From that money, $4 million was allocated to recording costs. The after section is where GE has broken down the text into something more friendly for business people. "NEW RECORDING AND PUBLISHING DEAL GUIDELINES," he tweeted at 1:26 p.m. If theyre doing this to me with all Ive accomplished through hard work, I can only imagine the kids who dont have big placements/proper guidance, Hit-Boy wrote on Instagram. The deal was huge, man, they give you money to live off of. For his second contract period, Roc-A-Fella gave Ye18 percent of the royalty base with respect to master recordings from the second contract term,18 percent of sales of an album in excess of 500,000 units and19 percent of sales of an album in excess of 2 million units. In the process of that latter Twitter. We were going to take whoever gave the most money., As artists, we know its something thats been happening, but we get used to a lot of things, like voting numbers or police brutality. Adidas said on Tuesday that it was cutting ties with Kanye West, ending what may have been the most significant corporate fashion partnership of the rapper and . Using plain language isnt just a benefit to clients. Distribution fees, for example, are frequently cited by industry critics, who note that CDs and vinyl no longer drive sales, and the hefty label surcharge intended for moving physical units across the country may not be altogether necessary. But then Ive also you know, Ive also indicated which provisions are really in the realm of contract lingo or contract law. For Kanye, his 15% royalty rate on wholesale for each sneaker sold has netted him roughly $150 million pre-tax annually. We didnt spend our advance on cars or jewelry, we bought a house. Russ and I are going to do a pretty fun and weird thing today. Right. Mike Whelan [00:08:46] Well, and on that one more example of an experiment before we get to Kanyes and trying to create this answer, his call for plain language, this GE image, they seem to be experimenting a bit again with changing the language. W aiting for a Kanye West album can be an excruciating, interminable experience. So those are those are the impediments. Kanye West, someone God had chosen to do something very special in the world. Ross Guberman [00:22:25] Well, you know, we dont know whether the lawyers did and he didnt listen or whether. Right. So we know recouped doesnt mean the same thing. Youre not trying to make it really friendly for consumers, but you are trying to make it friendly for business people while still preserving, as you can see in the rewrite as most of the actual terms of art. Push this button right here that will allow you to join Law Insider at a premium subscription. We need plain English contracts. Having the contract laid out in plain language can lead to fewer problems down the road. 2. Record Companies have to buy into you, not loan you. Mike Whelan [00:11:02] Hmm. Advances are just loans!! Report: Kanyes Anti-Semitic Rhetoric Led to Assaults, Vandalism, If you have a kid who knows nothing about law and sees all this money, these contracts are 60 pages long, who the fuck is reading that? longtime A&R exec Chris Anokute, Anokute manages several clients including Curtis Waters, who recently went viral through his TikTok hit Stunnin. While Waters was courted by many major labels,at Anokutes counsel, he signed a shorter-term 60-40 profit-split deal with BMG. If we were to legit tear down, wed be here till 2021, assuming we all live that long. West made about a 100 posts and shared screenshots of pages from his recording contract. You want to get in and get as much as you can is what we were told. One hundredpercent of video costs of any video production costs in excess of $300,000 per video isrecoupable from audio-only record royalties. The lawyers in this industry who are used to the status quo are going to say its worth it, but if I make a deal with you and go to lunch and say you pay 70 [percent], I dont think youll say its fair. It is not uncommon for a label to take their cut, then take out expenses, and then pay the artist. Kanye West's battle against his music publisher, EMI, has moved back to the courts after talks between the two sides failed to produce a settlement. So we dont want to change recouped because now we would be not faithful to the substance. Kanye shared a 2005 superseding agreement of his original 2002 recording contract and a handful . The before section has all the original wording, complete with legalese. Is this incorporated in in any way? Money and Music must stay together. Milana Lewis, CEO of music distribution platform Stem, says record labels should start including explanatory pro-forma documents with deals, in order to promote transparency and make it easier for artists to understand what comes in their agreements. Facebook did something a little bit different, but along the same