Musiconomicreview

2014-03-25T06:07:00.005-07:00

Caribbean countries advised to take IP rights serious

2013-08-21T15:30:00.000-07:00

Building IP awareness in Antigua & Barbuda

Advise to club & resturant owners/managers

2012-02-23T06:34:00.000-08:00

WHY LA CLUB OWNERS ARE TOTALLY LOST AND SOME ADVICE FOR THEM FROM A PROFESSIONAL MUSICIAN

by Dave Goldberg on Friday, January 6, 2012 at 9:53am
AS I’VE BEEN LOOKING FOR GIGS LATELY, I’ve never seen so many free and low paying gigs. Well the economy is bad, so I can understand that a little bit. However, it is no longer good enough for the musician to be willing to perform for little compensation. Now we are expected to also be the venue’s promoter. The expectations are that the band will not only provide great music, but also bring lots of people to their venue. It is now the band’s responsibility to make this happen, not the club owner. Just the other day I was told by someone who owned a wine bar that they really liked our music and would love for us to play at their place. She then told me the gig paid $75 for a trio. Now $75 used to be bad money per person, let alone $75 for the whole band. It had to be a joke, right? No she was serious.But it didn’t end there. She then informed us we had to bring 25 people minimum. Didn’t even offer us extra money if we brought 25 people. I would have laughed other than it’s not the first time I’ve gotten this proposal from club owners. But are there musicians really doing this? Yes. They are so desperate to play, they will do anything. But lets think about this for a second and turn this around a little bit. What if I told the wine bar owner that I have a great band and we are going to play at my house. I need someone to provide and pour wine while we play. I can’t pay much, just $75 and you must bring at least 25 people who are willing to pay a $10 cover charge at the door. Now wouldn’t they look at you like you are crazy?
"Why would I do that"
they would ask?Well because it’s great exposure for you and your wine bar. The people there would see how well you pour wine and see how good your wine is. Then they would come out to your wine bar sometime.
"But I brought all the people myself, I already know them?"
they would say. Well maybe you could make up some professional looking flyers, pass them out, and get people you don’t know to come on out.
"But you are only paying me $75, How can I afford to make up flyers?"
You see how absurd this sounds, but musicians do this all the time. If they didn’t, then the club owners wouldn’t even think of asking us to do it. So this sounds like a great deal for the club owners doesn’t it.They get a band and customers for that night, and have to pay very little if anything. But what they don’t realize is that this is NOT in their best interest.Running a restaurant, a club, a bar, is really hard.There is a lot at stake for the owner. You are trying to get loyal customers that will return because you are offering them something special. If you want great food, you hire a great chef. If you want great décor,you hire a great interior decorator. You expect these professionals to do their best at what you are hiring them to do. It needs to be the same with the band.You hire a great band and should expect great music.That should be the end of your expectations for the musicians. The music is another product for the venue to offer, no different from food or beverages.When a venue opens it’s doors, it has to market itself. The club owner can’t expect people to just walk in the door. This has to be handled in a professional way. Do you really want to leave something so important up to a musician? This is where the club owner needs to take over. It is their success or their failure on the line, not the musician.The musician can just move on to another venue. I’ve played places where for whatever reason only a few people have walked in the door on a Saturday night.The club owner got mad at me, asking where are the people? I turned it around on him asking the same thing? Where are all the people? It’s Saturday night and your venue is empty. Doesn’t that concern you?What are you going to do about it? Usually their answer is to find another band with a larger following.This means the professional bands get run out of the joint in favor of whoever can bring in the most people.Eddie Mechanic who has slaved all week fixing cars at the local dealership also plays guitar. Not very well,but he’s been practicing once a week