Russell Simmons is a legend when it comes to the establishment of hip-hop in the mainstream. He is launching All Def Music, and is releasing his new book Success Through Stillness about meditation.
The music mogul stopped by iHeartRadio HQ in New York City and sat down with Vanessa Denis where he talked about everything from his new book to getting a record deal in the music industry.
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."
"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."
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."
Check out the full interview: