10 Reasons Why Artists Die Broke

James L. Walker, Jr., Esq., is an attorney, professor, legal analyst and the author of “This Business of Urban Music.” He wrote an article for RapRehab.com explaining the ten reasons why rappers die broke. He article is a straight up in your face article. I was floor by a comment from Jay-Z, which stated, “There are ten guys in the rap game making money ”. When I initially read that statement, I was not surprised and then I was surprised. That led me to the question, “Who are the ten people and what do they do?” Are they artists, producers, label owners, music publishers, and managers? The number ten seems so wrong when you look at TV and see nothing but the artists flaunting what they really do not have.

I feel like I need to get back to the conversation at hand. James L. Walker stated the ten reasons as:

1. They Don’t Understand Business
2. They Don’t Read Their Contracts
3. They Don’t Read Anything
4. They Don’t Hire A Good Manager
5. They Don’t Hire A Good Lawyer
6. They Don’t know What a Point Is? (article on the point system)
7. They Don’t Understand Music Publishing?
8. They Don’t Know How To Read A Royalty Statement
9. They Surround Themselves With All The Wrong People
10. They Want to be A “Star” For All The Wrong Reasons

        (RapRehab, 2012)

I must admit, there a few things on this list that I do not know. I have never seen a royalty statement of my own and I do not know what a point is. I also must admit that as an aspiring hook singer back in the day, I was guilty of this whole list. Or I will at least say that I would read the bad contract and still sign it anyway. Just to be included on something or a fear of being black balled for standing up for my publishing. If you are aspiring artists, producer, or songwriter, please learns the business. It is the only thing that will give you longevity in the music business.