with DoctorDrummer, Banker Bass Player, and Salesman Singer.Usually they just drink beer between rehearsing a few tunes in Eddie’s garage, but this week they answer a craigslist ad and line up a big gig. Well they don’t sound that good, but they sure all work with a lot ofpeople everyday. All these people can be given a flyer on Monday and after being asked "are you coming to my gig?" everyday all week, will most likely show up on Saturday night. So mission accomplished, the club owner has packed his venue for one night. But here’s where the club owner doesn’t get it. The crowd is following the band, not the venue. The next night you will have to start all over again. And thepeople that were starting to follow your venue, are now turned off because you just made them listen toa bad band. The goal should be to build a fan base of the venue. To get people that will trust that you willhave good music in there every night. Instead you’ve soiled your reputation for a quick fix.I think we as musicians need to fight back. Sure you can get mad about it, but that won’t do anything.We could all agree not to play those for the door gigs,but you know that isn’t going to happen. But what we can do, is explain to the club owner that it’s not in their best interest to operate their business like this.There is too much at stake for them not to be truly invested in the music presented in their venue. Convince them that if they think that live music is important to the demographic that they are trying toreach, then they need to reach out to that demographic in a professional way.If you asked a club owner, "who is your target demographic?"
I doubt they would answer "the band’s friends and family."But yet clubs operate like it is. Another example, I answered a craigslist ad for anice looking place in Beverly Hills. The ad read…
"looking for a high energy jazz band, if you can bring the band and have a following, I will put you on stage."
That logic seams to say that they think musicians in a jazz band know lots of people living in Beverly Hills. And the people those musicians know,have lots of money to spend. Those are two pretty big assumptions. Good luck finding that combination. Even if you find that combination, are you going to find it every night? Because friends and family of a professional musician won’t come out that often. They can’t. This is what we do every night.Would you expect the chef’s friends and family to eat at your restaurant every night? How about the dishwasher, the waitresses, the hostess? Or how about the club owners friends and family? You see,when you start turning this argument around, it becomes silly.I’ve started arguing with club owners about this. It happened after I played a great night of music in LA.We were playing for a % of the bar. There were about 50 people there in this small venue, so it was a good turnout. At the end of the night, I go to get paid, and hope to book another gig. The club owner was angry. "Where are your people?" he asked. "All these people, I brought in. We had a speed dating event and they are all left over from that." I pointed out they all stayed and listened to the music for 2 hours after their event ended. That was 2 more hours of barsales, because without us, you have an empty room with nothing going on. He just couldn’t get over thefact that we didn’t walk in with our own entourage of fans. Wasn’t happy that we kept a full room spending money. Right when we were talking, a group of people interrupted us and said "you guys sound great, when is the next time you’re playing here again?"
The club owner, said "they aren’t, they didn’t bring anyone." I went home that night bummed out and sent him an email. Telling him most of what you are reading here and how his business model and thinking is flawed. After a lot of swearing back and forth,because I’m guessing that musicians never talk to him as a business equal. He eventually admitted thatwhat I was saying made sense. BUT, that’s not howLA clubs and restaurants work. And he has bands answering his craigslist ads willing to do whatever it takes to get the gig. It’s been a couple of years nowsince that conversation. I called his bar, and the number is disconnected.So there you goLA club and restaurant owners.Theadviceis free. But you’ll most likely ignore it because "That’s not how it works". But if more musicians kept telling them the same thing, perhaps it would start to sink in.
check out the author of this article .www.davegoldberg.com

