There is a lot that can be learned regarding the music business. When you are not well informed, as it relates to all aspects of the business you can get duped. In other words, it is important to know how to keep your money in your own pocket. Instead of making music companies rich while you struggle.
The 360 Slave Is Designed To Make The Record Labels Rich
Throughout the years, unethical practices have existed within the music business. The 360 Slave Deal is a business relationship between an artist and a music industry company. The company agrees to provide financial and other support for the artist, including direct advances as well as support in marketing, promotion, touring, and other areas. In turn, the artist agrees to give the company a percentage of an increased number of their revenue streams, often including digital and online sales, live performances, merchandise, endorsement deals, and songwriting royalties, as reported by Wiki.
So, now that we have established what the 360 Slave Deal entails, here is what happens in that lump-sided relationship. This is the very thing, Bro. Khonsu pointed out during his interview with hosts O’God and SamAnt. The artist does not make out well. This practice goes as far back as the 1960s. Certainly, we could probably trace its origin back even further. However, a lot of music artists from Motown signed this sort of deal. We could say it was a normal practice.
No doubt, there is a long list of music artists who have signed a 360 Slave Deals. Early in Stevie Wonder’s career, he signed a 360 Deal with Berry Gordy at Motown (1971). It has been said that the deal Stevie signed was the first 360. Even the Beatles signed with EMI in 1962. At the time, the Beatles made one penny on royalty rates for both sides of a single, on eighty – five cents of sales, the remaining fifteen percent covered promotional copies and pressings damaged in manufacture or shipment.
In Stevie’s case, he was paid royalties of ninety percent of sales. While this may seem like a lot, back then it was not, as reported by Medium. Clearly, the record labels made major coins on the artist. Motown is a great example of all aspects of the 360 Slave Deal. Panos Panay, CEO of online music platform Sonicbids, has said
“If you want to find out the future of 360° deals, look at Motown in the late 60s. Motown was the pioneer of a 360° deal … They owned your likeness, your touring, publishing, record royalties, told you what to wear, told you how to walk … It made for great entertainment but if you look at every one of those artists, what happened? Sooner or later they said, ‘I’m not going to go on the road for 200 shows because you tell me so. I’m an artist! I’m a creative person!’ Eventually all these artists left … There’s two things we know about creativity: you can’t force it and you can’t really control it.”
This brings me to the conversation with Khonso, Loot, O’God, and SamAnt. Khonso explained how the 360 Slave Deal is not the most beneficial for the artist. And, with his joint venture with Loot Khonso hopes to change the unfair practices within the music industry. In addition, Khonso wants artists to understand all aspects of the music business. So that the artist will not make the mistake of signing over most of the revenue to music labels. With that said, Khonso and Loot have started their own music label. By doing so, Khonso and Loot intend to offer fair music deals to the artists. Once again, the hosts of Hip Hop News Uncensored have provided great information.
Check out the video above for more details.