N.O.R.E. is the latest celebrity to call out record labels for their horrible contracts.
“When you sign to a major label, that money that they give you, let’s say they give you $800,000, alright? That’s a loan,” N.O.R.E. said on the I Am Athlete podcast. “You have to pay back that loan with interest. So, if you don’t make back that $800,000, what they do is, they put you in the red. You can still be hot and you didn’t make back that $800,000. So, they’ll give you another album, and instead of $800,000, they’ll give you $1.2 [million] this time.”
“But you still in the hole for that 800, you understand? But you got another $1.2 and if you don’t make that, then you’re just in the red for both. And this is a loan with interest that you don’t get nothing out of. Hip Hop is not meant for the artist to win. It’s never been meant for the artist to win and the more and more you learn, the more and more you read your contracts, the more and more it’s disturbing.”
JT W/ SOME ADVICE
Is he right?