Reformed Broker Josh Brown makes an interesting observation about how money shapes artistic freedom and specifically the freedom to release a creation into the world, on your own terms. Browns’ examples include the late New York Times publisher Arthur O. Sulzberger; Renaissance and Medici patronage of artists; and the ‘sellout’ debate about ‘indie’ rock bands.
‘Dabblers’ and non-artists can have a Romantic image of the relationship between artistic creation, money, and freedom. Early career academics talk of an attractive ‘life of the mind’. Journalists talk of a Fourth Estate role in society and the investigative craft. Musicians talk of innovative strategies for new releases. Yet each of these beliefs about freedom also involves financial choices about money. The academic ‘life of the mind’ is often based on institutional incentives, patronage networks, and administrative support. The Fourth Estate and investigative journalism both need funding mechanisms to sustain a ‘quality media’ reputation. The much-touted ‘free’ albums by Radiohead and Nine Inch Nails arose when both artists had fought with their major labels and were label shopping for new contracts. Wilco’s experience in I Am Trying To Break Your Heart is another example of being ‘dropped’ by one major label and using an unreleased album as leverage to create a bidding war with other major labels. U2, Depeche Mode, and New Order now have detailed, archival reissues of their early, influential albums in part because they have strong management, legal and creative teams, and have ‘decision rights’ control of their intellectual property.
Brown is correct that money-awareness is not a Mammon-like ‘sellout’ of artistic integrity. The recent controversy over Amanda Palmer‘s use of ‘crowdsourced’ musicians and whether or not she should pay them is a small-scale incident compared with the business complexities of major labels’ accounting practices, the creation and recognition of ancillary revenue streams, the control of song catalogues, and intellectual property strategy. The latter area will be an important battleground for academics, journalists, musicians, and other so-called cultural creatives. You might start with Intellectual Property Strategy and Essentials of Intellectual Property; consider the Schumpeterian dynamics in Driving Innovation; and understand the corporate and institutional perspectives of Intangible Assets and Harvesting Intangible Assets.