Research Paper on Master P's Impact on Music Business

Introduction

The music industry is currently one of the largest commercial enterprises in the world. It is a sector that continuously births millionaires and social influencers on a global scale. Artists can enjoy a type of commercial success that was previously only ascribed to white-collar entrepreneurs. The metaphorical glass ceiling was broken by several in the industry who dared to chase the kind of success they all desired. These industry giants understood that to come out on top, they would not only have to focus on their art but their business acumen as well. One such person is Percy Miller known by his rap name Master P. Even though many overlook his contribution, Master P is arguably one of the most influential figures in Hip Hop. The founder of No Limits Records revolutionized the whole industry, setting himself apart from other artists through his marketing strategies, his shrewdness when making investments and, of course, his artistry, Master P's career trajectory has doubtlessly helped shaped the music business. He has made decisions that have not only helped him but countless others. He helped revealed the business potential that the industry held, as well as showing other artists how to tap into this potential. To this day, he continues to grow his multi-million dollar empire, making invaluable investments, and actively mentoring the new age of artists.

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How Master P Changed The Industry

Percy Miller's rags to riches story start with ten thousand dollars. A native of the Calliope projects, he set out with a lot of odds to beat. Like many housing projects at the time, this place was a hub for drugs and crime. Miller was determined to overcome all this, aiming at creating a better reality for himself and his family. The money that launched his takeoff came in the form of a settlement that his family received in a malpractice suit after his grandfather died. Miller used this money to start No Limits Records and Tapes, a record store whose name he would soon transfer to his recording company. Through this venture, Master P was able to put into practice the skills he had learned while taking business classes at Merritt Junior College. The store was a huge success, popularizing the music of artists such as Too Short and E40 (The Maverick Firm, 2017). The progress of his record store is what prompted him to start his record label. There was evidently a market for hip-hop music, and he aimed to exploit it fully.

Master P's impressive portfolio also boasts with tens of other business investments both within and far from the music industry. Over the years, he founded clothing and jewelry lines, ventured into the production of toys as well as energy drinks, opened restaurants, and started real estate companies and travel agencies. He has also taken up sports management, (The Maverick Firm, 2017). Today, other hip-hop moguls have followed in his footsteps. An example is Jay-Z, founder of Roc Nation Sports. Staying true to his entertainment roots, Miller tried his hand at television and filmmaking. His movie company, No Limit Films, produced several hits which were well received. Even here, Miller's business savvy continued to show. He was intent on remaining independent, insisting on catering to the expenses accumulated by his projects out-of-pocket. While producing his films, he financed their entire budgets. Doing this reduced the amount that was retained by the large studios he sometimes had to collaborate with (Jay, 2016). Percy Miller used rap to open the door to financial dominance. He showed artists that their world spans wider than the recording booth. Now we have an artist starting clothing lines, manufacturing drinks, shoes, and even kitchenware.

Why did Master P See Things Differently Compared To Other Artists?

Since before launching his rap career, Master P had decided to approach the industry differently. He would face it as he would a business, understanding that it consisted of more than just the music. The first proof of this came when he was presented with a million-dollar deal by Jimmy Iovine of Interscope Records (Carmichael, 2017). The offer came at a time when artists' main focus was living the lavish lifestyle. A couple of million dollars would have easily facilitated this. Master P was also an independent artist, with no significant backing and a lot of needs stemming from his background. While any other person would have taken that deal without any second thoughts, Miller took his time to analyze his situation. He read the contracts and determined what it would mean were he to sign them. He also took the time to project his trajectory if he declined it. Comparing the two, Master P concluded that he stood to gain more by venturing out on his own. He then decided to reject the offer, which in turn led to one of the most iconic success stories ever told.

With no major label backing him, Master P had to make sure his music reached his audience by using the most cost-effective methods possible. He had to apply strategies that were both aggressive and efficient. After successfully setting up his records shop, Master P went ahead and used it as his first marketing tool. The shop had become an essential fixture in the community, creating great followings for the artists whose music it housed. Master P hinged on this popularity. He would display his music among that of other already established artists, and in this way, built a following for his work as well. While other artists spent ludicrous amounts of money on music videos, Miller focused on putting out as much music as possible. He aimed at flooding the airwaves, releasing new records on a weekly basis (Carmichael, 2017). In addition to this, he brought in various famous artists to feature on the records he produced for his signees. Investing in this expanded his fan base. He could cater to a broader audience, as he had a more varied sound (Cornish, 2015). The albums from No Limit Records also carried at least 20 songs, as compared to the then industry norm of 15 (Cornish, 2015). This change appealed to the buyers, as it implied more value for their money.

