Quote:
Originally Posted by epitome
That is why TLC filed for bankruptcy. A lot of people couldn't believe they were each living off $50k/yr when they first found success but they got screwed in their first contract because they didn't know better.
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Yep that is pretty common.
There are a lot of acts out there that had 2-3 big hit songs and made millions for the record labels then saw their popularity die off and they ended up leaving the industry and had little or nothing to show for it.
Some of that can be the artists fault. There are plenty of bands who made millions touring and blew through it all partying and living the rock star lifestyle as they assumed it would never end, but many also thought they would get royalties for life from their hit songs only to later find out those royalty checks would be pennies.
Springsteen is another one that sued to get out of his contract. Just as he was getting big he realized how bad his contract was and that he didn't own any of his material so he sued. For 2 years he was unable to do anything because of the lawsuit. Had he lost he could have lost his career, but it worked out for him.