Fats Joe doubled down on accusing main labels of operating a Ponzi scheme, claiming he nonetheless owes cash on a 23-year-old album that offered over two million copies.
The Terror Squad rapper just lately took to Instagram Dwell to make clear his remarks about labels on the Wall Avenue Journal‘s The Way forward for The whole lot Pageant final 12 months.
“I mentioned main file labels are a Ponzi scheme,” he started. “You realise it’s similar to a financial institution.”
He continued, accusing file labels of plucking gifted children from the initiatives and giving them an album advance solely to take the lion’s share of the income.
“They make the income off the information. They cost you no matter they spent on the video. It ain’t like we 50/50 companions, they pay half off the video we pay half of the video,” he added.
“So it’s theft. All through. In order that’s why I say it’s a Ponzi scheme,” Fats Joe mentioned.
He went on to say he offered 2 million copies of his sophomore solo album, J.O.S.E (Jealous Ones Nonetheless Envy), but has not recouped over 20 years later.
“After I get my assertion from the most important label 20 years later, I nonetheless owe them cash,” Fats Joe acknowledged. “I put out an album independently on Empire and get distribution, my album would possibly promote 250 to 300,000 information, I make hundreds of thousands of {dollars} off of it. What’s the distinction?”
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