84 sats \ 2 replies \ @freetx 29 Jun \ on: Michael Jackson Died With $500 Million in Debt Music
The music business is basically a lone-shark industry.
- Record label fronts you the money to record album + do tour (note: they own the studio you record in, using their producers and engineers, and its their tour management group).
- So you start off the first album several million in debt to record company and now need to work like a madman to pay it off.
- The deal they have is a "360 deal" which means they earn a percentage of every dollar you make as a person. Album sales + concert tickets + merchandise + endorsements + speaking fees + YouTube channel, etc.
- If you get to the point that you just about paid off all the debt, they suddenly decide its time for another album. Goto 1.
That’s sounds about right. 😩
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Remember Prince dispute with Warner music?
Artist formerly known as Prince
Who killed Tupac?
My favorite is death ☠️ row records. At least Mr Knight is transparent
I had a neighbor who was a lawyer at a record label in 1999. He hated his job. He said contracts are written so that the artist is paid last and least.
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