Summertime

2011-12-06T21:21:00.000-08:00

Summertime

The importance of Copyright

2011-12-05T19:58:00.000-08:00

Barbara Hendricks Brings Music to Inauguration Ceremony

Barbara Hendricks, one of the world’s leading opera singers and a best-selling recording artist, joined the intellectual property community in inaugurating the new WIPO building on September 26, 2011 with a recital of Manuel de Falla’s “Siete Canciones Populares Españolas.”

(Photos: E. Berrod)
Video - Barbara Hendricks sings at WIPO,
accompanied by pianist Love Derwinger.
Ms. Hendricks said she was pleased to be part of the ceremony as a representative of the artistic community. It was an honor she said, “to be here to help you inaugurate your new building with music because you are here to help us the artists, the creators, the scientists. Because without our rights, without the possibility to continue, there will be no more arts, there will be no more creativity, there will be no more civilization.”

"[WIPO is] here to help us, the artists, the creators, the scientists. Because without our rights, there will be no more arts."

WIPO Director General Francis Gurry welcomed Barbara Hendricks as "an inspirational representative of the international artistic community, who has demonstrated a life-long commitment to promoting development through the arts – a cause in which we share.” He paid tribute to Ms. Hendricks’ work in support of refugees through the cultural foundation, Etoile d’Azur (Help with Art), and as an Honorary Ambassador for Life of the United Nations High Commission for Refugees (UNHCR).

Ms. Hendricks’ performance delighted delegates of WIPO’s member states, who were in Geneva for the WIPO Assemblies. “The fact that she was here is wonderful,” said South African delegate Tshihumbudzo Zane Ravhandalala. “By bringing music to the ceremony, Barbara Hendricks reminded policy makers in the IP community that their work is truly important by providing an environment where culture can flourish."

WIPO DG Francis Gurry thanks Barbara Hendricks
– "an inspirational representative of the
international artistic community."
"We need art in our lives... it is the singular expression of our human condition.”

In a filmed interview for the WIPO You Tube channel, Ms. Hendricks told WIPO that artists need to earn a living from their work and that piracy - while not so prevalent in classical music - prevents many from doing so. “Quite a few artists that are getting downloaded for free are people who write and produce their own music and without revenue they can’t continue. So that means there will be no music to download soon because those artists will have to go out and work in an office or something.”

Paying artists for their music was a matter of respect and of fairness, she said. The opera diva described her own successful experiment in making her music available online and allowing users to decide whether - and how much - to pay for it. But artists' own choices should be respected. "If they want to give away their music freely, that's their priviledge," she said. "But they have a right to decide for themselves."

Barbara Hendricks concluded on an optimistic note on the challenges facing the music industry today. “I think we will be able to find solutions so that artists can continue to create and to represent what is so important for us as human beings," she said.

Major record label expands digital team

2011-11-19T23:10:00.000-08:00

UNIVERSAL MUSIC GROUP EXPANDS GLOBAL DIGITAL TEAM WITH PROMOTION OF SIMON WATT TO HEAD OF TECHNOLOGY, GLOBAL DIGITAL GROUP

Los Angeles, CA, September 15, 2011 – Continuing with the expansion of its global digital operation, Universal Music Group (UMG), the world’s leading music company, has promoted Simon Watt to Head of Technology, Global Digital Group, it was announced today by Rob Wells, President of Global Digital Business, to whom Mr. Watt reports. Formerly, Mr. Watt served as Vice President of Technology for Universal Music Group International.

Based in Los Angeles, Mr. Watt will play a key role in helping to drive the ongoing globalization of UMG’s digital businesses. He will be responsible for developing and supporting strategic technical engagements with partners, developing new technology solutions, integrating new business models into the company’s systems and implementing their rollout to international markets. Mr. Watt will continue to work closely with the major technology companies including Apple, Google, YouTube, Spotify and Microsoft, on behalf of UMG’s record labels and operating companies worldwide.

“As the demand for digital music continues to grow, we are committed to working with those innovative companies in bringing new and dynamic services to fans everywhere,” stated Mr. Wells. “And having a results-driven executive of Simon’s caliber and experience lead our technology group demonstrates that we've got the best talent in place to maximize many of these opportunities in the current marketplace.”

“This is an exciting time for music and technology and I am truly grateful to Rob for the opportunity to play an even larger role in shaping our digital business,” added Mr. Watt. “We have taken a more progressive approach to working with our technology partners, while at the same time, being very responsive to what our artists, consumers and retailers want. We are determined to help create, support and nurture the very best services in the world for fans and artists alike.”

