Alt-rockers 30 Seconds To Mars have finally found a way to pay off that massive legal bill they incurred while fighting with their label Virgin Records. Similarly, Virgin has found a way to recoup on having to shell out dough to sue the band, fronted by actor Jared Leto.
For the uninitiated, Virgin tried to sue the band to the tune of $30 million (U.S.) last year when 30 Seconds To Mars cited an unusual California law declaring any contract signed in that state becomes null and void after seven years. This is intended to maintain some semblance of fairness between artists and representatives.
30 STM had signed to a nine-year contract and were unhappy not only with never being paid royalties for two million albums sold but for Virgin's claims that the band still owed in excess of one million dollars for promotional expenses. Therefore, the band dug up the loophole. Apparently, Leto never realized all of those billboards with his band's picture came out of his pocket. Hey, it takes a lot of advanced cash to sell two-million albums, even for an act as glorious as 30 STM.
So, what's the way out of this financial entanglement? Shockingly enough, 30 Seconds To Mars have resigned to Virgin/EMI.
You read that correctly. The people who were in a vicious, rather large legal battle have kissed and made up. No word was given on the fiduciary aspect of their agreement but given that it's rare for a band and label to work together more than once in a lifetime, it must be something pretty special. In terms of rarity and joyousness, that would be like Tom and Roseanne Arnold getting back together. I have no idea where that analogy came from but it's as scary as this news article.
To celebrate, 30 STM jumped into a Los Angeles studio and started recording their tertiary album with producer Flood (U2, Nine Inch Nails). Unlike their mutually-beneficial contract, a release date has not yet been etched in stone.
For the uninitiated, Virgin tried to sue the band to the tune of $30 million (U.S.) last year when 30 Seconds To Mars cited an unusual California law declaring any contract signed in that state becomes null and void after seven years. This is intended to maintain some semblance of fairness between artists and representatives.
30 STM had signed to a nine-year contract and were unhappy not only with never being paid royalties for two million albums sold but for Virgin's claims that the band still owed in excess of one million dollars for promotional expenses. Therefore, the band dug up the loophole. Apparently, Leto never realized all of those billboards with his band's picture came out of his pocket. Hey, it takes a lot of advanced cash to sell two-million albums, even for an act as glorious as 30 STM.
So, what's the way out of this financial entanglement? Shockingly enough, 30 Seconds To Mars have resigned to Virgin/EMI.
You read that correctly. The people who were in a vicious, rather large legal battle have kissed and made up. No word was given on the fiduciary aspect of their agreement but given that it's rare for a band and label to work together more than once in a lifetime, it must be something pretty special. In terms of rarity and joyousness, that would be like Tom and Roseanne Arnold getting back together. I have no idea where that analogy came from but it's as scary as this news article.
To celebrate, 30 STM jumped into a Los Angeles studio and started recording their tertiary album with producer Flood (U2, Nine Inch Nails). Unlike their mutually-beneficial contract, a release date has not yet been etched in stone.
