Entertainment lawyer Oluyemisi Falaye has sparked an online conversation following her recent interview, in which she emphasized the importance of young artists understanding contracts before signing with record labels.
Her comments came while using Wizkid’s early career as a case study, revealing that his former label, Empire Mates Entertainment (E.M.E.), still earns 80% of the revenue from his first two albums.
According to Falaye, E.M.E. founders Banky W and Tunde Demuren continue to receive the bulk of the revenue from Superstar (2011) and Ayo (2014), while Wizkid reportedly gets just 20%. The revelation shocked many, with one of the interviewers describing the arrangement as unfair and suggesting such deals should be reviewed in favor of the artist.
However, Falaye defended the contract, saying the terms reflected the heavy investment required to launch an unknown artist at the time, which could range from ₦75 million to ₦100 million, and even more today. She explained that while these contracts may seem harsh in the long run, they are often necessary for labels to take on the risk. She urged up-and-coming artists to read and fully understand what they’re signing, warning that most labels rarely renegotiate terms once a contract is sealed.
Watch the video below (swipe to view more).
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.”1“