Meek Mill is looking to start a new record label but is struggling to find a bank to do business with. He explained his situation and asked fans for advice in a series of posts on Twitter, earlier this week.
“What bank can I do music business with, the overhead on making music is low,” Meek asked. “Working a project can cost up to 5m for me and one hit song can make 25m like ‘going bad did’ regular hits 10m at low… we don’t get data from labels how much money each song made quarterly.” In a follow-up post, he added: “How can you actually negotiate a deal if you don’t know how much you streaming in dollars monthly … most of the times artist get confused in business and lose their creative spark.”
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Meek further clarified that he’s looking into building his own record label. “I’ve been handling millions since the age of 23,” he said. “I have 10 other businesses I don’t need my money from just labels I wanna build my own … I would partner with a existing label but I still want my money from a bank or investor! Music is too easy to generate money for me!” He also went on to clarify that he and Rick Ross remain on good terms as business partners. “Don’t get it confused me and Ross handled the business and still getting money from every direction,” he wrote.
Meek Mill On Starting A Record Label
How can you actually negotiate a deal if you don’t know how much you streaming in dollars monthly … most of the times artist get confused in business and lose their creative spark
— MeekMill (@MeekMill) March 11, 2024
I was just hungry… I don’t think it was Ross fault either I don’t think none of us understood the business like we do now from 2011 … he was my power marketer I asked him to get me on tv because I knew what I could do…. He invested in my early salute!
— MeekMill (@MeekMill) March 11, 2024
In response to the post, fans shared plenty of ideas with the Philadelphia rapper. “Focus on Value, Not Exact Numbers,” one user replied. “Shift the conversation: Instead of dwelling on specific dollar amounts, emphasize what you bring to the table. Discuss: Audience size and demographics: What kind of viewers do you attract (age, interests, location) Engagement levels, etc.” Another wrote: “Navigating a deal without full insight into your streaming revenue can be challenging. To tackle this, artists often work with a team that includes a music business lawyer, a manager, and possibly a financial advisor.” Be on the lookout for further updates on Meek Mill on HotNewHipHop.
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