Last year I shot promotional photos for an up and coming unsigned band. At the time of the shoot, the band paid me a (rather low) day rate to shoot the photos. The original intention was that they were interested in using the images on their album.
Before we had a chance to negotiate what the usage fees would be for the images to appear on their album, they were picked up by Universal Music Group. The band is still interested in using the photos (a group shot and several solo shots) in the album. Universal, not surprisingly, is asking to buy out the selected images.
My question is this:
I've already been paid a day rate (for my time), how to I figure out what to charge for usage?
I know there's no exact number as it varies from photographer to photographer, but without resorting to buying Foto Quote Pro (which I will soon, but can't afford this moment) is there a general formula for determining usage rates?
Obviously if they want a full "buy out" the rate is probably going to be high up there, but I would like to offer them the option of different usage rates and/or a "Unlimited Usage in Perpetuity" with a lien item specifying portfolio usage on my end. Probelm is, I don't even know where to start with determining a ball park of what those numbers might be.
This is the year that I start taking my photography business seriously and do things the correct way, and this particular incident seems to be the perfect place to begin.
Help?
-C
www.thechadmichaelward.com
