Chapter 68: Changing Directions
East Records, as the pioneering electronic music label in China, embarked on a journey to introduce this genre to the nation and has experienced remarkable growth ever since.
However, the path to success for the label has been far from smooth. In fact, they have faced ongoing challenges to this day!
There are three primary reasons behind these difficulties.
Firstly, the costs associated with producers are exorbitant. Equipment, production expenses, and artist fees all contribute to the substantial financial investment required to be an electronic music producer. Some producers even jet across the globe in private planes, spending nearly twenty-four hours a day on various tours and electronic music festivals to boost their popularity. This is the initial hurdle.
Secondly, the label grapples with a lack of revenue. Running a label is not a highly lucrative business. After accounting for artist expenses, advertising, distribution, concert or tour arrangements, and the employment of numerous staff members, the majority of funds are funnelled back into the label itself. This financial challenge compounds the situation.
The third reason, as aptly pointed out by TMY, is the outdated state of the current electronic music industry. Since East Records first emerged and thrived under East, the "Prince of Electronic Music," the label's growth has stagnated. With East's retirement from music, East Records faced stiff competition from emerging brands and new streaming platforms. The popularity of electronic music alone is insufficient to sustain such a large-scale enterprise. This represents the third obstacle.
However, a glimmer of hope recently emerged on the horizon.
Enter TMY, the talented young producer who has made waves in the industry with her groundbreaking House and Future Bass sounds. With his extensive experience in the field, East recognized the profound impact TMY has already had and could only imagine the limitless possibilities yet to come. This represents an incredible opportunity.
While East Records is widely recognized as one of the most prominent labels in China, its influence remains confined to the domestic scene. Despite the rapid growth of the Chinese electronic music landscape, it has struggled to attain significant international recognition. This holds true for labels as well. Even a powerhouse like East Records only reigns supreme within the country and cannot be considered a truly global institution.
If the label can sustain its current growth rate and avoid further deceleration, there is a potential for East Records to become an international force within 5-7 years. That's only if the deterioration stops immediately. If the same trend continues, the company may remain domestic for its entire lifespan.
However, the arrival of TMY reignited hope in his heart.
Having TMY on board is an absolute necessity.
After Miaoyi and Qiuying settled into their seats, a stack of neatly organized contracts, numbering six or seven, awaited them on the coffee table. The documents had been prepared in advance, catering to each individual's needs.
Among the contracts were two copies of the "Artist Performance and Management Rights Authorization Agreement," two copies of the "Music Audio Work Distribution Authorization Agreement," and two copies of the "Limited Company Equity Transfer Agreement."
"We have everything prepared as requested. Each of you has a contract and an authorization letter, along with the 1.5% shares you requested," East said with a smile, presenting the documents formally. "Feel free to review them. East Records is genuinely dedicated to collaborating with both of you."
Miaoyi wasted no time and glanced at Qiuying before picking up the contract in front of her, closely examining its contents. As she read, her eyes widened, and an increasingly shocked expression crossed her face.
This... this...
To put it in perspective, if she had expected a Kia Soul, what lay before her was a brand-new Bugatti!
Miaoyi looked up immediately and asked, "Are you serious about this?"
"Absolutely," East affirmed with a confident smile, displaying his unwavering commitment to the offer. "What are your thoughts, Sensei TMY?"
"Is there even a need to think? Of course, I'm ready to sign!" Miaoyi replied without a trace of hesitation. Not only had she decided, but Qiuying also seemed almost anxious that she would decline!
To be honest, Miaoyi's reaction was not surprising. After reviewing those contracts, it would be difficult for anyone to refuse, including Miaoyi.
That's because East Records had made an enticing concession. Even if Miaoyi and Qiuying signed with their label, their personal freedom would remain intact. They would retain the autonomy to make their own decisions regarding the label's strategies and artist management. They possessed the power to approve or reject any decisions related to TMY.
