50 Cent Reveals He Received a $23 Million Payout From Interscope Records
50 Cent may have shocked the world by leaving Interscope Records earlier this year, but he didn't wave goodbye without a generous parting gift. During a recent appearance on Canada's Business News Network, the Queens rapper revealed he received a hefty $23 million payout from the label following his departure.
"My album, 'Get Rich or Die Tryin,' is the largest debuting hip-hop album and the way we sold ringtones at that point is exactly how we sell the single," he explained. "So, the language in the contracts spoke to the same light and the way I would be paid off a ringtone, if that’s the way I was to be paid off, the singles would mean that they owed me like another $23 million maybe."
Fif also gave further insight as to why he left Interscope and took the indie route. He explained that the competition between his SMS Audio brand and the Interscope-backed Beats Electronics denied him from getting the "leverage" he needed to properly promote his long-delayed and currently shelved 'Street King Immortal' album.
"They created Beats Audio," he said. "And Beats was the priority of things over there and I had already committed to my own audio company, SMS Audio. It was like I’m the competing company while actually being signed to the company as an artist. I couldn’t get the leverage I needed to properly launch the project."
Watch 50 Cent's full appearance on Business News Network above.