Prior to joining Universal Music in 2004, Mr. Watt spent 11 years at electronics firm ARM, latterly as Director of Research. He is the inventor of proprietary computing and microchip architecture, and has 20 patents in his name, many of which are used in the ~5B ARM processors shipped annually.

About Universal Music Group

Universal Music Group is the world’s leading music company with wholly owned record operations or licensees in 77 territories. Its businesses also include Universal Music Publishing Group, the industry's leading global music publishing operation.

Universal Music Group's record labels include A&M/Octone, Decca, Def Jam Recordings, Deutsche Grammophon, Disa, Emarcy, Fonovisa, Geffen Records, Interscope Records, Island Records, Lost Highway Records, Machete Music, MCA Nashville, Mercury Nashville, Mercury Records, Motown Records, Polydor Records, Show Dog–Universal Music, Universal Music Latino, Universal Republic and Verve Music Group as well as a multitude of record labels owned or distributed by its record company subsidiaries around the world. The Universal Music Group owns the most extensive catalog of music in the industry, which includes the last 100 years of the world's most popular artists and their recordings. UMG’s catalog is marketed through two distinct divisions, Universal Music Enterprises (in the U.S.) and Universal Strategic Marketing (outside the U.S.). Universal Music Group also includes eLabs, its new media and technologies division; Bravado, its merchandising company; and Twenty-First Artists, its full service management division.

Universal Music Group is a unit of Vivendi, a global media and communications company.

2011-10-25T08:37:00.001-07:00

Copyright and Related Rights

Copyright and related rights protect the rights of authors, performers, producers and broadcasters, and contribute to the cultural and economic development of nations. This protection fulfills a decisive role in articulating the contributions and rights of different stakeholders and the relation between them and the public. The purpose of copyright and related rights is twofold: to encourage a dynamic creative culture, while returning value to creators so that they can lead a dignified economic existence, and to provide widespread, affordable access to content for the public.

WIPO works on the development of international norms and standards in the area of copyright and related rights. The WIPO Standing Committee on Copyright and Related Rights is presently discussing important issues such as limitations and exceptions, the protection of audiovisual performances and the protection of broadcasting organizations.

Recently published

Draft Report of the 22nd session of the SCCR
Current topics

Limitations and Exceptions
Audiovisual Performances
Broadcasting Organizations
Copyright Registration and Documentation Systems
Public Domain
Internet Intermediaries and Creative Content

G8 getting serious about copyright infringement

2011-10-03T21:29:00.000-07:00

Creative sector worldwide welcomes G8 leaders' commitments on intellectual property

27 May 2011

Representatives of the creative sector worldwide have welcomed commitments on intellectual property protection made by the G8 Summit today in Deauville, France.

The heads of 16 organisations responded to the conclusion of the G8 Summit with the following joint statement:

"As representatives of the creative sector we welcome the commitment by the G8 leaders in Deauville to steps that will ensure a thriving digital environment guided by the rule of law.

"We welcome the G8 Summit's recognition of the need for laws and frameworks leading to improved enforcement. We also applaud its commitment to ensuring effective action against violations of intellectual property in the digital world. We share the goal of a responsible online marketplace benefitting consumers, the creators we represent and the development of legitimate commerce.

"Our sector - which includes the book, film, games, music and television industries - is a vital part of the world economy. We are a major source of cultural creation, jobs, growth and tax revenue.

"Every country has artists, composers, authors, performers, whose contributions to their nations' cultural and economic wealth depend on the ability to protect their rights online as well as in the physical world.

"These commitments by the G8 leaders will help ensure that the creative sectors in their countries can thrive in a digital environment guided by the rule of law, with all that this means for jobs, cultural diversity and economic growth."

