Russell Simmons is a legend when it comes to the establishment of hip-hop in the mainstream. In an effort to see what deal Russell would have given newer artists, he chose to express his concerns with popularity of 360 deals from record companies.
"Everybody wants 360. Everybody wants to be able to help them [artists] in different places," Russell continued.
"I worry about this 360 route cause people want 360 deals but only do 10% of the work. It's 360% -there's a big circle out there and people don't know all the industries artists want to get into and they want a piece of it. I think that's a recipe for disaster. You cannot have a piece of my sneakers and you don't make sneakers. You can't have a piece of my clothes, you don't manufacture clothes. And you cannot have a piece of my book and you don't write or publish."
Russell's philosophy on the topic didn't stop there!
"You have to have an infrastructure, in place to help an artist in a 360 deal, in order to take a 360 piece! That's my opinion because it's always recipe for a disaster. There's always a third party that comes in and then the money gets split in too many ways. The music company is taking what's not rightfully theirs. After a little bit of success it becomes a lawsuit or renegotiation."
Here's the full interview:
-Blogged by @IamVanessaDenis.