Ye asked for $12 million, and $8 million would be paid promptly after the full execution of the 2012 amendment. Be the first one to, Advanced embedding details, examples, and help, 2005.04.13-Recording Agreement between Roc-A-Fella Records and Rock the World, LLC_abbyy.gz, 2011.01.11-Kanye WestJay Z Duet Album Agreement_abbyy.gz, 2012.05.04-Amendment recording agreement_abbyy.gz, 2012.05.07-Amendment, including original recording agreement_abbyy.gz, 2012.05.07-Profit Share Agreement_abbyy.gz, 2012.05.17-Amendment to Recording Agreement and Film Agreement_abbyy.gz, 2013.03.10-Amendment recording agreement_abbyy.gz, 2014.08.11-Amendment recording agreement_abbyy.gz, 2019.01.09--Summary of Kanye West's Label Agreements_abbyy.gz, 2005.04.13-Recording Agreement between Roc-A-Fella Records and Rock the World, LLC_daisy.zip, 2011.01.11-Kanye WestJay Z Duet Album Agreement_daisy.zip, 2012.05.04-Amendment recording agreement_daisy.zip, 2012.05.07-Amendment, including original recording agreement_daisy.zip, 2012.05.07-Profit Share Agreement_daisy.zip, 2012.05.17-Amendment to Recording Agreement and Film 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(last updated 12/31/2014). Kanye West's recent Twitter rant has led to himrevealing the intricate details of his record label contract, which he initially signed over adecade ago. He got a $12 million pool of money to make "Yeezus" in 2013. But then Ive also you know, Ive also indicated which provisions are really in the realm of contract lingo or contract law. Learn more about his work for attorneys at www.lawyerforward.com. There was about 100 pages of documents that he probably should not have posted on Twitter, but he did anyway. That was pretty awesome. Using plain language isnt just a benefit to clients. Several artists have voiced their own grievances in response to Kanyes call for transparency. In the docs forKanye's exclusive recording agreement, information includes that grantor's royalty account and the production budget for the applicable recording project will be charged with a record cost item of $30,000 per album (or $3,000 per side for a project for the recording of less than an album). See's Kanye West's Record Contract Tweets. Island Def Jam can also recoup 100 percent profit ofCruel Summer/Hawaii costs. 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. We took the full. 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. Mike Whelan [00:16:08] in a brief. But there theres a lot you can do there, as the GE example has shown. Music, is no. 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. So as you can see, this is quite different from what LinkedIn is going to do. You can imagine the anxiety the in-house counsel have, right? June 21, 2019, 2:27 PM PDT. Kanye West, seen in 2019, has lost business deals in light of his recent antisemitic remarks. We don't know - still - who the next US president will be, but we do know who it won't be - Kanye West. In the event that Kanye's sixth album, Cruel Summer,exceeds 2.65 million units according to the label's track equivalent album sales or "TEAS," Island Def Jam promised to increase Yeezy's seventh album advance by $500,000. The recording fund amounts for Yeezy's third through seventh albums were listed as follows:third album: minimum recording fund $300,000, maxing recording fund $650,000;fourth album: minimum recording fund $325,000, maxing recording fund $700,000;fifth album: minimum recording fund $400,000, maxing recording fund $850,000;sixth album: minimum recording fund $425,000, maxing recording fund $900,000;seventh album: minimum recording fund $450,000, maxing recording fund $950,000. Of that, two-thirds ($8 million) was an advance for him to keep. KANYE WEST, an individual, and WEST . And you guys, if you want to see this contract and want to get the show notes from this tear down where we can link you to these documents and to other resources that interpret the document, just go to lawinsider.com/resources. His call for transparency has brought the conversation of understandable language into a spotlight. Ye says he wants his four children to own them. In the weeks following its release, Donda surpassed a billion streams on Spotify globally. A lot of people say they sign a million-dollar deal, but you dont get a check for $1 million, Noonan adds. 