Many or should I say most entertainers typically go through some sort of “screwing” or being “screwed over” during their careers and very few of them reap any rewards for the screwing they endure. Even some of the highest paid artists wind up in something similar to an upside down mortgage in the form of a bad recording contract that often resembles the likes of an Mafia type “offer they can’t refuse” from record labels.
All fans see is the bottle popping, decorated private jets, expensive clothes and tales of traveling the world without thinking about where all this money is coming from and how it all works. What most fans don’t realize is that all of that money has to be earned by the artist and paid back to the label. Obviously there is much more to what goes on in your standard or non-standard recording contract than we are able to address in an article. But, I will give you one word of advice; before you sign any contract with anyone for any reason, please find yourself a good lawyer that is not associated with the other party.
In the video below Dr Boyce Watkins talks about financial literacy, contracts and being a financial victim in the music business. For more advice from Youtube Channel or his website on financial literacy.