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.