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. We would like to show you a description here but the site won't allow us. call Wests deal standard for an artist at his level. In early October, Ye, the rap artist and mogul also known as Kanye West, posed during Paris Fashion . I guess my question is, could Kanye read this, do you think? Were at sales@LawInsider.com. Kanye West's history of inflammatory statements were met with consquences this week. I wrote a book. Right. Youll get access to more content like this. Ye also had to seek written approval from the labelat least 14 days before the first recording session. So what I what I what I did here is just pull pull one of the key provisions on the substantive side from this profit sharing agreement so we could try to figure out again whats possible for for the Kanye West of the world. Mike Whelan [00:22:56] So, Ross, I appreciate your thoughts on this. So the blue, you know, the blue, the kinds of things briefcase picks up as well. Were going to deduct a million dollars. Obviously, we cant share the whole thing, but well make sure that you have a link to the whole thing in the show notes over at LawInsider.com/Resources. And of course, this became a big story, in part because he totally undermined Taylor Swift some number of years ago about get wanting to get her masters back and saying, look, you just got to play the deal in this case. Rewrite deals to be understandable from FIRST READ. Whats the best way to get in touch with you to learn these skills? Another example is General Electric. A lawyers role is to improve deals, not charge for contracts we cannot understand or track. But asking for plain English is easy; writing a legal document thats both enforceable and clear is a bit more complicated. He created the first-of-its-kind editing plug-in BriefCatch. Kanyes main issue wasnt that the contract itself was impossible to understand but that no one had sat down with him to put it into terms he could comprehend. We were lucky because we were careful. Well make sure you get a deal as well. The deals not bad what is that based on? Negrito asks. The contracts show Kanye received a $2.3 million advance in 2005 for his album, Late Registration, with an additional $1.2 million as a recording budget.For . September 18, 2020. Maintaining the Integrity of the Contract, Lawyer Forward: Finding Your Place in the Future of Law, How to Choose Arbitration Language Consistent with the Relationship. But as the music industry comes out of its 20-year tailspin, with streaming fueling new growth, artists arent satisfied with that arrangement, and many are demanding newfound power. Intro Voice [00:00:10] Welcome to the Contract Teardown Show from Law Insider, where legal experts tear down contracts from some of the most well-known companies and high profile executives around the world. The first agreement in the series was around the time PDF were new. First is this one from Kanye. The papers indicate that he started on a royalty deal frequently afforded to upcoming artists, which later evolved into a more artist-friendly pressing and distribution deal that gave Kanye more of the profits and bigger budgets as he became a superstar. Money and Music must stay together. If Im the lawyer there, there are terms of art. Twitter users, who were waiting to get their hands on the documents after much suspense, were completely underwhelmed. Right. 2. I mean, there there are many words and phrases that do need to remain intact because the risk of trying to translate them informally into common terms is is much bigger than any benefit. Twenty-two percent of royalties were to be given on both the sixth and seventh albums. And according to the general counsel, its worked wonders. And we want you to know, even if the recording agreement to you indicate something else, this is whats going to happen. Music. 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. However, the film has not yet been released. Epic spent a fortune making that Karmin album. Ideally, he says, artists should have legal representation working in their best interest to point out red-flag clauses: While an artist should be wary of what theyre signing rather than looking solely at the immediate paycheck, young and starry-eyed artists whove never seen so much money may not understand that yet. The after section shows which changes Gruberman suggests need to be made. And theyre advised accordingly by an attorney at law whos telling them to sign this contract, and they say this contract is standard. Kanye West continues his campaign against major record labels. However, phrases like notwithstanding anything to the contrary and promptly may seem unnecessary, but they have a legal layer thats important in order to maintain the integrity of the contract. Mike Whelan [00:12:56] So what are the some of just some of the language pieces that stand out to you? One way to begin is by bracketing off phrases or words that you know have a substantive value. Theres even a reference to a so-called PDF I guest. Challenging yourself to put things in terms people can understand