How Did He Benefit From This?

The most significant move of Master P's career was the distribution deal made between No Limit Records and Priority Records. This deal changed the course of hip-hop history and influenced the way musicians earn their living today. Before then, artists could only manage to retain about 10% of the revenue from their record sales (The Maverick Firm, 2017). Always the wiser, Master P refused to work under these conditions. Instead, he used his business knowledge and impressive track record to leverage a better deal. Under the terms of the contract, the distribution would be handled by Priority Records while No Limit took care of the marketing costs. The profits from this joint venture would then split at a ratio of 85 to 15, with Master P and company taking the bulk (The Maverick Firm, 2017). No Limit would also be able to retain all of its masters, an advantage that was almost unheard of at the time. Master P, with this move, changed the entire game. He ended the exploitation of artists by production companies with shady deals by showing them that they could get more for their efforts. He was able to get proper compensation for the effort he applied, which was essential in growing his wealth.

Why Did Master P Decide To Help Another Artist Who Could Be A Potential Competitor?

Master P is a seasoned veteran. He has been able to survive the turbulent music industry for over two decades, an industry that has changed so much and lost so many. He is, therefore, in the most excellent position to provide mentorship to upcoming artists. Throughout his career, Master P has taken many artists under his wing, guiding them and schooling them on the dos and don'ts of the business. His most recent protege is Kodak Black, a fellow hip-hop artist. Master P, in a radio interview, stated that he decided to work with Kodak because he felt that the artist had star quality. He claims that he also believes Kodak suffered exploitation by his record label, and he tried to follow up on the matter and expose this to the young star.

Why Did He Decide To Leave The Industry Soon After?

Master P and Kodak had a falling out before any real progress could result. Kodak claimed that Miller was attempting to charge him from the mentorship. With this claim, he put Master P in the same category as the other members of his team who were trying to exploit him. Master P, offended, withdrew his help. In the interview on the radio, Master P declares that he will never offer any free mentorship services again (The Maverick Firm, 2017). He claims that he is a business person, and anyone wanting his time and assistance would have to pay for it. As a result, he decided to venture into his businesses instead of putting all his focus on the music industry at the cost of the former.

Conclusion

Master P is a man who has already achieved legend status. He transformed the music industry, allowing artists to get more for their talents and efforts. Over the years, he has proved his worth by thinking outside the box and daring to go where no other in the industry has gone before. He has rejected deals that others would have killed for and has made deals that others only dream to achieve. He set trends which are still being followed today, starting the wave of hip=hop entrepreneurs. Always emphasizing on business, he led artists down the path that gave them to the options they have today. Everything that Master P has done is a reiteration of the words from his album when he asserted that he is not just an everyday rapper but an entrepreneur.

References

Breakfast Club Power 105.1 FM. (2017, August 17). Master P Speaks on Kodak, His New Documentary 'I Have A Dream,' His Basketball League and More. Retrieved on November 8th from:http://power1051fm.comCarmichael, R. (2017). How Master P gamed the Music Industry and Laid a Path To Generational Wealth. Retrieved on November 8th from:

https://www.npr.org/2017/09/21/552449582/how-master-p-gamed-the-music-industry-and-laid-a-path-to-generational-wealth

Cornish, S. (2016). Masta P and No limit Records Changed the Business of Hip-Hop Forever.Retrieved on November 8th from:

https://www.afro.com/masta-p-and-no-limit-records-changed-the-business-of-hip-hop-forever/

Jay, B. (2016). Holla If You Hear Me: How Master P Still Influences Rap in 2016. Retrieved on November 8th from:

http://greenlabel.com/why-master-p-still-influences-rap/

The maverick Firm. (2017). Master P Built a $250 Million Business Empire Off A $10,000 life Insurance Settlement. Retrieved on November 8th from:

https://www.themaverickfirm.com/posts/how-master-p-built-a-250-million-business-empire-off-a-10-000-life-insurance-settlement