Chief Keef's major label deal is worth some major dollars, it was recently revealed. The young rapper inked with Interscope for around $6 million.
Chief Keef was the rap phenom of 2012, which resulted in him inking a major label deal with Interscope. At the time of his signing, the details of his deal weren't made public, but now they have emerged. It turns out Keef inked an impressive deal for three albums, worth about $6 million.
DNAinfo.com reports that the three-album deal the young troublemaker signed could be worth $6 million over the span of three years. A split of future royalties added to this figure could make for an even bigger payday.
Interscope payed Chief Keef $440,000 in advance, and then forked over another $300,000 to help him record his debut album Finally Rich (which moved around 50k in its first week). However, Chief Keef's subsequent albums are all dependent on sales for Finally Rich-- if his debut doesn't move 250,000 copies by December 2013, then Interscope has the right to pull the plug on his deal (i.e., the two albums he signed for that should follow Finally Rich, as well as a compilation of hits).
In a separate deal meant to establish the Chicago rapper's own label imprint, Glory Boyz Entertainment aka GBE, Interscope handed Keef another advance of $440,000. The deal says that both Keef and his manager, Rovan Manuel, are to be paid $180,000. The deal also calls for 15% of the 17-year-old's advance to be put into his trust fund. The GBE agreement states that Keef and Rovan each own 40% of the record label, which is a subsidiary of Interscope. Interscope also had to pay $200,000 for "overhead expenses" for the GBE label. GBE and Interscope split the profits equally. However, if losses are equal to more than $4.5 million, Interscope can end the GBE deal.