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In a recent interview, Jared Leto opened up about the financial challenges his band Thirty Seconds to Mars faced following their breakout success in the mid-2000s. Despite selling millions of copies of their 2005 album "A Beautiful Lie," Leto revealed that the band found themselves millions of dollars in debt.
"We sold millions of records, and then we found out not only were we not going to be paid a single penny, we were millions of dollars in debt," Leto told the Australian radio show Kyle and Jackie O. He explained that the debt was owed to their record label, EMI, with whom the band had a contentious relationship.
"We disputed. We left. They sued us for $30 million for breach of contract and then we made a film about it," Leto continued, referencing the 2012 documentary "Artifact" that chronicled the legal battle. According to Leto, the band was facing the "very real possibility of owing a corporation $30 million dollars" and having their "music and our album tied up in the courts and never seeing the light of day."
Despite their commercial success, Leto said the band's music earnings were not enough to offset the debt they had accumulated. "Nah, you make money on the road and these days it's pretty tough because of inflation," he explained.
However, Leto emphasized that he doesn't pursue music for the financial rewards. "I would do it for free. It is a beautiful thing to be out there," he stated.
The legal battle with EMI was eventually settled, and Thirty Seconds to Mars signed a new deal with Virgin Records. Leto looked back on that tumultuous period as a "crazy bit" of the band's journey, expressing gratitude for being "on the other side" of the struggle.
As Thirty Seconds to Mars continue to tour and create new music, Leto's reflections serve as a reminder that artistic triumph does not always translate to financial security, underscoring the need for musicians to navigate the industry's complexities with strategic foresight and perseverance.
