There’s one thing, as an artist, to create a buzz. But, for record labels to hand out large deals based on the popularity of one or two songs, is ridiculous.

 

As Chicago rapper Chief Keef sits in juvenile for 60 days, the courts has released details regarding his Interscope deal.  Because Keef is underage and unable to legally sign off as a minor, the contracts were made public due to the need for a judge’s approval. According to Allhiphop.com,  Chief Keef’s record deal is for a substantial $6 million.  Details of his contract are as follows:

 

Chief Keef reportedly will be given a $440,000 advance, half of which Chief Keef’s legal guardian and Grandmother, Margaret Carter will administer in a trust fund.

 

In addition, the rapper received over $300,000 to record his project, Finally Rich, which sold 50,000 copies in its first week of sales.

 

The deal also states that if Keef doesn’t sell at least 250,000 records by December 2013, Interscope reserves the right to drop the subsequent album releases which include two albums and a compilation record.

 

Chief Keef’s “Glory Boyz Entertainment” also known as GBE, received another $440,000 advance that states that his manager, Rovan Manuel, will be paid at least 180,000.

 

It also states that 15% of Chief Keef’s advance money will be put in his aforementioned trust fund, although Interscope Records reserves the right to terminate the Glory Boyz deal if Interscope’s losses exceed $4.5 million.

 

According to the GBE deal, Chief Keef and Rovan Manuel each own 40 percent of the record label, which will be a subsidiary of Interscope.

 

Also, GBE’s Fredo Santana is to receive $40,000 in advance and received 10-percent interest in the GBE label, while Chief Keef’s uncle Alonzo Carter and Anthony H. Dade also holds 5-percent interest in the GBE’s imprint.

 

GBE also receives $200,000 for “overhead” expenses associated with offices, travel, entertainment, salary cost and additional money for marketing.

 

With all of the different clauses and metrics outlined in this deal, Chief Keef is heading down a road of financial dispair.  As a young man who’s probably intrigued by the spoils of life (i.e. cars, jewelry, houses, clothing, etc), if he doesn’t end up broke when it’s all over, I’d be surprised.

 

This is clearly another case in which labels take advantage of artists.  Sometimes I wonder who makes the decisions at these establishments.  No diss to Chief Keef, but who would gamble on an artists who only had one or two songs that gained major attention. I’m not too familiar with Keef’s music background. Before “Sh*t I Don’t Like”, I had never heard of him.  That song was hot and also his other joint, “Sosa”.  But that still doesn’t justify the need to cut a man a check for $6 million.

 

I hope that his team and family has his best interest at heart. Make sure he’s strapped with accountants and attorneys.  Also, they need to maybe send him to financial counseling.  We don’t need to see another artist get trapped and have to live their lives owing folks money.