Kanye West admittedly is one of the “most impactful” artists of these modern times and he is out to make sure he can use that influence to change the music business forever.
West is also force to be reckoned with in the business world with his partnerships with major corporations such as Adidas and Gap. He is also friends with powerful business men such as Elon Musk.
“Will you change them? This would be powerful,” Musk wrote in response.
“I will change them now,” he wrote.
At 3:01 p.m., Kanye sent Musk a screenshot of his Twitter profile after tweeting, “I’m giving all Good music artist back the 50% share I have of their masters.”
Over the weekend, Kanye West shared a seven-point proposal for restructuring the music industry contracts. Much of it had to deal with royalties and masters, as well as label’s offering advances on record deals. You can read all about that over here. Check out ‘Ye’s screenshot below.
— oh ohhhh back again (@ohohhbackagain) September 23, 2020
A wonderful partnership pic.twitter.com/3kVzHiWBJZ
— CoffeeMaestro (@coffeemaestro_) September 23, 2020
In an interview with Billboard, the G.O.O.D. Music boss stated, “You have to adapt,” and “You can’t have old rules for new games. No other business in the world would suggest you don’t adapt to a completely new supply chain and income sources.”
Kanye West spoke about the conversation with the label heads of the majors by saying “We are in discussions but I don’t want them to just fix my situation. I want this to be about fixing everyone’s situation.”
He continue with, “The music industry is very different from a decade ago, or five decades ago. Are your proposals about the new opportunities for artists, or could they have applied through history?
You have to adapt. You can’t have old rules for new games. No other business in the world would suggest you don’t adapt to a completely new supply chain and income sources. And yet we are tied to a contract formula for vinyl. We can be nostalgic and respectful of those times but we must look at how we create in this new world, and how we make money in this world. How do you think a young artist stays creative when he or she can’t eat? Or he or she feels completely frustrated or confused about the business? How does this help the Artist? Do they care? No, they have other Artists. Artists have ONE career. Majors have millions. No disrespect — MULTIMILLIONS. The thought has to flip to the individual.”
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