Jared Leto has opened up about the financial challenges and hardships Thirty Seconds to Mars encountered during their rise to fame, revealing a time when the band found itself burdened with "millions of dollars in debt."
In a recent conversation with Australia's "Kyle and Jackie O Show," Leto recalled the challenges that Thirty Seconds to Mars encountered following the release of its second album.
In 2005, a disagreement arose concerning Leto and his brother Shannon's most successful album, "A Beautiful Lie," which marked the band's emergence. The album sold nearly 3 million copies, but a dispute with their record label, EMI, resulted in significant financial obligations for the band.
Leto claimed that the band found itself more than $2.7 million in debt to EMI and never saw any money from the sales of their hit album.
"We sold millions of copies, and then we found out not only were we not going to be paid a single cent, we were millions of dollars in debt," Leto told the hosts.
"We disputed. They sued us for $30 million for breach of contract and then we made a film about it," he added. "So anyway, we went through that crazy bit of our lives and it's nice to be on the other side."
The rock star alluded to the 2012 documentary "Artifact," which delved into the high-stakes legal battle between Thirty Seconds to Mars and their record label revolving around a breach of contract lawsuit worth $30 million.
This lawsuit unfolded in 2008, triggered by the band's failure to fulfill their contractual obligations and deliver the third album in their five-album deal, leading to a dispute over royalty payments.
The film, which debuted at the 2012 Toronto Film Festival, faced a critical moment when Leto candidly discussed the impact of the conflict on him and his brother.
During the "Kyle and Jackie O Show" interview, Leto also talked about the challenges of generating income as a musician nowadays, attributing the difficulty to various external influences and escalating expenses.
"You make money on the road, and these days, it's pretty tough because of inflation," he said before adding, "I would do it for free. It is a beautiful thing to be out there."
In a previous interview with Rolling Stone, the "Closer To The Edge" singer opened up about why he made the documentary.
"This was a very real lawsuit. It wasn't just a headline," he explained. "We had a very real possibility of owing a corporation 30 million dollars, of having our music and our album tied up in the cour
Thirty Seconds to Mars ultimately decided to settle the lawsuit and sign with EMI's Virgin Records.
"I can't get into the specifics of the deal, but this isn't about making a bunch of money," Leto previously told the Los Angeles Times. "That day is done and over in recorded music."
According to Celebrity Net Worth, Leto has an estimated net worth of $90 million.
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