(AllHipHop News) The New Edition Story) knows not being informed of what’s in a record contract could cause a lot of money not trickling down to the artist.
That’s why, for some, it came as a shock to hear Lil Yachty admit he does not know whether he’s signed to a 360 deal with Quality Control/Capitol.
Yachty was asked about his record label situation while appearing on Everyday Struggle.
“Are you in a 360?” asked host Joe Budden.
“I don’t know. Am I?” answered Yachty.
A 360 record deal is one where a label provides upfront financial support for an artist in exchange for a percentage of multiple revenue streams likely including music sales, live performances, endorsements, publishing, and more.
Yachty seemingly not being certain of the details of his contract could mean his label is making money off his partnerships with companies such as Sprite, Target, and Nautica without the 19-year-old’s knowledge.
“I don’t know,” responded Yachty when co-host DJ Akademiks questioned if the label gets a cut of his Sprite deal. “I know I have an amazing deal. I have an amazing attorney.”
More surprisingly, Yachty claimed he is not even aware of what a 360 deal is.
“I heard about it,” said the “One Night” performer. “You’ll have to explain it to me.”
The 360 deal conversation came after Yachty declared he was the best at business among the current new class of rappers.
“I don’t believe I’m doing the best music. I believe I’m doing the best business,” he stated. “I believe when it comes to overall package and sh-t, I’m the one who’s really got this sh-t on lock.”
Lil Yachty has addressed the conversation about the 360 deal question on Twitter.
“Y’all gotta understand just because I didn’t know the term name ‘360 Deal’ Doesn’t Mean I Don’t Know What Kind Of Deal I Have,” posted Yachty. “I Only Wasn’t Aware Of The Term ‘360 Deal’… I Own All My Publishing & Ive Recouped My Deal. For those So Pressed. Chill. I’m Good.”