Here's a story about a gentleman who writes custom love songs. According to the article on Yahoo.com, He gets paid "anywhere from $2,000 to $25,000 (per song) depending on whether he performs (the song) Live or not. "
Talk about finding and serving a niche!
One question not addressed is this: who owns the copyright on these songs? Are they considered a "work for hire", because the money is paid up front, or is the cost listed as a licensing fee? The difference may seem to be unimportant, but it's actually quite signifigant. Under the first arrangement, the songwriter gets a large upfront fee, but no royalties. If one of those songs later becomes a hit, this lack of additional (passive) income could make a huge influence on his ability to make a live, or not. In the later arrangement, the songwriter would have another source of income, something vitally important to the long term sustainability of the self-emlpyed.
Students will be reminded to watch this fact as we go forward: Know who owns the copyright before you sign anything!
Best Always,
JG
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