Signatures
Alison Wenham, Chief Executive, Association of Independent Music (AIM)

G. Robert Hooijer, Interim Director General, International Confederation of Societies of Authors and Composers (CISAC)

Dominick Luquer, General Secretary, International Federation of Actors (FIA)

Victor Hadida, President, International Federation of Film Distributors Associations (FIAD)

Luis Alberto Scalella, President, International Federation of Film Producers' Associations (FIAPF)

John Smith, President, International Federation of Musicians (FIM)

Kim Bayley, Director, The Global Entertainment Retail Association-Europe (GERA Europe)

Jean Prewitt, President and Chief Executive Officer, Independent Film & Television Alliance (IFTA)

Ger Hatton, Secretary General, The International Confederation of Music Publishers (ICMP)

Frances Moore, CEO, IFPI, representing the recording industry worldwide

Jens Bammel, Secretary General, International Publishers Association (IPA)

Paul Solleveld, President, International Video Federation (IVF)

The Honorable Christopher J. Dodd, Chairman and CEO, Motion Picture Association (MPA)

Johannes Studinger, Head of UNI Global Union Media Entertainment and Arts (UNI MEI)

Jay D. Roth, National Executive Director, Directors Guild of America (DGA)

Matthew D. Loeb, International President, International Alliance of Theatrical Stage Employees, Moving Picture Technicians, Artists and Allied Crafts of the United States, Its Territories and Canada (IATSE)
For further information contact:
Adrian Strain or Alex Jacob, IFPI London
Email: adrian.strain@ifpi.org / alex.jacob@ifpi.org
Tel: +44 (0)20 7878 7935 (Press Office)

Copyright issues

2011-09-21T18:18:00.000-07:00

PayPal works with police and industry to tackle copyright infringing websites

21st July 2011

Online payment service PayPal has agreed a partnership with City of London Police and the international recording industry that will see even stronger action to prevent PayPal's services being used by illegal websites worldwide that sell copyright infringing music.

PayPal has always banned the use of PayPal for items that infringe or violate any copyright under its Acceptable Use Policy.

The agreement follows the announcement in March that payment providers MasterCard and Visa would ensure their payment services were also withdrawn from such sites.

Many of these illegal websites are based in Russia and Ukraine and have violated local and international copyright laws for many years by selling music without paying artists, songwriters or producers for their work. These websites appear in multiple languages and contain details of the latest music charts in markets around the world.

Frances Moore, chief executive of IFPI, which represents the recording industry worldwide says: "We knew that when illegal online music services could no longer take payment from credit cards they would try to work around the restriction. That is why we and the City of London Police approached PayPal and I am delighted to say they responded instantly and positively.

"The work the City of London Police is undertaking is at the cutting edge of tackling online copyright infringement, a serious problem that is eroding the ability of record companies to invest in a diverse range of artists with serious consequences for jobs, tax revenues and consumer choice."

Since the March announcement with MasterCard and Visa, their payment services have been withdrawn from 24 illegal music services and IFPI investigators have just handed details of a further 38 sites suspected of infringing copyright on a grand scale.

IFPI anti-piracy investigators are able to supply the City of London Police's Economic Crime Directorate with evidence of illegal downloads made from an infringing site. Once the police have verified the evidence, they are able to notify the payment providers who can then take action.

MasterCard and Visa will require the acquiring bank providing the retailer with payment services to produce evidence of appropriate licenses to sell music. If appropriate licenses are not in place then MasterCard and Visa can request they cease providing those services to the retailer.

PayPal will require the retailer to submit proof of licensing for the music offered by the retailer. PayPal will discontinue services to retailers in cases where licensing appears to be inadequate.

Carl Scheible, PayPal UK's managing director, commented, "Today's announcement shows that PayPal is very serious about fighting music piracy. We've always banned PayPal's use for the sale of content that infringes copyright, and the new system will make life even harder for illegal operators. Our partnership with the music industry helps rights holders make money from their own content while stopping the pirates in their tracks."

PayPal has pioneered new ways to pay for music, including its faster checkout for digital content: PayPal for Digital Goods.

