Sony Music writes off artists’ decades-old debts

They are given a lump sum, known as an advance, to pay for recording studios, video shoots, distribution and other expenses. Musicians typically take on debt when they first sign to a record label. The money is then paid back when they sell their music.

Indie label Beggars Group, which is home to acts like Grimes, Jarvis Cocker and The xx, has previously written off unrecouped balances on older contracts.

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