Understanding commercial music contracts: the place of contractual theory

Abstract

This article is concerned with the application of contract theory to recording agreements within the music industry. It considers whether the economic and social context to the industry and the position of those who seek 'popstardom' deliver contractual arrangements that cannot be adequately explained by either classical or neoclassical contract theory. It further applies relational contract ideas to such contracts to assess whether they provide a more satisfactory explanation for the contractual behaviour.