Virgin records, also known as EMI Records, put a lawsuit on Jared Leto’s band 30 Seconds to Mars for $30 Million!
Why?! Apparently, one rumor was that the band did not put out enough records as fast as Virgin wanted them produced. The other rumor which is the TRUTH, is that the band signed a 9 year contract with Virgin, which happens to be illegal because California law states you can only sign a contract for 7 years, not 9 years. These long contracts are normal with the majority of hot artists’ record deals. Well, in the last year, the band was trying to terminate their contract with Virgin for a few legit reasons. First, 9 years should have been 7 years. Second, The band has not received a single penny for selling 2 million records. Third, the band is somehow in $1.4 Million of debt for unknown reasons, which is owed to Virgin. The band is wondering if their next record will rake in enough money to pay off their unknown million dollars of debt?? Will Virgin take the money again?
This battle between 30 Secs to Mars and Virgin has been boiling for the last year. Within this time, the band has been working on a new record even featuring artist Kanye West. The band is really excited and said they have been “putting our hearts, hopes, and dreams into making a record that means absolutely everything to us.”
With all that the band has been through with Virgin Records along the way to their success, fame and notoriety, the band and Virgin Recs decided to call a truce rather than proceeding with the $30 Million lawsuit. They dished out their differences and 30 Seconds to Mars decided that they will renegotiate their contract with Virgin and resign.