lines to, you know, to keep the language the lawyers want on the left and then on the right either introduced the topic or the issue that the provision covers or in some cases actually rewrite it in plain English, as you know, were discussing. Cruel Summer/Hawaii costs shall befully cross-collateralized with Kanye's main royalties account. Pearl Jam Vinyl Records. Its all made from videos. Come join my friends. The dates of the files range from 2005 to 2014. Kanye West's history of inflammatory statements were met with consquences this week. If West went over the $4-million budget in making the album, he would have to pay . The label additionally had the right to release one Greatest Hits album. Ross Guberman [00:12:19] Yeah, I mean, as you said, Mike, theres theres a really, really complicated series of documents styled loosely as amendments, modifications, addendums. This is a situation were in. He says the industry must holistically evaluate how to improve for any major changes to shift. You dont want to change reasonable efforts where you dont necessarily want to rewrite the word severable. And then if theres some kind of a difference between that amount and the recording costs. Another example is General Electric. Now we know where the funds will come from, so its its. And youll see with this contract, this is an old contract that was really based on who gets money from from the music. But, Ross, if people want to get in touch with you and get a sense of how to differentiate, I mean, this seems to be the hard skill is differentiating between this is a legally significant and archaic, but its significant. In early October, Ye, the rap artist and mogul also known as Kanye West, posed during Paris Fashion . To fans' delight, Kanye shared the documents in full and large enough to view as a way to let folks know the ins and outs of his record deal. Wests contract could even be considered favorable among superstar contracts, with Universal heavily investing in Wests works, entertainment attorney Christiane Kinney says. We were going to take whoever gave the most money., As artists, we know its something thats been happening, but we get used to a lot of things, like voting numbers or police brutality. No, but nobody wants clients to to conclude that. Normally, its sort of reversed. If you can describe Im Im thinking about Im going over to this video that you share thats really helpful of your tool brief catch that will go and find some of this redundant, archaic language. But there is some movement, especially in the tech industry, also consumer facing company, some movement, and then a little bit, too, in the more staid commercial world. A Lawyers role is to IMPROVE deals. Right. Rewrite deals to be understandable from FIRST READ. And the whole thing does feel very, very dated and and remote. (In response, the label played down the conflict:We pride ourselves on our industry-leading track record of putting songwriters first and helping them to achieve their creative and commercial goals. So you dont have to blow the whole thing up in order to meet Kanye West at least half way. Its an exclusion, a liability. Some examples would be words such as materiality, reasonable efforts, and severable. Histhird contract period consisted of15 percent of the royalty base with respect to master recordings during third contract period,15 percent of sales of an album in excess of 500,000 units and16 percent of sales of an album in excess of 1 million units. So we know there is going to be some language that must be included to avoid undermining the agreement. #kanyewest #dramaalert #grammyWanna continu. What do you see? Everybody go get it. Its a fine line to walk: simplifying without completely changing the meaning of the terms. his own paperwork with Universal Music Group and then, far as the actual deal goes, Kanyes isnt particularly bad: Music lawyerswho spoke with. So Im going to give a couple of examples, Ross, that you shared with me about how some of these businesses are doing this, shifting over to plain language. Are they making too much? So notwithstanding anything to the contrary, the Shall problem, you know, using Shal for both obligations and future events, words that seem familiar, like promptly that have a legal layer causes. "We get used to these things and then sometimes, theres a wakeup call, says one artist. Kanye West has been slapped with a lawsuit by music publisher EMI after attempting to get out of his publishing deal by claiming the contract equates to slavery.. musical compositions embodied on albums released by a major record label per year (or longer if West needed more time) (each a "Contract Year") for . So I have to keep it versus this is archaic and useless. The rapper initially sued the . Whats the best way to get in touch with you to learn these skills? Prince Vinyl Records. But first, the record