Part 3: Why Your Favorite Musicians Are Broke

In Part 1, I gave an overview of how the music industry works and why a lot of musicians go broke by signing 360 deals. In Part 2, I used a real life example of an artist named Kreayshawn talking about her deal and why she doesn’t make any money from her music because of the deal she signed.

The most popular comment was criticizing the artist for signing the deal and not getting a lawyer. This is a very good point, but what if the artist did have a lawyer?

The main theme covered in this video is the conflict of interest found in many relationships between lawyers, record labels, and artists. Many times, the lawyer has financial incentive or relationship with the label and still represents the artist. With the artist not knowing that the conflict of interest is present, they open themselves up to trusting a lawyer that doesn't have their best interest at heart.

Migos recently sued their lawyer for this very reason (from meaww article):
"Migos alleged that their own lawyer had cheated them out of millions of dollars. The group sued him for malpractice. Their attorney Damien Granderson has been their lawyer since 2013, but since he also represents the record label Quality Control Music, the group claim that he used his position to negotiate deals with 300 Entertainment and Capitol Music that left their record label with a disproportionate compensation, although it was at the expense of Migos.

Migos complained that due to Granderson's conflicts of interest, the record deal “would allow Capitol to distribute all albums that QCM produced and that QCM was actually profiting far more handsomely than was apparent from the face of the documents that Granderson personally presented to Migos for immediate execution.” They also claimed that their lawyer “failed to disclose both the complete nature of his relationship with QCM and the complete nature of the conflict in representing both QCM and Migos.” He also apparently made them sign “terms that were unconscionable for Migos” in an amended 2018 distribution deal with Capitol.

In this video, I also cover breakage deductions and why it's a scam for artists.

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