Well, that was fast! Last summer, we announced that Unlocking the Truth, the trio of 8th grade African-American kids from Brooklyn, signed a $1.7 million recording contract with Sony, which was a guaranteed deal for two records with an option for six, as well as other marketing items such as videos.
At the time the news broke, I reported:
The band is actually only getting a $60,000 upfront advance (implying of course, the label will recuperate that money off album sales). If the first album sells 250,000 copies, the band could get upwards of a $350,000 advance for their second album. Sony has comitted to two albums, with the option to eventually release six. Since all three musicians are minors, the contracts had to be filed in a Manhattan supreme court. The deal which could possibly net them $1.7 million, assuming these guys actually sell. That's the one point everybody seems to not be paying attention to. These guys have not been handed a golden ticket by any means. If anything, they're actually $60k in debt at the moment.
Well, before even an EP has been released, word has gotten out that Unlocking The Truth is already seeking to sever ties with Sony. Billboard reports that during a screening of their new documentary at SXSW, the band announced their planned exit:
"Our attorneys are working on our exit from Sony now," guitarist, songwriter and singer Malcolm Brickhouse said at the March 14 world premiere of Breaking a Monster, a documentary on how the band rose from playing the sidewalks of Times Square to the main stage of Coachella and Vans Warped Tour.
Band manager Alan Sacks confirmed they were in the process of leaving Sony, but said there were no other details to give.
The band were planning on releasing an EP on Artery Recordings later this year, but haven't been able to find a proper distributor. Their documentary, which is represented by CAA (a really big, legit Hollywood agency) is also seeking distribution.
Don't feel too bad for the band, it looks like their career is still on the up-and-up. The Billboard report states they have booked appearances for Verizon and Beats commercials.
Take a look back to happier times, when we interviewed the band a few months after their contract was announced:
[youtube]https://www.youtube.com/watch?v=xX6EBbE9Wlc[/youtube]
