Tom Petty used bankruptcy to change the music industry

'Do something you really like, and hopefully it pays the rent. As far as I'm concerned, that's success.'

- Musician Tom Petty (1950–2017)

How 'Nevermind' realigned the music industry

Nirvana's breakout album inspired other major labels to hunt for similarly loud, countercultural bands. That led to a fascinating period in popular music that found defiantly anticommercial indie acts like the Melvins, the Butthole Surfers, and Ween (among many, many others) suddenly offered lucrative contracts.

Taylor Swift influenced record labels to change the way they write contracts

In addition to being a successful songwriter, Taylor Swift is a change-maker in the music industry. She asserted creative control over her music, re-recording her earlier albums after she lost the rights to them, and sparked a vinyl revolution in a digital age.

A dispute with his label led to Prince changing his name to a symbol

Prince wrote and recorded music at a fever pitch. That kind of prolific output, however, concerned his label, Warner Bros., which believed that too many releases might oversaturate the market. That eventually led to tensions between Prince and the label, with Prince asking for his master recordings, which would give him full control over how his music would be used. Warner Bros. declined, and Prince changed his name to the unpronounceable symbol that he'd used on album covers in the past, believing it would void his record contract. It didn't, but Warner Bros. eventually released him, though he began going by Prince in 2000 and resigned with Warner Bros. in 2014.

The Bristol Sessions built a structure for a nascent music industry

Peer presented each artist at the Bristol Sessions with three separate contracts: one for royalties on the record, one for publishing of the composition, and one for management. It was a business model that would become the norm for the nascent recording industry.

Bankruptcy is a legal way to manage overwhelming debt, whether for individuals, corporations, or even local governments

Chapter 7 is for liquidating personal assets to clear debts, Chapter 13 allows a repayment plan for individuals, and Chapter 11 lets businesses reorganize to stay afloat.

The Beatles sued Apple in 1978 to defend naming rights to their record label

The band created their own record label, Apple Corps, after their manager died in 1967, while the technology company chose the name "Apple" to appear before the video game company Atari in directories. Subsequent lawsuits were not settled until 2007.

Francis Ford Coppola's first musical led him to bankruptcy

The ambitious (and expensive) 1981 movie musical had a budget of $26M, but earned under $1M at the box office. The flop led to a financially difficult period for the renowned director, who declared bankruptcy three times in the decade following the movie's release.

The Buzzcocks' 1975 self-released EP inspired a DIY ethos for punk

Punk sought to dismantle the self-importance of mainstream rock, favoring simple arrangements, short songs, and raw passion over sophistication or expertise. When the Buzzcocks struggled to find a label to release their debut record, “Spiral Scratch,” they took that do-it-yourself approach and applied it to business by releasing it themselves.

In the late '80s, Dylan formed the Traveling Wilburys with other rock legends

The word “supergroup” gets tossed around plenty in rock ‘n’ roll, but it’s never been more apt than with the Traveling Wilburys, a late '80s band featuring Bob Dylan, Tom Petty, George Harrison, Roy Orbison, and Jeff Lynne. At the time, Dylan was feeling creatively adrift and far removed from the passion of his earlier work. The winking alter-egos of the Wilburys reinvigorated him, leading to a great record and a renaissance in Dylan’s solo career.

Why is Bob Dylan on Patreon?

The singer's notorious for his inscrutability, but his venture into the content subscription website might be one of his stranger choices, especially given the posted content that resembles AI-generated material. Pitchfork's Nina Corcoran surveys the site and tries to make sense.

DJ Alan Freed was eventually charged in a 'payola' scandal

After popularizing rock 'n' roll, both as a genre and as a culture, Freed became an industry power player, producing movies, hosting concerts, and minting superstars. By the end of the 50's, Freed was charged with 26 counts of commercial bribery, for a scheme they called "payola," and investigated by the House subcommittee on Legislative Oversight.

In 1931-32, JP Morgan Jr. paid no income taxes due to his company’s losses

This legally reduced his taxable income under existing laws. Similarly, the Rockefellers leveraged charitable foundations to minimize taxes, allowing them to preserve wealth while directing funds to their preferred causes.

Biz Markie's "Alone Again" changed the laws for sampling

Before 1991, there was no established legal standard for the gray area of sampling. That changed when Gilbert O-Sullivan sued Biz Markie for using his song "Alone Again (Naturally)." After the case, labels were required to clear all samples, and artists were discouraged from creating sample-heavy music.

Twain was a notoriously bad investor

After becoming a famous writer, Twain invested in railroad stocks, a magnetic telegraph, and a printing press that weighed four tons. Eventually, he founded his own publishing company, which ultimately led to his bankruptcy. “He is, in business,” one lawyer said, “just a big overgrown boy.”

Learn about the Beatles song 'Taxman,' which was inspired by Britain's tax structure

In the US, many people think of the IRS as the "taxman"—but the Beatles song is actually about the tax structure in the UK at the time. George Harrison wrote the song when he realized that even though the Beatles had started earning money, "we were actually giving most of it away in taxes," as he wrote in his autobiography.

The Beatles' US label rejected the band's first two singles, 'Please Please Me' and 'From Me to You,' with one executive calling the band 'dead in the water.'