Detective Chief Superintendant Steve Head of the City of London Police adds: "We are fully committed to pro active initiatives such as these where we work with the private sector to prevent offending, stop legitimate business services such as PayPal being exploited by criminals and minimise harm to entire business sectors such as the music industry. The benefits are palpable not only in terms of delivering an effective response to victims and the business community as a whole, but also in enabling the City of London Police Economic Crime Directorate to maximise our resources in tackling a wide range of criminality".

For further information contact:
Alex Jacob, IFPI London
Email: alex.jacob@ifpi.org
Tel: +44 (0)20 7878 7935 (Press Office)

EC supports copyright extension

2011-09-14T06:53:00.000-07:00

Recording industry welcomes EU decision on copyright term extension

Brussels, 12th September 2011

The international recording industry welcomed today's decision by the European Union to extend the term of copyright protection offered to performers and producers from 50 to 70 years.

The decision was applauded by Plácido Domingo, chairman of IFPI, which represents the recording industry worldwide: "The decision to extend the term of protection for recordings in Europe is great news for performing artists. Artists at the start of their careers will benefit from an increased pool of revenue that will be available to invest in new talent. Established artists can benefit from their work throughout their lifetimes. This is especially important today when licensed digital services make music widely available online.

"Extension of protection also reflects the important role performers play in the success of songs by narrowing the gap between the protection offered to recorded performances and that offered to compositions."

Frances Moore, chief executive of IFPI, added: "This is a victory for fairness. With this decision, the European Union is giving artists and producers in Europe the fair treatment they deserve. The extension of the term of protection to 70 years narrows the gap between Europe and its international partners and improves the conditions for investment in new talent.

"Over 38,000 artists and performers petitioned for this extension, supported by right holders from across the European music sector. Their calls have been heeded, and we thank the European Commission for having the vision to table this Directive, the European Parliament for giving it resounding support and the Member States, led on this occasion by the Polish Presidency of the EU, for making term extension a reality."

Notes to editors

The EU term extension Directive extends term of protection for performers and producers of musical works from 50 to 70 years. It brings Europe's artists and producers closer into line with the protection offered to authors and composers (life plus 70 years).

The Directive also narrows the gap between the term of protection in Europe and that of other countries and regions, where term of protection can range from 70 to 95 years.

The EU term of protection Directive was proposed by the European Commission in 2008 and voted on by the European Parliament in 2009. The Directive was adopted by the EU Council of Ministers in Brussels today. The legislation will be implemented by Member State Governments within two years from publication in the Official Journal.

About IFPI

IFPI is the organisation that promotes the interests of the international recording industry worldwide. Its membership comprises some 1,400 major and independent companies in 65 countries. It also has affiliated industry national groups in 45 countries.

For further information contact:

London: Adrian Strain or Alex Jacob

Tel: +44 (0)20 7878 7935 (Press Office)

Brussels: Daniel Friedlaender

Tel: +32 (0)2 511 9208

Yahoo changes leadership

2011-09-06T20:00:00.000-07:00

Carol Bartz out as Yahoo! CEO, ending 30-month, sometimes-tumultuous tenure

By Dylan Stableford | The Cutline – 1 hr 35 mins ago

tweet15Share2

Bartz (Yahoo)

Carol Bartz has been ousted as Yahoo!'s chief executive, ending a 30-month, sometimes-tumultuous tenure as CEO.

Bartz was informed by Yahoo! chairman Roy Bostock late Tuesday of the board's decision to let her go.

She will be replaced by chief financial officer Timothy Morse on an interim basis; a search for a permanent replacement is under way.

Bartz's reported departure was first reported by All Things Digital's Kara Swisher.

"On behalf of the entire board, I want to thank Carol for her service to Yahoo! during a critical time of transition in the Company's history, and against a very challenging macro-economic backdrop," Bostock said in a statement. "I would also like to express the board's appreciation to Tim and thank him for accepting this important role. We have great confidence in his abilities and in those of the other executives who have been named to the executive leadership council."

