Now completely updated and revised, this streetwise guide helps musicians, producers, and others protect their rights and preserve their assets in today's cutthroat music recording industry. Industry insider Moses Avalon tells it like it is - how producers dip into budgets, artists steal songs, labels skim royalties, lawyers write contracts in code - and shows readers how to survive in the wake of these and other unfortunate truths. Deconstructing actual major record deals, Avalon dissects each party's involvement and perspective: what they actually do, how much they get paid, and what's really on their agenda. This second edition examines the impact of recent developments in the industry, including Internet file sharing and streaming, mergers and acquisitions, trade associations and their agendas, and more.