7114 - Agents and Managers for Artists, Athletes, Entertainers, and Other Public Figures
In the dynamic world of entertainment and sports, the role of agents and managers is pivotal. Whether negotiating lucrative contracts or guiding career decisions, these professionals are essential to the success of artists, athletes, entertainers, and other public figures. If you're exploring opportunities in this thriving industry or seeking government contracts, understanding NAICS Code 7114 is key.
What is NAICS Code 7114?
NAICS Code 7114 represents the industry classification for Agents and Managers for Artists, Athletes, Entertainers, and Other Public Figures. This category includes establishments primarily engaged in acting as agents or managers who manage careers and negotiate contracts on behalf of their clients.
Definition
NAICS 7114 covers businesses that:
- Represent artists, athletes, entertainers, and other well-known public figures.
- Manage the careers, opportunities, and public engagements of their clients.
- Negotiate contracts, endorsements, licensing agreements, and other business deals.
- Handle professional and promotional aspects to maximize client visibility and income.
Sector: Arts, Entertainment, and Recreation
NAICS 7114 is part of the broader Arts, Entertainment, and Recreation sector. This sector includes a variety of entertainment and cultural services where public influence and personal branding play a critical role.
Typical Business Activities under NAICS 7114 include:
- Talent agencies representing actors, musicians, and performers.
- Sports agents managing career contracts and sponsorships for professional athletes.
- Career managers handling endorsements, appearances, and public relations for celebrities.
- Business managers coordinating long-term career planning for entertainers and public figures.
Size Standards for NAICS Code 7114
To qualify as a small business under NAICS code 7114 for government contracting purposes, businesses typically must have:
- Annual revenue not exceeding $16.5 million (varies by SBA guidelines and updates).
Understanding size standards is crucial for businesses aiming to participate in small-business set-aside contracts and other federal opportunities.
Examples of Businesses Under NAICS Code 7114
- A talent agency specializing in booking actors and musicians for film, TV, and live performances.
- A sports agency representing professional football players in contract negotiations and endorsements.
- A management firm coordinating public appearances and brand endorsements for renowned public figures.
- Personal managers overseeing the careers of entertainers, from album releases to tour planning.
NAICS Code 7114 Details
| NAICS Code | Title | Sector | Description | Size Standard |
|---|---|---|---|---|
| 7114 | Agents and Managers for Artists, Athletes, Entertainers, and Other Public Figures | Arts, Entertainment, and Recreation | Establishments primarily engaged in acting as agents or managers for artists, athletes, entertainers, and other public figures, managing their careers and contracts | $16.5 million (annual revenue) |
Frequently Asked Questions (FAQs)
What types of clients do businesses under NAICS 7114 represent?
They represent a broad array of public figures such as musicians, actors, professional athletes, celebrities, and other entertainers who require career and contract management.
How do agents and managers under NAICS 7114 earn revenue?
They typically earn commissions from contracts negotiated on behalf of their clients, fees for career management services, and sometimes percentages from endorsements or appearances.
Can a talent agency and a sports agent operate under the same NAICS code?
Yes, both types of agencies fall under NAICS 7114 as long as their primary activity is managing or acting as agents for their clients in entertainment or sports.
Why is it important to know the size standard for NAICS 7114?
Knowing the size standard helps businesses determine eligibility for small business programs, grants, or government contracts tailored for companies of a certain size.
How can businesses qualify for government contracts in this NAICS code?
Businesses must qualify as small under SBA standards, register with the System for Award Management (SAM), and identify contract opportunities through federal platforms that require services covered by this NAICS code.
Conclusion
NAICS Code 7114 represents a specialized and influential industry segment within Arts, Entertainment, and Recreation. Agents and managers under this category play a critical role in shaping the careers of public figures by facilitating key business deals and opportunities. Whether you're an aspiring agent, manager, or a business looking to navigate government contracting, knowing the ins and outs of NAICS 7114 is essential for success.
Explore further to leverage business growth opportunities in this exciting sector!
