FACTOR’s Annual Review Approaching – Do You Need to Update Your Profile?Friday, February 6th, 2015
The following notice and advice is provided by FACTOR.
It’s time for FACTOR’s Annual Review
On Feb. 27, 2015 we will re-assess all Artist Profile and Applicant Profiles in the system. Both Artist and Company Ratings may go up or down at this time. Your current rating will remain in place until March 31 2015. New Ratings received during the Annual Review take effect on April 1, 2015.
“Why Should I update my Artist Profile?”
First, from now on there will be only two Profile Reviews per year – the upcoming Annual Review on February 27, 2015; and the Semi-Annual Review on August 28, 2015. If you miss the Annual Review, you won’t have a chance to move up (or down) in ratings until the Semi-Annual Review on August 28 2015.
Second, it’s important that we get a clear picture of where you are at in your career, so you can be rated accordingly and in comparison to all other Artist Profiles in our system. Ratings determine which FACTOR programs you are eligible for, so you want your profile to reflect what you’ve been up to. There are 17 things that go into an Artist Rating; you can read more about them here.
Third, any new Artist profiles that come into the FACTOR system after February 27 will receive a general rating of 1. That rating will hold until Semi-Annual Review period on August 28.
We’ve also made a few changes to the Artist Profile that may require some additional time to update:
– We have restructured the Live Performance section. We now require information on festival shows, non-festival shows, and ticket sales. You will need to re-enter live performance information if you hope to qualify for a rating of 2 or 3. Please enter the number and nature of shows and tickets sold by month in the preceding 12 months as well as the number and nature of shows for the next 12 months.
– We have updated our Radio Charting section, which allows you to select from a list of recognized charts (Nielsen, BDS, Billboard, Media Base, Earshot, CMJ, station-specific for commercial radio only, and other).
“Why Should I update my Applicant Profile?”
For music companies, the February 27 deadline is the only opportunity to move into the Comprehensive Music Company program. Updating the company profile including uploading your current financial statements and gross revenue data is mandatory. If you’re hoping to apply for Business Development, you will need to update your profile to receive or maintain a rating of 3 or more.
Additionally, we have made a few changes to the Applicant Profile:
– Labels, Artist Managers, Music Publishers, and Distributors may now enter grant and loan funding in a separate table when completing the Gross Revenue section
– We have added two additional categories to the Gross Revenue section for Artist Managers (Publishing and Other)
– Artist Managers must qualify for a Company Rating of 3 based on gross revenues from managers’ commissions and other retained revenue, NOT the artists’ gross revenues.
– Artist Managers will be assessed on the most recent two years’ worth of financial information provided.
Please contact your Project Coordinator or email@example.com if you have any questions.