Toni Braxton explains why she went bankrupt, L A Reid and Babyface must be crooks
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usmarin3
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Along with her being financially irresponsible!
R&B legend Toni Braxton is enjoying renewed exposure as of late, thanks largely to her new WeTV series ‘Braxton Family Values’.
It appears the singer is keen to use the platform to shed light on why she filed for bankruptcy for a second time last year – a topic she talked in depth about while plugging the show in Black Enterprise.
Check out what she had to say after the jump. It certainly makes for quite an insightful read…
Via Black Enterprise:
Your first bankruptcy occurred while you were signed to LaFace,but you weren’t able to talk about it. What went wrong?
No I couldn’t [talk about it] because I had a 10-year gag order. After TLC talked publicly about their bankruptcy [the label prohibited] other LaFace artists to talk, but now I can. I sold more than 40 million records, yet my royalty’s were less than $2000 dollars. People don’t understand that this issue went all the way to Congress about bankruptcy. All contracts are null and void except for a recording artist. Can you believe it? But the industry has changed now.
Some reports said that you were overspending and that the result was the financial trouble you experienced. Is that true?
People were reporting things like I bought Gucci flatware. Yes, I treated myself, and it was only $500. If I bought 1000 count sheets, they were from TJ Maxx for about $49, so I wasn’t living extravagantly. Yes, of course I spent money, but when you consider that an artist makes 4 to 7 cents on the dollar for every album sold and they have to pay back $20 million to the label for all the money that was spent to create, promote and sell that album, then, yeah, chances are you’ll end up in a whole lot of debt.
What would you say was the biggest money mistake you’ve ever made?
Tying up my own money for my Vegas show through my new company, Liberty Entertainment. Because of that, I had to file a business and individual bankruptcy. If I had to do it over again, I would get investors. I understand why you do it yourself because of the security; but putting your own money up isn’t [always] the best idea.
R&B legend Toni Braxton is enjoying renewed exposure as of late, thanks largely to her new WeTV series ‘Braxton Family Values’.
It appears the singer is keen to use the platform to shed light on why she filed for bankruptcy for a second time last year – a topic she talked in depth about while plugging the show in Black Enterprise.
Check out what she had to say after the jump. It certainly makes for quite an insightful read…
Via Black Enterprise:
Your first bankruptcy occurred while you were signed to LaFace,but you weren’t able to talk about it. What went wrong?
No I couldn’t [talk about it] because I had a 10-year gag order. After TLC talked publicly about their bankruptcy [the label prohibited] other LaFace artists to talk, but now I can. I sold more than 40 million records, yet my royalty’s were less than $2000 dollars. People don’t understand that this issue went all the way to Congress about bankruptcy. All contracts are null and void except for a recording artist. Can you believe it? But the industry has changed now.
Some reports said that you were overspending and that the result was the financial trouble you experienced. Is that true?
People were reporting things like I bought Gucci flatware. Yes, I treated myself, and it was only $500. If I bought 1000 count sheets, they were from TJ Maxx for about $49, so I wasn’t living extravagantly. Yes, of course I spent money, but when you consider that an artist makes 4 to 7 cents on the dollar for every album sold and they have to pay back $20 million to the label for all the money that was spent to create, promote and sell that album, then, yeah, chances are you’ll end up in a whole lot of debt.
What would you say was the biggest money mistake you’ve ever made?
Tying up my own money for my Vegas show through my new company, Liberty Entertainment. Because of that, I had to file a business and individual bankruptcy. If I had to do it over again, I would get investors. I understand why you do it yourself because of the security; but putting your own money up isn’t [always] the best idea.
Comments
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damn who would have thought she sold 40 million records..but she was out in that golden era of music before the bottleging when everybody sold records
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^^ What you mean who would have thought? Toni was a major artist especially after Secrets.
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Even during the "golden era of music", 40 mil ain't nothing to sneeze at.damn who would have thought she sold 40 million records..but she was out in that golden era of music before the bottleging when everybody sold records -
7 whole days................................
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7 whole days................................
? , 10 whole years smh.....These record companies don't be bullshittin. 40 million albums sold and not even 2 stacks goes to her? Damn her debt was crazy, then. That, in addition to a 10-year gag order that says she can't publicly talk about any of the ? that happened to her while she was on the label SMH....that's ? up..... -
It is pretty interesting about TLC and Toni Braxton filing for bankruptcy, who were two of the biggest acts of their time. LA Reid, Babyface; you have some explaining to do!
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It is pretty interesting about TLC and Toni Braxton filing for bankruptcy, who were two of the biggest acts of their time. LA Reid, Babyface; you have some explaining to do!
yea but TLC got most there money back and own majority rights to all there music -
thats what happens when u go thug
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The Hacker wrote: »thats what happens when u go thug
What does this mean?
