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Sony Music writes off artists' decades-old debts


Lady Ava Gaga Max

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Lady Ava Gaga Max

Sony Music has cancelled the debts of thousands of artists who signed to the record label before the year 2000.

It means that many will now, for the first time, earn money when their songs are streamed on services like Spotify and Amazon Music.

Sony said it could not name the eligible acts due to confidentiality agreements, but a source said it would "include household names".


Musicians typically take on debt when they first sign to a record label.
They are given a lump sum, known as an advance, to pay for recording studios, video shoots, distribution and other expenses.
The money is paid back when they sell their music.
However, many artists never earn enough to repay their advances, often because they get unfavourable royalty rates from their own record companies.
Until the debt to their label is repaid, those artists are not eligible to receive income from streaming, and any other royalty payments.
That's how an act like TLC ended up declaring bankruptcy in the 1990s.

source

Edited by Lady Ava Gaga Max
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the Devil of Pop

That's a really predatory business practice. Record labels ALREADY get a cut of every sale, then they demand money directly from the artists which comes from their cut of the sale, ON TOP of that? 

It's just unconscionable the way these industries systemically take advantage of passionate young people

How can I protect something so perfect without evil?
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sickandtired
32 minutes ago, Lady Ava Gaga Max said:

However, many artists never earn enough to repay their advances, often because they get unfavourable royalty rates from their own record companies.

Until the debt to their label is repaid, those artists are not eligible to receive income from streaming, and any other royalty payments.
That's how an act like TLC ended up declaring bankruptcy in the 1990s.

source

so they are intentionally  screwing them over and disguising it as giving them a chance 💀 

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TimisaMonster

Reason why I'm staying independent as long as possible..I earn 100% of everything and keep it...labels are only there for the connections they have to radio & help with tours...you can do everything else yourself 

Stream my new single, 💜"Heartbeat"💜, on Spotify!
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PartySick

main-qimg-aa057a786fe7a7a7618c0aa65a8ac3

Yet again ahead of his time :fan: they straight up stole the rights to MJ's music in the 00s when he was expecting to gain control of his catalogue.

Seeing voices 🖐️🖤
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