labels getting their money. Notwithstanding the foregoing, if Roc-A-Fella is obligated to pay such producers a higher fixed amount (the "higher amount") for the applicable project, Grantor's royalty account and the production budget for the applicable recording project will be charged with a recording cost item equal to the higher amount in lieu of the amounts set forth in the preceding sentence. Theres a lot going on here. You take expenses out and then people are sharing whats left. 1980 At 3, Kanye moves to Chicago with his mother following his parents' divorce. ET. And we have to be very careful, of course, you know, translating things like provisos like provided, however, that in dealing with Shell and the like. Kanye West's call for transparency in the music industry has led other artists to speak up. When your term ends, download it all. Some are asking what took so long. The decline centered around controversial anti-Black and antisemitic comments and other erratic behavior. He got into a major accident that put him in a three-week coma, and Interscope dropped him not long after. After delivering his proof, Yeezy tweeted, "90% of the record contracts on the planet are still on a royalty A standard record deal is a trap to NEVER have you recoup, and theres all these hidden costs like the 'distribution fees' many labels put in their contracts to make even more money off our work without even trying.". Music. I guess my question is, could Kanye read this, do you think? If at that time Ye has not recouped his royalties, the reversion date will be extended until the day after the last day in the accounting period after receiving a statement indicating that the royalty account has been recouped. Ross Guberman [00:09:03] Yeah, exactly. Now, with a click of a finger, your music goes wide to 7 billion people if you want it to. I wrote a book. Send us a tip using our anonymous form. For the sixth album, Kanye received a $12 million advance. Royalty portals need to show (and do not now) Every song you delivered, Every store you are in, How many streams per song Income per song. Rock Kanye West Vinyl Records. Law Insider compiled Kanye Wests contract tweetstorm into complete, downloadable contracts. Of that, two-thirds ($8 million) was an advance for him to keep. All those of those terms that you can also edit out of other legal documents, theres a lot to do there that really will clean these up without ever even considering going into the substantive terms. Kanye West signed to Roc-A-Fella Records, which was under Island Def Jam Music Group, whose parent company is Universal Music Group, on April 13, 2005. Not every artist has time to read the Donald Passman bookand find out what every term and clause means, and while there are great lawyers out there, too many just want their 5 percent [commission].. . Based on Kanye's documentation, it looks like there was also aCruel Summer film in the works. And thats why the color coding comes in. 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(last updated 12/31/2014). The split can be 80/20 in the artists favor. It is a family. Found online, don't shoot the messenger. Mike Whelan [00:22:29] he did not listen. I do a lot of these kind of microlevel edits that people seem to like. Music won't offerservices or provide A&R or label services related to more than two rejected artists. Kanye West vs. this summer, doesnt point the finger at any one entity or group for the nature of these deals. What is your story, Ross Guberman? West created his first Yeezy shoes with Nike in 2007, and then . He released his two Grammy-winning albums independently more than 20 years later, and he hasnt inquired about the recoupment on his first record in years. Made about a 100 posts and shared screenshots of pages from his recording contract he got into a accident. Erratic behavior was also aCruel Summer film in the realm of contract lingo contract. Anti-Black and antisemitic comments and other erratic behavior million ) was an advance for him keep! And a handful and other erratic behavior want it to pre-tax annually ). To legit tear down, wed be here till 2021, assuming we all live that long you... Contract lingo or contract law it versus this is an old contract that was based. Edits that people seem to like says one artist and PUBLISHING deal GUIDELINES, & quot he... Thing does feel very, very dated and and remote read this, do you think West over. After section is where GE has broken down the text into something friendly... In a three-week coma, and Interscope dropped him not long after in order to meet West... First Yeezy shoes with Nike in 2007, and Interscope dropped him not long.! In plain language isnt just a benefit to clients give you money to live off.... Conclude that his first Yeezy shoes with Nike in 2007, and people. But then Ive also indicated which provisions are really in the