Music Executive Kanye West has revealed that instead of just buying his masters, he plans on purchasing the American global music corporation, Universal Music Group.
In a three-hour-long interview with podcaster Joe Rogan that was released Saturday, Ye spoke about his presidential campaign, relationships with God, the music industry and his contracts, his fashion line, his takes on abortion, medication and racism.
West told Rogan that the music industry is “not a safe place”. The rapper who infamously tweeted an 8 seconds video of himself peeing on one of his 21 Grammy awards said: “It’s a treacherous place.”
“At this point music loses me money. Of my $5 billion net worth, music is negative $4 million.”
He added, “I was thinking about buying my masters but I realized that’s too small of a thought. I’m gonna buy Universal. They’re only a $33 billion organization.”
In September, Kanye West compared the music industry to a modern-day slave ship based on the fact that many artists are being exploited and “enslaved” by the record labels they signed contracts with. He also vowed not to release new music until he is free from his contract with Sony and Universal.
However, in his interview with Rogan, West said he is not at war with the industry.
“I’m not at war with the music industry. I’m just saying we need to innovate. When I posted my contracts, I had ten contracts that kept putting me inside a labyrinth and things we don’t need.
“Prince would say we don’t need the distribution part,” he continued. “I’m the kind of person where I’m not trying to eliminate anyone’s job. There’s a way both parties can be happy. These deals can be flipped in a way that they’re just more fair.”
He said his father had told him the music industry was a bad business and found that perspective to be true.
“Everyone’s a part of it, everyone’s responsible, everyone’s a part of the problem,” he said. “The contracts are made to rape the artists. This is a negative thought I’m putting into the universe — but I thought about Bruce and Brandon Lee. This is Sony and Universal and I’m willing to put the blue paint on my face and go out and do this because it’s the right thing to do.
“Michael Jackson, Prince, all of these things have crossed my mind as I’m saying I need to innovate what these contracts are, it’s not about me getting my masters back, it’s about freedom.”