Rapper Fat Joe has some choice words for record labels. The New York native alleges that he owes his former label, Atlantic Records, money for works that he released more than twenty years ago. On Instagram live, the rapper expressed his disappointment with record labels. He sees the business as potentially vampiric to artists, especially newer musicians.
The "Lean Back" artist insists that "Major labels are a ponzi scheme." He elaborated that labels will give disadvantaged new artists money to make an album and "then charge you whatever they spend on the video." He concluded by saying that "it ain't 50/50."
Fat Joe began his hip-hop career as a member of the group Diggin' in the Crates Crew in 1992. He stayed with D.I.T.C. until 1993, when he released Represent and kicked off his solo career.
The rapper claims that he has yet to make a dime off of his wildly successful album, J.O.S.E. (Jealous Ones Still Envy.) The record, which was released in 2001, has sold over two million copies as of 2024. J.O.S.E. was distributed by Atlantic Records, which Fat Joe was signed to at the time. He claims the label has taken any and all of the profits from the album.
He later said that he finds independent releases much more profitable than working with a proper record label. He explained that he can put out an album independently and get distribution. He further detailed that an album funded by and released off of his own Terror Squad label "might sell 250 to 300,000 records" but he can still "make millions of dollars off of it."
This is a far cry from his owing money for an album that went double platinum over two decades ago.
Fat Joe formed Terror Squad Entertainment in 1997. The record label shares a name with the rap group Fat Joe was a part of from 1998 to 2006. Terror Squad's hit 2004 single, "Lean Back," took the group to the top spot on the Billboard Hot 100. "Lean Back" was certified RIAA Gold twice.
Another single of Fat Joe's, "What's Luv ft. JA RULE and Ashanti," saw similar success, peaking at No. 2 on the Billboard Hot 100. The rapper has still not earned any profits off of this song either, stating "I still owe them money!" while he was livestreaming on Instagram. The track was released in 2001.
Record labels are still widely popular and can provide artists with money up front that they may not otherwise have. However, labels nonetheless remain potentially predatory to the overeager and uninformed.
Independent releases have grown more and more common in the streaming era. Now, artists can drop a song on a streaming service, shut the computer and wake up to thousands of listens. Per a study from MIDIA, independent artists and artists direct-those who are not signed to a major label-were the "largest single market segment with $10.8 billion" in 2022. In the same year, independent artists and labels made up 34.6% of the market.
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