Lawyer Reacts To Celebrities Are Going Broke... The Downfall Of The Music Industry | YT Wake Em Up

YT Wake Em Up Channel:    / @ytwakeemup  
In this episode of the Top Music Attorney Podcast, Entertainment Attorney, Miss Krystle Reacts To
YT Wake Em Up's video "Celebrities Are Going Broke... The Downfall Of The Music Industry" exposing harsh realities of the music industry, particularly how low streaming profits and bad record deals leave many artists broke, despite the illusion of wealth. He highlights the importance of self-releasing music and owning your masters and publishing, urging musicians to think of their music as assets that can build long-term wealth. Miss Krystle also points out how outdated the traditional artist-to-label model has become, with more artists needing to operate as their own brands, and treat their careers as real businesses. With stories like Rick Ross only starting to make real money at 36, and Brent Fayiaz exposing how most famous artists are financially struggling.

Miss Krystle also touches on recent layoffs within the industry, like those at Atlantic Music Group and YouTube Music, underscoring the shift in how money is made in music. He emphasizes the importance of diversifying income streams, setting up protective legal structures like LLCs, and staying independent to avoid the pitfalls of long record label contracts and advances that act as loans. With examples like Snoop Dogg learning the business side of music, she stresses that musicians must be savvy, take control of their careers, and adapt to survive in an industry that’s increasingly challenging for artists to navigate.

00:00 Coming Up
00:20 Introduction
00:32 Reacting To Celebrities Are Going Broke... The Downfall Of The Music Industry
00:46 The Music Industry Is Dying
01:18 Low Streaming Profit
01:58 Royalty Percentage Rate With Record Label Deals
02:28 Masters vs. Publishing
02:42 Self Releasing Music
03:01 Think of Your Music As Assets
03:44 Half of The Music Industry Is Broke
04:55 Celebs Pretending To Be Rich
05:07 Real Successful Music Business Owner
05:46 Signing For A Record Label
06:32 Growing As An Artist
07:16 Rick Ross Only Started Making Money From Music at 36 Years Old
07:37 Putting In The Work As If You Are Signed
08:25 The Traditional Artist To Record Label Model Is Outdated
09:24 Become Your Own Brand
09:38 Starting A Limited Liability Shield To Protect Yourself
09:59 Labels Dropping Artists
10:26 Music industry Going Back To Selling Physical Products
10:45 Record Labels & Advances
12:24 JBP Exposes That Record Labels/Rappers Are Broke In 2024
12:40 Making Money As Independents
14:10 Music Industry Layoffs
14:33 Atlantic Music Group Layoffs
15:14 Independent Artists Don't Need Labels
16:31 Brent Fayiaz Exposes That Most Famous Artists Are Broke
17:04 Figuring Out A Business Plan On How To Make Money With Music
17:44 Music Monetization
18:08 Music Layoffs
18:50 YouTube Music Laid Off Unionized Workers
19:57 Music Industry Laying Off Workers
20:22 Musicians Diversifying
21:35 Celebs In The Music Industry Are All Broke
23:00 Master P Says There Is No Money in The Music Industry
23:23 Product & Brand Outweighs Talent
23:49 Snoop Dogg Learning About The Music Business
24:36 Chloe Bailey - Musicians Don't Make A Lot Of Money In The Music Industry
25:24 Long Record Label Contracts
25:56 Advances vs Loans
26:40 Toosii Speaks On The Current State of The Music Industry
28:20 Funding Tours
29:13 Tours Being Cancelled
30:18 Artist Development
30:41 The Music Industry Is Exposed
31:15 Treat Yourself Like A Real Business To Make Money
33:14 Today's Music & Artists
33:27 The Future of The Music Industry
34:34 Conclusion

Legal Disclaimer: The information, ideas, and suggestions in this video are not intended to be legal advice. Before following any suggestions contained in this video, you should consult your personal attorney. The speaker shall not be liable or responsible for any loss or damage allegedly arising as a consequence of your use or application of any information or suggestion in this video. Pursuant to the fair use doctrine under the 1978 Copyright Act, a copyrighted work owned by another may be used for criticism, commentary, news reporting, and educational purposes. The use of the livestream contained in this video falls within the fair use doctrine.
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