That executive leadership council includes Morse; general counsel Michael Callahan; chief product officer Blake Irving; Americas EVP Ross Levinsohn; EMEA region SVP and managing director Rich Riley; and APAC region SVP Rose Tsou. Yahoo! co-founders David Filo and Jerry Yang will each continue to provide counsel to the executive leadership team.

Bartz was installed as CEO in January 2009, charged with turning around the company's fortunes after its co-founder Jerry Yang and ex-film studio boss Terry Semel could not. But Wall Street investors had grown impatient in recent months with her lack of progress in doing so.

Yahoo!'s share price--$12.91--is virtually unchanged since Bartz took over as CEO. The company's shares jumped 81 cents to $13.72--or 6.27 percent--in after-hours trading on Tuesday, an indication that investors approved the removal of Bartz.

Bartz could not be reached for comment; an email sent to Bartz's Yahoo! corporate account bounced.

"The board sees enormous growth opportunities on which Yahoo! can capitalize, and our primary objective is to leverage the company's leadership and current business assets and platforms to execute against these opportunities," Bostock added. "We have talented teams and tremendous resources behind them and intend to return the company to a path of robust growth and industry-leading innovation. We are committed to exploring and evaluating possibilities and opportunities that will put Yahoo! on a trajectory for growth and innovation and deliver value to shareholders."

@yahoonews on Twitter, become a fan on Facebook

2011-08-01T18:43:00.001-07:00

google-site-verification: googlec4020e7ed6c32361.html

2011-08-01T18:38:00.000-07:00

Hip Hop: The culture of getting rich

By James Melik Reporter, Business Daily, BBC World Service

According to Forbes magazine, the estimated net worth of Sean "Diddy" Combs was $475m in 2010

Get Rich or Die Trying was a mantra coined by rapper 50 Cent - who did get rich, seriously rich, and who almost died in the process.

With fluctuating share and property prices, it is impossible to determine exactly how much any artist is worth at any particular moment.
But although 50 Cent's estimated wealth might not surpass that of Sir Paul McCartney, he is able to rub shoulders with the mega-rich music elite such as Sir Elton John, Sir Mick Jagger and Madonna.
Meanwhile, Sean "Diddy" Combs sang the hip hop track All About the Benjamins - referring to the portrait of Benjamin Franklin on $100 bills.
Hip hop music is not all about the Benjamins, but it has generated an enormous amount of them.
The fact that hip hop was largely created and owned by African-Americans has led to some extraordinary claims about how that particular music genre has transformed American society.
Some people even argue that the Obama presidency would not have been possible without hip hop.
Muscling in
Hip hop began in the late 1970s as an urban subculture, initially confined to two of America's most notorious ghettos - Harlem and the South Bronx in New York City.
Since then, however, it has grown into a multi-billion dollar business spanning music, film, television, books, fashion and sports.

“Start Quote

In 1979, there were only two black artists in the top 10 of the Billboard singles chart in America and in 2002, in a similar week, all 10 pop artists in America were black artists”

Dan Charnas The Big Payback

And many hip hop stars - Sean "Diddy" Combs and Shawn "Jay-Z" Carter for example - have become music moguls themselves, owning and running huge businesses.

"In order for hip hop to survive long enough to make it into the mainstream, it actually had to develop a business sense," says Dan Charnas, author of The Big Payback.
"Hip hop had to foster entrepreneurship, it had to develop these very powerful external institutions - because nobody else would touch it," he says.
Slow start
Unlike other musical forms that were adopted and championed by the big record labels, hip hop was virtually ignored until 1979, when Rapper's Delight became a worldwide hit.
But it was still five more years before a major label made a big investment in this genre of music and that was when Columbia Records - which was then a division of CBS - gave a distribution deal to a small label based in New York.
The label was Def Jam, created by Rick Rubin and run out of a dormitory room. The label had only issued seven vinyl singles - including releases by LL Cool J and the Beastie Boys.
Def Jam quickly became a huge power in the music industry, and the transcendent hip hop brand.

