Meek Mill wants to create a new record label but is having trouble finding a bank to do business with. He addressed his problem and solicited supporters for guidance in a series of tweets earlier this week.
“What bank can I do music business with, the overhead on making music is low,” Meek told me. “Working on a project can cost up to $5 million, while a hit song like ‘Going Bad Did’ can bring in $25 million. Regular hits can bring in $10 million or less.” We don’t get information from labels on how much money each song makes quarterly.” In a follow-up post, he added: “How can you negotiate a deal if you don’t know how much you stream in dollars monthly …” Most of the time, artists become confused in business and lose their creative spark.
READ MORE: Meek Mill Reflects on His 2007 Arrest, Calls Cops Out for Lying
Meek further emphasized that he is considering starting his own record company. “I’ve been handling millions since the age of 23,” he told the audience. “I have 10 other enterprises and don’t need money from labels. I want to develop my own… I’d work with an existing label, but I still want my money from a bank or investor! Music is too easy to make money for me!” He further clarified that he and Rick Ross continue to be good business partners. “Don’t get it confused me and Ross handled the business and still getting money from every direction,” he wrote in an email.
Fans responded to the tweet with lots of ideas for the Philadelphia rapper. “Focus on Value, not Exact Numbers,” one user said. “Shift the conversation: Instead of focusing on specific dollar amounts, highlight what you bring to the table.” Discuss the audience’s size and demographics: What kind of viewers do you attract (age, hobbies, location)? Engagement levels, etc.” Another wrote: “Navigating an agreement without complete visibility of your streaming earnings might be difficult. To address this, musicians frequently collaborate with a team that comprises a music business lawyer, a manager, and perhaps a financial advisor.”
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