Nvak Collective, a socially driven record label that signs, manages, develops, and empowers female and non-binary artists has announced a new standard for artists and labels. They’ve created the ‘Simple Agreement for Artist and Label’, which sets a new precedent for record deals by providing transparency, protection, and financial freedom for all involved. Most notably, this new standard provides services uncommon to artists, such as healthcare, dental coverage, and financial planning.
A Schelling Point is a solution chosen by default in the absence of communication, that saves time and money because it’s agreed upon as standard by the community. Y Combinator famously introduced the SAFE (Simple Agreement for Future Equity) to the tech industry, and Nvak Collective is now introducing their standard to the music industry.
“We believe it is time to take care of our customers (aka artists), and that means establishing a new service and standard for them. This is us as a new label treating others how we’d like to be treated, and supporting artists over the long term.” said Alex Salibian, Co-founder and COO of Nvak Collective.
The ‘Simple Agreement for Artist and Label’ is as follows:
-
Renaming of the ‘Master’ to ‘Primary’
-
1 year term
-
Exclusive License for a mutually agreed upon term
-
Artist retains full ownership of their Primary
-
42% of net profit from Primary for the Artist
-
42% of net profit from Primary for the Record Label
-
10% of net profit from Primary reserved for Producers/Co-Producers/
Executive Producers -
4% of net profit from Primary reserved for Songwriters
-
2% of net profit reserved for Mixers/Engineers
-
Label Provides the Following Services:
-
Healthcare
-
Dental Care
-
Mental Health Services (i.e therapy)
-
Financial Management
-
Life Coaching
-
Nutritionist
-
For more information on Nvak Collective you can follow them on instagram here.
