Hip Hop is taking over the music field! Huge record labels are highly interested in hip-hop and have been passing out contracts left and right. Lil Pump has settled an $8 million record deal with Warner Bros. Records. 03 Greedo established a deal with Alamo/Interscope for $1.7 million back in December 2017.
“Anything that shows promise is being snatched up. We’re definitely in the middle of a very competitive and expensive moment here with hip-hop acts.” – Tom Corson, Warner Bros. Records’
In streaming revenue, record labels went from collecting $1.8 billion (2014) to $5.7 billion (2017) in the U.S. Jake Millan, the manager of Yung Bans, is worried about musicians’ unawareness of a label’s $1 million proposal and how it works. “The A&R [reps] are doing their best to persuade us – taking us out to eat, flying us to hotels, stuff like that. It’s super insane how fast artists are coming up right now.” – Jake Millan
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