When it comes to the music industry, it can be a complicated affair. There are many roles that a person can play besides being the member of a band. In fact, the many behind the scenes roles are vital to the success and continuation of the music industry. There are many singers and other artists who have tried their hand at other jobs in the industry, including owning their own record labels.
There are many reasons why a singer might want to create a record label of their own. One of them is the amount of freedom they have when creating music. It is an unfortunate reality that studios and executives are often responsible for telling artists what they can and cannot release. This can be quite frustrating to the musicians who want to create according to their inner artistic drive rather than a schedule created by the industry.
So, by starting a record label, they gain that freedom. Additionally, they can help new artists to get a start in the business. You can learn about the ways that people go about this and the benefits by looking at books and websites that are related to the topic.
You will quickly discover that this is something that has been going on for many decades and is likely to continue into the future. You can choose to focus your studies on a particular period in time or even a genre of tunes that you find of interest.
As you continue to learn more, you will gain a better understanding of the music industry in general. It can be a great start to research if you are considering a career in the music industry. The better prepared you are, the easier it will be for you in the future.
Famous for her hit single ‘Un-break my heart’ and other chart toppers in the 90’s, Toni Braxton has reportedly filed for bankruptcy twice. In 1998, she claims to have filed for bankruptcy after she was paid very low royalties by her record label. Secondly, in 2010, she filed for bankruptcy because she was forced to cancel her Las Vegas show due to illness.
2. 50 Cent
50 Cent recently filed for bankruptcy after a court case where he was ordered to pay five million dollars. He was accused of posting the woman’s sex tape online without her consent and the court ruled in the woman’s favor. After he filed for bankruptcy, he listed his liabilities and assets in the range of ten to fifty million dollars.
3. MC Hammer
One of the most popular cases, MC Hammer filed for bankruptcy in 1996. At this time, he was reported to have skipped out on paying taxes for many years. When he filed for bankruptcy, he had blown through his fortune and had a debt of more than thirteen million dollars. After defaulting on his FHA Loan, he was forced to sell his house and other assets for a fraction of the buying price to try recover the debt. Learn more about his turbulent career here.
4. Cyndi Lauper
Famous for her song ‘ Time after Time, Cyndi Lauper is reported to have filed for bankruptcy in the 1980’s. At this time, she was a member of a group that had flopped forcing her to file for bankruptcy. However, her best years were still ahead of her, this resident of Long Island, because her famous single was a chart topper, ultimately helping her recover the money.
5. Marvin Gaye
Perhaps one of the most controversial singers, Marvin Gaye filed for bankruptcy in 1978. At around this time, he had gone through a very expensive divorce from Anna Gordy, his first wife, forcing him to this action.