posted on Dec, 4 2006 @ 01:24 PM
TO add to what Infra is saying i agree. THe real shame is that nobody is teaching these rappers how money really works. But unfortunantly they
aren't alone. Look at half of the 80's bands. Alot of them aren't rappers and they're broke now too. People don't know what they are reading
nor signing half the time when they hastely sign contracts.
There is plenty of small print that negates half of what you are paid. It's like the artists signing see the end amount of money they could possibly
make and don't understand that most of the stuff on the contract represent a best case scenerio. So, they start spending like that money is actually
theirs when they missunderstand their Letter Of Direction.
I know a family member in his early 20s who made 30,000 on a record deal advance-he spent it ALL in about 6 months. What did he do with the money you
ask? Pay bills? NOOOOOO! Pay off outstanding Dept? NOOOOOOOO! Buy furnature to improve his living conditions? NOOOOO!! Move out of his parents
house? NOOOOOOOO! Start taking over paying for his car payments from his parents, or maybe the cell phone bill? NOOOOOOOO!
He stopped talking to his family, not cause we were vocal about his spending habits, but because we weren't cool enough to go out to fancy nightclubs
everynight or we didn't have a record deal. Instead he went to VERY expensive night clubs everynight with his 'new' friends had to sit at a
"table" where you need to pay 1000 just to reserve it and you have to buy a bottle of booze for a few hundred bucks. And thats just to sit down.
Plus he spent for all his 'entourage' too.
Now his money is all gone, still lives at his parents house, still doesn't pay one of his own bills, lost all of those 'friends' and oh yeah. He
forgot the part where everything was recoupable and now he owes $30,000 bucks to some bunk indy label that has no bands or artists on their roster,
and oh yeah they are concidering dropping him from the label cause he hasen't gotten a gig in the last 8 months at a venue that holds more than 50
Now we don't talk to him and the situation is reversed.
Major labels are pretty shady too, and not just because they are loosing profits for a few bad quarters (like 8 or 9) and have to fire half of their
staff and artist roster, consolidate to just make thier profit margins look at least acceptable to the public, BUT also because it is very High School
like in mentality. Fake friends (unless you are CURRENTLY doing business with them), and people that won't pay commisions or royalties to clients
that have a pretty iron clad contract for a project that they worked on for the label, main reason...pettyness and fragile egos, and blacklists
who's roster itself changes to suite the mood of the exec. on a whim.
But at the moment rappers are the equivalent to hairbands from the 80's people took them seriously then but now that same guy serving you a hotdog at
the wiener emporium is just laughed at. (yeah they still have the long hair, and if the counter weren't bloking their body you'd notice their
spandex jumpsuit too) Todays bling rappers-or ego rappers are going to be in the same boat. I mean look how stupid we all feel now for wearing our
pants backwards like criss cross...remember them?