Entertainment lawyer Oluyemisi Falaye recently sparked discussion online during an interview where she stressed the importance of upcoming artists fully understanding contracts before signing with a record label.
Falaye revealed that Wizkid’s former label, Empire Mates Entertainment (E.M.E) still takes 80% of the revenue from his first and second albums.
Note that E.M.E. was founded by Banky W and his best friend, Tunde Demuren, in 2002 while they were schooling in New York, USA.
Oluyemisi Falaye said that Banky W and his co-founder still earn 80% of the revenue from Wizkid’s first two albums, Superstar (2011) and Ayo (2014), while Wizkid receives just 20%.
Reacting, one of the interviewers said such an act was a cruel one towards artistes, stressing that such an agreement should be reversed.
Reacting, entertainment lawyer Oluyemisi Falaye said it isn’t unfair, explaining that back then, launching an upcoming artist could cost between ₦75 million and ₦100 million — and even more now.
She emphasized that artists must fully understand any agreement before signing with a record label, noting that most labels won’t want to renegotiate terms once a contract is in place.
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Also, entertainment lawyer, Oluyemisi Falaye weighed in on the Olamide and Asake matter, disclosing why the singer’s left YBNL.
She said; “Asake signed a contract with Olamide’s YBNL without reviewing it with a lawyer and it didn’t turn out well for him and thats why he didn’t renew his contract when it expired.”