Creative Artists Agency (CAA). Therefore, the question that begs to be asked is “How can one agency represent two of the highest paid entertainers in their field at the same time?” The answer is industry contacts.

When it comes to opening the door to fortune and fame, it helps to know the doorman. Simply said, it is all in whom you know. While on the surface it is the actor or athlete’s image that dominates the media, in actuality, it is the agent who represents them and brokers the deals that land the big payday for their clients. The personal and agency contacts and the influence those individuals possess drive the negotiations. When Magic Johnson, arguably one of the most recognizable names in sports, decided he wanted to start a business for himself, he asked colleagues and mentors alike whom he should turn to for advice. He was directed to the office of Michael Ovitz, co-founder of the Creative Artists Agency (CAA). In that meeting, Johnson says the first thing he learned from him was that to be successful you have to be willing to use every connection you have got.

Representation and Mastery of the Media and Legal Negotiation

Perception is the reality and drama drives the media. People love a good scandal and it seems the more successful you are, the more likely you are to find yourself in one. The truth is that most people only know celebrities based upon the image that the media has created of them. Therefore, when actions or lifestyles come to the forefront that go against such perceptions, it can wreak havoc not only on a celebrity’s personal life, but more importantly, on his or her earning capacity and success. The best agencies in the world know this and have a mastery of the media that can come to a client’s aid to ensure continuation of success.

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When Tiger Woods, who many believed to be a clean cut, hardworking, pinnacle of success story, was found to be living an alternative lifestyle, it immediately took a toll on his image, and also his earning capacity.  His endorsements began to withdraw and ultimately his game began to suffer. When it comes to the world of negotiation and using influence to gain recognition for themselves and their clients, agencies and agents with mastery of the media provide the best skill set to deliver success for their clients. With multi-million dollar contracts at stake, experience with the media and legal matters can ultimately mean the difference when it comes to sustained success as an entertainer or athlete.

In 2013, less than five years since the scandal, Tiger Woods has regained his number one ranking and is slowly regaining the endorsement deals that made him the world's highest earning athlete. How has he been able to do that? The short answer is his management agency and his agent, Mark Steinberg. In fact, Steinberg recently negotiated a new endorsement deal with Nike that will take the place of a contract set to expire this year.

Entertainers who are represented by professional agencies that have a mastery of both the media and legal matters stand a better chance of weathering any type of career obstacle that may present itself. Image control and contract negotiations are key to longevity when it comes to career and financial success. Yet for management agencies to be able to deliver for their clients, it requires a certain level of success for themselves.

Representation from a Strong Financial Position

The entertainment industry has not been immune to the financial and business climate that has affected the U.S. in recent years. Movie studios are making fewer movies than at their peak, and in fact, are starting to venture into representation as well to save on costs. With that being said, success for clients begins with an agency that has a strong financial position.

A strong financial position allows for an agency to put its best foot forward for their clients and in return put more money in their own coffers. Agencies, to stay on top of the game as well as the financial market, have begun expanding their operations as well. Management agencies know that to be successful they have to be willing to bring more to the table. Having many resources under one roof allows for their clients success. Agencies are now going to greater lengths to secure business for their clients, such as packaging entire shows, creating clothing lines and securing branding and merchandising opportunities. An agency that comes from a strong financial position is better prepared to adjust to the financial climate and make these adjustments to its business strategy.

Seek Representation

The secret to success for entertainers is to secure professional representation from an established and reputable talent management agency. When looking to secure an agent or agency, three important factors to consider are the agency’s industry contacts, media and legal experience and financial position. Artists, musicians, athletes and entertainers seeking to reach a high level of financial success within their industry do so more often, when properly represented by a professional management company with these proficiencies. So, if you have the talent, the work ethic and the ambition to become a star unlock the key to your success through professional representation.