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Fat Joe appears to have zero regrets about going independent.
While speaking to the Wall Street Journal this week, the Grammy-nominated rapper discussed his decision to leave Atlantic Records and start his own indie imprint, Terror Squad Productions. Joe, who left Atlantic about 17 years ago, said he felt unappreciated and exploited by the industry giant, and eventually lost trust in its team.
“I don’t believe in these people,” he told WSJ’s Jason Gay. “For one, I feel like the major label system is a Ponzi scheme, and they do funny math.”
Joe said he never understood how he and other artists were selling so many records but saw so little in monetary returns. “You had to be like the Fugees, who sold 30 million records, to make a dollar,” he continued. “I was talking to [Jennifer Lopez] about it—and you know J.Lo’s a megastar—and she was like, ‘Man, you know these guys, they only give you this [amount] and you never recoup.’ So, it’s a funny math.”
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