Over the past few years, more rappers than ever have shared their discontent with the modern label system. Most recently, Big Sean pointed out that Kanye apparently still owes him quite a bit from his GOOD Music days, Meek Mill demanded more transparency in the music industry, and Wale explained why he left Roc Nation early in his career. Through all those revelations, one artist has remained steadfast in his belief in his independent hustle — and outspoken in sharing his advice for industry peers.
Russ, who is currently doing promotion for his newly released mixtape Chomp 2, stopped by The Breakfast Club and explained how he financed the new project by taking out a bank loan rather than signing with a label. Using Wale’s 2019 single “On Chill” as an example, he explained how he would go about opening a line of credit to support the track. “Let’s say it’s $250,000… Guess what you can go do. Go get a line of credit… I don’t wanna play with my own money. Even though an advance, they give you a million dollars and spend money at radio, that still ends up being your money. If I get a line of credit from the bank… it’s about time value of money.”
Russ speaks on how he funded his #CHOMP2 project & radio singles with a line of credit from bank. He says it's much better than getting a "loan" from a major label 💰 pic.twitter.com/F34oOed64W
— Navjosh (@Navjosh) December 13, 2021
“So with Chomp 2,” he continued. “I have millions of dollars in the bank, I could fund it myself. Why? … Everything on Chomp 2, I’m using the line of credit. I could pay $1,000 for the rest of my life. If the issue is upfront cash… A bank will give y’all millions of dollars.”
Of course, some folks on Twitter pointed out that not everybody has this particular set of options, but Russ was adamant his point was in pursuing alternative funding and maintaining ownership of publishing rights and his music career. Check out some of the reactions to Russ’ advice and his responses below.
If you’re a new artist who’s getting label offers it’s BECAUSE you’re making money, meaning you can go to a bank and get the $ you need w/o givin up ownership and if you’re not making money and a label is offering you money, hang up!! You’re boutta get FUCKED https://t.co/x5nZUk1E5y
— SANTIAGO (@russdiemon) December 13, 2021
I’m genuinely tryna help artists get an “advance” without having to sell their masters to a label
I’m talkin to the artists consistently making streaming money to the point labels are offering them deals. Goin to bank is a better place to start if it’s money that you want. https://t.co/DTLuuCZN8K
— SANTIAGO (@russdiemon) December 13, 2021
“exploit the record”
Imma make a thread cuz I have several response that I hope help
1. This tweet feels outdated. You don’t NEED radio, features or a billboard to blow up. You need great consistent music and videos. https://t.co/bA5SpXRT5V
— SANTIAGO (@russdiemon) December 13, 2021
2. The money should be used to make more music and videos (imo) and with where the internet is now, digital ad spending (although things can blow up without any ad spend – tiktok)
— SANTIAGO (@russdiemon) December 13, 2021
3. I don’t think giving up ownership to your recordings and NEVER getting them back even AFTER recouping is worth it just because a label is gonna do shit for you that you actually NEED, you can do for yourself
— SANTIAGO (@russdiemon) December 13, 2021
I already said who the target audience was
Artists who are making money and in a position to sign to a label
I’m sayin either way you’re getting a loan. One you gotta give up ownership of your music forever to get, the other one you don’t https://t.co/79ljzEGzL0
— SANTIAGO (@russdiemon) December 13, 2021