50 Cent has announced a partnership with Sleek Audio to produce wireless headphones

Acceptance
Even in the 1980s after Michael Jackson's great MTV breakthrough with Thriller, black artists could not get played on pop stations unless they complied with certain media-imposed criteria.
There was a brief moment in the 1960s where AM stations played James Brown and Aretha Franklyn next to the Beatles and the Beach Boys but, after corporations started taking over FM stations in the 1970s, there was a huge separation and segmentation of audiences.
That led to what could be called the disco backlash in the late 1970s.
"In 1979, there were only two black artists in the top 10 of the Billboard singles chart in America. And in 2002, in a similar week, all 10 pop artists in America were black artists," says Mr Charnas.
It was then apparent to everyone that hip hop had created a huge social and cultural change in America.
Building empires
That change also created some of the richest black people in America, some of whom evolved into great moguls of the hip hop music scene.

HIP HOP'S TOP MULTI-MILLIONAIRES

Sean "Diddy" Combs: Formerly known as Puff Daddy, he built his fortune through his clothing line Sean John, Bad Boy record label, Ciroc vodka, acting, live concerts and TV shows.
Shawn "Jay-Z" Carter: The husband of Beyonce sold his Rocawear clothing label for $204m (£125m), signed a $150m deal with Live Nation, has shares in restaurants and the New Jersey Nets basketball team.
Andre "Dr Dre" Young: Helped launch careers of Snoop Dog, Eminem and 50 Cent, expanded with Aftermath record label, Beats headphones and HP laptops.
Curtis "50 Cent" Jackson: Received $100m from sale of Vitamin Water, has G-Unit clothes line, video games, film production company and several acting credits.

Source: Forbes magazine

"What Shawn 'Jay-Z' Carter, Sean 'Diddy' Combs and Curtis '50 Cent' Jackson said, was, 'If Time Warner can own music, why can't I?'" says Mr Charnas.

That was something hip hop artists learned to do - with the same ruthless determination that had enabled them to survive the rugged urban environment of their youth.
They learned to drive a harder bargain, and hip hop created more entrepreneurs and artists who owned more of their own work than any other genre previously.
Mr Charnas says you cannot compare what R&B and soul did in the 1960s to what hip hop entrepreneurs were able to do in the 1990s and the first decade of this century.
Brand awareness
Hip hop went way beyond just music - it expanded into numerous other business areas.
"Run DMC were very brand-conscious - they wrote a song about Adidas because they love Adidas, and the endorsement deal came afterwards," Mr Charnas says.
It went from hip hop artists seeking endorsement deals to basically creating their own brands, such as Wu Tang Clan creating Woo Wear and 50 Cent manufacturing his G-Unit clothing.
"You now have these power houses like Rocawear and Sean Jean, almost pushing aside folks like Nautica and Ralph Lauren Polo for space in the young man's and young woman's department stores across America and indeed, across the world," he says.

Pharrell Williams is equally at home at a fashion show as he is behind the desk in a recording studio

Lucrative deals
One of the genre's most lucrative financial investments came when 50 Cent negotiated a minority stake in Vitamin Water in return for acting as a celebrity spokesman and lending his name to the Formula 50 drink.
When The Coca Cola Company acquired Vitamin Water from Glaceau for $4.1bn (£2.5bn), bankers familiar with the deal said 50 Cent's profit ranged from $100m to $150m.
If you combine that windfall with record sales, concerts, clothing, merchandise, endorsements, acting, video games and investments in property, dietary supplements, moisturisers, and even his own brand of condoms to promote safe sex among his younger fans, it is safe to assume 50 Cent's dream of earning his next $500m is within the realms of reality.
He even published a book entitled The 50th Law, which explains how his personal philosophy and self-confidence reversed the fortunes of his humble beginnings.
Producer and fellow rapper Pharrell Williams certainly seems to have named his clothing line most appropriately - the Billionaire Boys Club.

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adapted from BBC NEWS Mobile Business, April 25th 2911