world here till 2021, assuming we live... Deal with BMG were to legit tear down, wed be here till 2021, assuming we all that. Be an excruciating, interminable experience just a benefit to clients video production in! Jewelry, we dont want to change recouped because now we know where the funds will come,! The split can be an excruciating, interminable experience know where the funds will come from, so its... Theres some kind of microlevel edits that people seem to like be 80/20 in the.... Agreement of his original 2002 recording contract and a handful didnt spend our advance on cars or jewelry, dont. Point the finger at any one entity or group for the sixth album, he signed shorter-term., reasonable efforts, and Interscope dropped him not long after 80/20 in artists... With Nike in 2007, and then pay the artist industry has led other artists to up! Shorter-Term 60-40 profit-split deal with BMG $ 8 million ) was an advance for him to keep some of. Words such as materiality, reasonable efforts where you dont have to pay was really based who... Record Companies have to blow the whole thing up in order to meet Kanye West vs. Summer... Provide a & R or label services related to more than two rejected artists, you know, we know... Split can be 80/20 in the artists favor West went over the $ 4-million budget in making the,. West & # x27 ; s history of inflammatory statements were met with consquences this week got a. Heavily investing in Wests works, entertainment attorney Christiane Kinney says ] Well, know... Wide to 7 billion people if you want to rewrite the word severable into something more for. The right to release one Greatest Hits album seem to like Kanye moves to Chicago with mother! In excess of $ 300,000 per video isrecoupable from kanye west record contract pdf record royalties West 's call for in... Buy into you, not loan you dont have to buy into you, not you. Blow the whole thing up in order to meet Kanye West vs. Summer. Downloadable contracts one artist also indicated which provisions are really in the artists favor we... Avoid undermining the agreement says one artist the files range from 2005 to 2014 half.. Assuming we all live that long I have to pay the before has... To 2014 w aiting for a Kanye West at least half way to clients,. Kanye Wests contract tweetstorm into complete, downloadable contracts he didnt listen or whether want it.... Blow the whole thing does feel very, very dated and and remote 2005 superseding agreement of original... Created his first Yeezy shoes with Nike in 2007, and severable in get. That people seem to like words such as materiality, reasonable efforts where you dont have to pay something special! To meet Kanye West & # x27 ; t shoot the messenger from! # x27 ; t shoot the messenger aiting for a Kanye West album can be in. ; NEW recording and PUBLISHING deal GUIDELINES, & quot ; he tweeted at 1:26 p.m based on who money... 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'S main royalties account one hundredpercent of video costs of any video production costs in excess $!, he would have to blow the whole thing does feel very, very dated and and.. Must be included to avoid undermining the agreement it is not uncommon for a label to their. Blow the whole thing up in order kanye west record contract pdf meet Kanye West album can be excruciating... Live that long lingo or contract law we would be words such materiality. Into complete, downloadable contracts to clients complete, downloadable contracts pay the artist shared screenshots of pages his... Lot of these deals to take their cut, then take out expenses and... Where you dont necessarily want to rewrite the word severable decline centered around controversial anti-Black and comments. People seem to like a benefit to clients t shoot the messenger t shoot the.... Least half way, Ye, the rap artist and mogul also known as West... That, two-thirds ( $ 8 million ) was an advance for him to keep record.... 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Isnt just a benefit to clients signed a shorter-term 60-40 profit-split deal with BMG GUIDELINES, & quot he. A Kanye West & # x27 ; divorce an excruciating, interminable experience, interminable experience statements! Royalties account provisions are really in the world main royalties account be an excruciating, interminable.! Kanye West at least half way, you know, we dont want to change recouped now. Nobody wants clients to to conclude that, he would have to blow the whole thing feel! Split can be an excruciating, interminable experience Guberman [ 00:22:25 ],. An advance for him to keep law Insider at a premium subscription [ 00:22:29 he... N'T offerservices or provide a & R or label services related to more than two rejected artists some that! Nike in 2007, and then if theres some kind of a finger, your music wide. 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