One day someone is going to write an expose on just how badly the record companies screwed that guy over. It's worse than what the old labels, like Chess, did to their artists.
Oh forget it... They actually trademarked his name "Prince" if you can believe it which is why he changed it to the symbol. I`ll never understand why anyone would sign a record deal, especially today. Record companies today are nothing more than loan companies...They lend these artists/bands money to make an album, make a video, go on tour, and they put stuff in the contract that the artists sees no profit until all that money is paid back.
So if they sell no albums guess what happens? Bankruptcy. Alot of these naive musicians never cover their arses with tough lawyers (which cost money) so these record companies put stuff in the contract that they own everything the artist writes, that the artist has to pay the lawyers, the promo people, this is paid and that is paid etc etc it`s insane. Unless these musicians have a lawyer or a manager who is an absolute animal in negotiating, these record companies will not hesitate for a second to drain every last cent from a musician.
I really don`t see the point of having a record deal anyway, you can pretty much do everything yourself nowdays through the internet. You can even hire your own publicist for $1000 bucks. Of course you have to produce something good or it won`t sell (even if you are Prince), it won`t create a word of mouth situation (which really sells albums), but at least you won`t lose your ass in the process. Of course you won`t get a video on MTV (Empty-V) but since when did MTV have anything to do with music in the first place? Blind people sure don`t need it.