PayPal's Peter Thiel turned his Roth IRA into $5B

In 1999, tech titan Peter Thiel had a Roth IRA with roughly $2K in it. By 2019, that tax-free account was worth $5B. For context, the average Roth IRA was worth roughly $39K at the end of 2018. Naturally, Thiel had a few investment options that the average person probably doesn’t have access to—but the story of his IRA’s boom is nonetheless fascinating.

Watch Johnny Cash’s 1969 concert at San Quentin

Johnny Cash is one of the most recognizable names in country music, but by the 1960s, he was also a rock icon. Part of that status was due to his outlaw identity and willingness to play for true outsiders. This documentary from one of his most famous performances shows why.

Spotify took 18 years to reach profitability; 70% of revenue goes to rights-holders

The music streaming company lost revenue for years as it sought to grow, but once it went public, investors pushed the company to expand into podcasts, cut costs, and prefer passive mood listening via algorithmic curation to increase value. Users have mixed feelings about using it.

A star investment banker was fired, launching a decade-long court fight

Star bankers are the core of an investment banking firm's business, so when Perella Weinberg let their restructuring guru Mike Kramer go in 2015, he sued, launching a ten-year legal fight.

The criticism of 'selling out' has waned in the 21st century

Although patronage was a regular part of artists’ income throughout the 19th century, the insult “sell out” gained prominence in the 1950s. The jazz and folk communities, in particular, levied the term at artists they believed had sacrificed their integrity for financial gain.

Turning trash into music

In a town built on a landfill, a music teacher and young musicians created an orchestra using instruments made entirely from trash. From oil cans to bottle caps, they turned waste into music.

A teenage Springsteen struggled with his father

Springsteen’s father didn’t understand why his son was interested in pursuing a music career, leading to a tense relationship that was often exacerbated by his father’s struggles with mental illness.

Pets.com is one of the most emblematic dot-com companies

Pets.com—an e-commerce pet store webpage—is a prime example of dot-com companies burning through investments. Despite being a popular and well-known brand, the company struggled to generate enough revenue to become profitable. After raising approximately $82.5M in its February 2000 initial public offering, Pets.com filed for bankruptcy in November of that same year.

Steve Martin was a wildly successful stand-up—and abruptly quit doing it

In the ‘70s, few stand-up comics were bigger than Steve Martin, who released multiplatinum albums and regularly sold out arenas. As he detailed in his 2007 memoir, Martin had grown disillusioned with his success as a stand-up and pivoted into film.

A century of Billboard issues documenting the evolution of popular music.

The Ramones' 'Pet Sematary,' the theme song for the Stephen King novel of the same name, was written while the band was admiring the writer's collection of horror memorabilia.

One disco producer saw 'Star Wars' four times on its opening weekend and was so inspired that he recorded the album 'Star Wars and Other Intergalactic Funk,' which produced a chart-topping single.

Prince's sexually explicit 1984 track 'Darling Nikki' attracted the ire of the Parents Music Resource Center, an advocacy group that inspired the Parental Advisory sticker, even though the song ends with a Christian message.

US consumers collectively owe more than $1T to credit card companies—almost as much as they owe in auto loans.

Sony set the standard for cylinder-shaped batteries when it repurposed manufacturing equipment used to make rolls of magnetic recording tape.

70 years ago today, city officials in Santa Cruz, California, banned rock 'n' roll to protect its youth from corruption after witnessing a 'provocative' concert the night before.

Quincy Jones' 'Big Band Bossa Nova' helped introduce bossa nova—a jazz-influenced Brazilian genre—to the US

Warren Buffett's former professor Benjamin Graham is known as the 'father of value investing,' a strategy in which investors seek to buy stocks trading below their intrinsic worth.

An initial public offering or 'IPO' is the process of a private company becoming public by putting shares of the company on the stock market for purchase.

Play the role of a student in a game where you try to navigate college and remain debt-free, selecting different income levels, high school experience, race, ethnicity, and more.

SpongeBob exemplifies Aristotle's philosophy for living well because he understands that happiness doesn't come from external factors like money, recognition, or power.

Jimmy Carter signed a 1978 bill that legalized home brewing, a move credited with kick-starting the craft beer industry.

Art theft is the third-largest source of criminal revenues worldwide, thanks in part to the subjective nature of valuing a work of art.

Dozens of S&P 500 stocks, including Coca-Cola and Walmart—known as the dividend aristocrats—have increased dividends every year for 25 years

In 1939, baseball star Lou Gehrig delivered his inspirational 'Luckiest Man' speech after retiring due to the health condition that now bears his name.

The USPS spent $3.97B in 2024, accounting for .058% of the federal budget.

Netflix profits when you're not watching, and its movies are designed that way—read a detail-rich critical essay exposing lesser-known Netflix takes

The name 'Silicon Valley' arose from the founding of Shockley Semiconductor Laboratory in Fairchild Semiconductor in 1956-57, founded near Stanford University in Palo Alto

The use of fungi to detoxify land and water—a process known as mycoremediation—has been used to clean up natural resources affected by the 2025 California wildfires.

The tragic Pulitzer Prize-winning image 'The Vulture and the Little Girl' (1993) generated controversy, raised concerns about ethics in photography, and eventually led to the photographer's death.

A pickleball's loud 'pop' sound can reach 120 decibels, which is equivalent to a hammer hitting a nail

Watch contemporary footage covering the US-backed Shah of Iran fleeing the country in the face of the 1979 Iranian Revolution

Recent research found that the brain doesn't seem to massively rewire following amputation—upending earlier beliefs about the cause of phantom limb pain.