Lawyer Reacts To Celebrities Are Going Broke... The Downfall Of The Music Industry | YT Wake Em Up

Video Description

YT Wake Em Up Channel: https://www.youtube.com/@YTWakeEmUp In this episode of the Top Music Attorney Podcast, Entertainment Attorney, Miss Krystle Reacts To YT Wake Em Up's video "Celebrities Are Going Broke... The Downfall Of The Music Industry" exposing harsh realities of the music industry, particularly how low streaming profits and bad record deals leave many artists broke, despite the illusion of wealth. He highlights the importance of self-releasing music and owning your masters and publishing, urging musicians to think of their music as assets that can build long-term wealth. Miss Krystle also points out how outdated the traditional artist-to-label model has become, with more artists needing to operate as their own brands, and treat their careers as real businesses. With stories like Rick Ross only starting to make real money at 36, and Brent Fayiaz exposing how most famous artists are financially struggling. Miss Krystle also touches on recent layoffs within the industry, like those at Atlantic Music Group and YouTube Music, underscoring the shift in how money is made in music. He emphasizes the importance of diversifying income streams, setting up protective legal structures like LLCs, and staying independent to avoid the pitfalls of long record label contracts and advances that act as loans. With examples like Snoop Dogg learning the business side of music, she stresses that musicians must be savvy, take control of their careers, and adapt to survive in an industry that’s increasingly challenging for artists to navigate. 00:00 Coming Up 00:20 Introduction 00:32 Reacting To Celebrities Are Going Broke... The Downfall Of The Music Industry 00:46 The Music Industry Is Dying 01:18 Low Streaming Profit 01:58 Royalty Percentage Rate With Record Label Deals 02:28 Masters vs. Publishing 02:42 Self Releasing Music 03:01 Think of Your Music As Assets 03:44 Half of The Music Industry Is Broke 04:55 Celebs Pretending To Be Rich 05:07 Real Successful Music Business Owner 05:46 Signing For A Record Label 06:32 Growing As An Artist 07:16 Rick Ross Only Started Making Money From Music at 36 Years Old 07:37 Putting In The Work As If You Are Signed 08:25 The Traditional Artist To Record Label Model Is Outdated 09:24 Become Your Own Brand 09:38 Starting A Limited Liability Shield To Protect Yourself 09:59 Labels Dropping Artists 10:26 Music industry Going Back To Selling Physical Products 10:45 Record Labels & Advances 12:24 JBP Exposes That Record Labels/Rappers Are Broke In 2024 12:40 Making Money As Independents 14:10 Music Industry Layoffs 14:33 Atlantic Music Group Layoffs 15:14 Independent Artists Don't Need Labels 16:31 Brent Fayiaz Exposes That Most Famous Artists Are Broke 17:04 Figuring Out A Business Plan On How To Make Money With Music 17:44 Music Monetization 18:08 Music Layoffs 18:50 YouTube Music Laid Off Unionized Workers 19:57 Music Industry Laying Off Workers 20:22 Musicians Diversifying 21:35 Celebs In The Music Industry Are All Broke 23:00 Master P Says There Is No Money in The Music Industry 23:23 Product & Brand Outweighs Talent 23:49 Snoop Dogg Learning About The Music Business 24:36 Chloe Bailey - Musicians Don't Make A Lot Of Money In The Music Industry 25:24 Long Record Label Contracts 25:56 Advances vs Loans 26:40 Toosii Speaks On The Current State of The Music Industry 28:20 Funding Tours 29:13 Tours Being Cancelled 30:18 Artist Development 30:41 The Music Industry Is Exposed 31:15 Treat Yourself Like A Real Business To Make Money 33:14 Today's Music & Artists 33:27 The Future of The Music Industry 34:34 Conclusion Legal Disclaimer: The information, ideas, and suggestions in this video are not intended to be legal advice. Before following any suggestions contained in this video, you should consult your personal attorney. The speaker shall not be liable or responsible for any loss or damage allegedly arising as a consequence of your use or application of any information or suggestion in this video. Pursuant to the fair use doctrine under the 1978 Copyright Act, a copyrighted work owned by another may be used for criticism, commentary, news reporting, and educational purposes. The use of the livestream contained in this video falls within the fair use doctrine. ------------------------------------------------------------------------------------ 🟡Become Your Own Record Label: https://www.topmusicattorney.com/becomeyourownrecordlabel 💻 #1 Resource For Artists And Producers: https://www.topmusicattorney.com ⚖ Hire An Attorney: https://www.delgadoentertainmentlaw.com 📺 Get Your Music Into Tv/Film/Games: https://www.topmusicattorney.com/sync 📰 Get My Newsletter: https://www.topmusicattorney.com/newsletter/ 🎧 Listen To The TMA Podcast On All Streaming: https://www.topmusicattorney.com/podcast ------------------------------------------------------------------------------------ TOP MUSIC ATTORNEY SOCIALS https://www.topmusicattorney.com/links MISS KRYSTLE SOCIALS http://www.misskrystle.com/