Typically, managers will ask for a fixed percentage of your income (around 20%). They will set you up as a business, and connect you with promoters, agents, and record companies. They concentrate on the business side of your career, and you can focus on making music.
The average salary for artist managers is around $51,270. However, this varies by location. For example, the median salary in Santa Clara, CA is much higher than Seattle, WA. This is likely because the cost of living in California is more expensive.
Managers are paid a fee when their clients make money from concerts, album sales, streaming revenue, and sponsorships. However, they do not receive royalties from songs that have been played on radio or TV. Royalties are payments made to the owner of copyrights.
Artists often sign contracts with their managers, which usually last 1-5 years and have various 'get out' clauses for breaking the contract early and sunset clauses which reduce the risk of an artist leaving after a manager has invested a lot of time in building up their profile.
To be a successful artist manager, you will need to be an excellent communicator and have a strong business mind. You will also need to have extensive industry knowledge and a good network of connections to help you find new opportunities for your client. Lastly, you will need to be able to deal with stress and pressure well. This is a high-stress job, and you will often be working long hours.