In other words, Tang Miaoyi would be free to pursue her artistic vision. She could veto them if she chose not to undertake something, even if the label provided instructions or requirements!
Such a level of autonomy would have been unimaginable in the past. No talent agency or music label would have granted their artists such independence.
However, with the contract they presented to Miaoyi and Qiuying, East Records made it a reality...
"There's no need for further discussion. I will sign," Miaoyi declared, closing the final draft of the contract.
"That's fantastic!" A pleasantly surprised smile lit up East's face. He then turned to Qiuying, who had remained silent since the beginning, with a newfound respect in his eyes, and inquired, "So, you must be Jing Qiuhua?"
He held immense respect for both girls. Miaoyi for her exceptional musical talent, and Qiuying, for her impressive negotiation skills.
Indeed, Miaoyi had previously negotiated with him over the phone, but that was a rudimentary form of negotiation that anyone could handle. However, during the contract finalization, when he called, Qiuying picked up. The next hour could only be described as a nightmare for his company as she skillfully dismantled any attempts to alter their agreement, securing additional conditions he hadn't even discussed with Miaoyi.
"Yes, Tang Miaoyi is TMY, and I am An Qiuying, Jing Qiuhua," Qiuying responded, relieved to introduce herself finally.
"What are your thoughts on these contracts?" East inquired, still somewhat uncertain in his tone, recalling the formidable negotiation skills Qiuying had demonstrated during their conversation.
"Whatever Miaoyi decides, I will sign as well. Likewise, I have decided to join East Records," Qiuying said softly, indicating her agreement.
Her perspective had always been that wherever Miaoyi went, she would follow. If Miaoyi was content with the decision, Qiuying wouldn't have much to say.
"That's excellent news," East breathed a sigh of relief before adding, in an upbeat tone, "Miss An, you show great promise at such a young age. You could excel in entrepreneurship even if you don't pursue a singing career. I once met someone in Shanghai with a similar negotiating style, An Dulian."
"Oh! That's my father," Qiuying responded, her words unknowingly causing someone nearby to nearly spit out their tea.
"By the way, both Qiuying and I are still high school students, so I have an additional request," Miaoyi chimed in.
"Please go ahead," East hesitantly agreed, sighing helplessly, signalling his willingness to listen.
The other executives present were equally surprised. Though they remained silent, they seemed to concur with the decision. Only one executive seated on the side appeared displeased, his face growing dark as he forcibly suppressed his emotions.
"Well, you see, the academic pressure on us is quite high at the moment, and frequent relocations would pose a challenge. Therefore, if you require us to come to the capital in the short term, we will likely have to decline," Miaoyi explained.
"That's not a major issue. I can agree to that," East sighed with relief, readily accepting this small request.
"Before we conclude the meeting, what is your plan for the breach of contract with Light Cloud?" Yun Jie, who had remained quiet until now, chose this moment to speak up.
"That minor issue? We will simply pay the breach of contract fee and resolve it," East replied. To him, it seemed like a straightforward matter.
"But breaching a contract can result in legal consequences. If pursued by the company, Miaoyi could face imprisonment!"
"Huh?" Imprisonment? When did that come into play? Miaoyi had assumed it was a matter of monetary compensation, but the possibility of going to court was much more severe than she had anticipated.
"This is more complicated than I anticipated..." East fell into a contemplative stance, his mind racing through various possibilities. "Perhaps there could be... Hey, how much is Light Cloud worth at present?"
"Um- I believe it's around 3 billion yuan..." Yun Jie replied.
"Perfect!"
"Um, what?" Both Yun Jie and Miaoyi were taken aback by East's sudden declaration.
"Call your boss. I have a company to acquire." East finally had the chance to display his assertive nature.
"..."
And just like that, the formal contracts were signed under the names of Miaoyi and Qiuying.
In other words, from this moment onward, Tang Miaoyi and An Qiuying officially became producers and singers under East Records.
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