Financial Strategies in Radio Play

The chapter explores the financial dynamics of radio play, comparing payment structures between terrestrial and satellite radio stations. It discusses the autonomy of DJs on platforms like Sirius XM, strategies for pitching radio campaigns to them, and the relationship between Sony and Sirius XM regarding royalty payments.

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Order THIRD EDITION of How to Make It in the New Music Business: https://book.aristake.com

This week, Ari is joined by David Rishty, the President of Palm Tree Records. They discuss Palm Tree’s partnership with Sony, the value of radio and satellite platforms like SiriusXM, and the many ways labels can help with artist development. Palm Tree Records is a joint venture with Sony Music, co-founded by Kygo and his manager, Miles. It operates as an indie label with major label resources, providing a small, tight-knit team and the support of a major label when needed.

David Rishty's journey in the music industry began as a writer, penning features for a variety of publications including Billboard. During his tenure there, he launched the Billboard Dance 100 artist ranking and partnered with top brands including SiriusXM and Apple Music. His passion for building a brand crossed over to artist development early on in his rise with the founding of Exchange Management. In the seven years since its inception, Rishty’s artist roster has collectively earned more than 600 million streams and performed at over 400 shows. He has since brought this management mindset to Palm Tree Records, providing a holistic approach to artist development and creating a boutique label experience. Palm Tree’s roster remains select at less than a dozen artists, yet has amassed over 750 million total streams to date.

Chapters

00:00 The Evolution of Dance Music and DJ Culture

05:14 The Role of Major Label Resources in Artist Development

09:04 The Importance of Radio Promotion and Other Revenue Verticals

11:24 Building a Brand and Fan Base with Palm Tree Records

24:00 Releasing Music and Establishing a Presence During the Pandemic

28:49 The Impact of SiriusXM and the Different Radio Landscape

35:18 The Power of Short-Form Video Content

47:21 The Importance of Trust in Label-Artist Relationships

55:28 Defining Success in the Music Industry

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