music concert settlement | how to read a venue settlement

[@Slome_gast]

As someone interested in a career in concert financials and event management, only from the perspective of the promoter, this is very valuable information. Thank you for sharing!

[@thefinaladvance]

Thanks for watching and I really appreciate the comment

[@alyxjohnson2643]

So, does the venue/promoter generate this sheet? and the touring management simply reads and confirms it? And what happens to the -2k, is that just a loss that the venue eats?

[@Livemusicbusiness]

I hope Alek does not mind me posting an answer. The deal is between the promoter and the artist. This settlement sheet would have been generated by the promoter (most likely a promoter's representative) after collating all the ticket information. The tour manager (Alek) then scrutinises the figures, as he has done in this video because, well, you never know! Most promoters and venues are honest and there may be an occasion where a mistake is made, or some 'imaginative' acccounting takes place. As to the loss, yes, the promoter eats it. The venue gets the hall rental money. I hope this helps?

[@thefinaladvance]

Thanks for responding, I didn’t even see there were comments on this video lol

[@thefinaladvance]

Like another answered, yes, the promoter will generate the sheet typically and have a printed copy hopefully ready to review at the conclusion of the night. As a tour manager, I review it and make sure there are no arbitrary line items that need further review. In many cases, and especially with older bands, the tour manager also collects the payment right then and there in the form of cash or a check. Which is why it’s important for the tour manager to ensure that the amount they’re receiving is accurate and true. Nowadays, however, most payments are wired and agents are Double checking the work as well.

[@nicklucero24]

Do national touing bands get paid after every show, like simply the venue writes them each a check or is it something that is all distributed at the end of the tour to every member ect... ?

[@Livemusicbusiness]

The artist/band will have recived the deposit, via the booking agent, before the tour. The settlement of each concert shows the total tickets sold etc, as demonstarted in this video. The music artist can elect to pick up cash (very rare these days) or have the agreed final amount wired to them, again va the booking agent. Music artist in a band will probably be on a profit shre arrangement, each getting a share of the total tour profits (if there are any) when the tour accounting has been submitted by the tour manager. Aleks's job does not stop with this settlement!

[@thefinaladvance]

I’ve seen it done multiple ways. In most cases when management and agents are involved, the promoter or buyer will wire funds to the agency, which is then dilute it through commissions, Touring fees, crew rates, etc., and at the conclusion gets distributed to the bands. The frequency of this will vary, I’ve seen some band members get paid weekly and others have to wait until the entire tour ends