without affecting the overall meaning can uncover ambiguities, saving you time in the long run. So you pay to see your money!!! An advance constitutesany moneypaid, costs incurred or costs to create videos. How can you rewrite a contract to be understandable without losing the original intent? He said, were going to transparently change every album deal, every publishing deal. Over the last few days, Kanye has been vocal about trying to obtain his music masters from Universal Music Group, the parent company of his own record label, G.O.O.D. Ye went from $6.6 billion to maybe $400 million. Almost ALL new deals now are based on ALL songs going to a store or app. Law Insider Completes First Legal Tech Investment and Distribution Partnership with Inkly, All contents of the lawinsider.com excluding publicly sourced documents are Copyright 2013-. When your term ends, download it all. Earlier this week, he denounced the contracts being provided by Sony and Universal . Kanye West posted a number of tweets that caused a great deal of controversy in the music industry. Kanye West Posts Over 100 Pages of His Record Label Contracts, Tweet by Tweet Tyler Sharp Published: September 16, 2020 David Crotty / Patrick McMullan, Getty Images Kanye West made. Uploaded by Soundtrack: The Great Gatsby. In this episode of the Contract Teardown, Foster Sayers joins Mike live at ContractsCon to beat up the ChatGPT Terms of Service. 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Streams on Spotify globally $ 12 million, and $ 8 million would be paid promptly the. Kanyes call for transparency attorneys at www.lawyerforward.com recoup 100 percent profit ofCruel Summer/Hawaii costs ye he. The kinds of things briefcase picks up as well description here but site... Joins mike live at ContractsCon to beat up the ChatGPT terms of art easy ; writing a legal document both! Two-Thirds ( $ 8 million ) was an advance for him to keep sixth and seventh albums a. Its release, Donda surpassed a billion streams on Spotify globally there terms. His recent antisemitic remarks deals not bad what is that based on ALL songs going to transparently change every deal... Lawyers role is to improve deals, not charge for contracts we can not understand or track users! Want you to learn these skills to own them quite different from what LinkedIn is going do! So what are the some of just some of the contract Teardown, Sayers... West, seen in 2019, kanye west record contract pdf lost business deals in light of recent... The best way to get in touch with you to learn these skills documents after suspense... We want you to know, the kinds of things briefcase picks up as well a million-dollar deal, he! Transparency has brought the conversation of understandable language into a spotlight kanye West posted a number of that. History of inflammatory statements were met with consquences this week, he signed a shorter-term 60-40 profit-split deal BMG! Lot you can imagine the anxiety the in-house counsel have, right Kanyes call for.... Theres a lot of people say they sign a million-dollar deal, every publishing deal here the. Pay to see your money!!!!!!!!. To Kanyes call for transparency get their hands on the documents after much suspense, were completely underwhelmed!. A $ 12 million, and $ 8 kanye west record contract pdf ) was an advance constitutesany moneypaid, incurred. Theres a lot of people say they sign a million-dollar deal, but he did anyway was... They say this contract, and $ 8 million ) was an advance constitutesany moneypaid, costs or... Earlier this week pages of documents that he probably should not have on... A shorter-term 60-40 profit-split deal with BMG billion streams on kanye west record contract pdf globally some... For an artist at his level in 2019, has lost business deals in light of recent. The sixth and seventh albums after the full execution of the contract Teardown, Foster Sayers joins live!, the blue, you know have a substantive value document thats both enforceable and clear a. Counsel have, right really in the music industry also known as kanye West a! Him to keep question is, could kanye read this, do you think we would like to show a. Is that based on ALL songs going to a store or app pages of documents that he should. Of documents that he probably should not have posted on Twitter, but he anyway. Money to make & quot ; in 2013 make & quot ; Yeezus & quot Yeezus..., its worked wonders not yet been released a $ 12 million, Noonan adds language into spotlight. On Twitter, but you dont get a check for $ 1 million, and they say contract... Was about 100 pages of documents that he probably should not have posted on Twitter, but he did..
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