Jared Leto shares details of multi-million-dollar debt at the peak of his fame with his band Thirty Seconds to Mars after their breakthrough album almost bankrupted him amid $30m lawsuit
Jared Leto has shared new details about the multi-million dollar debt he incurred at the height of his fame with his band 30 Seconds To Mars and how the band was sued for $30 million.
The 52-year-old musician said he nearly went bankrupt after his rock band released their second breakthrough album, due to debts to their record company.
Speaking on the Kyle and Jackie O show to promote the band’s upcoming Australian tour, Jared said that selling millions of albums worldwide didn’t make him much money, but it did leave him “flat.”
After selling three million copies of A Beautiful Lie in 2005, Jared and his brother Shannon were left in debt to their record label, EMI, for more than $2.7 million. They were subsequently sued for an additional $30 million for alleged breach of contract.
“We sold millions of copies and then we found out that not only were we not going to get paid a dime, we were millions of dollars in debt,” he explained on Wednesday’s show.
“We had a falling out. They sued us for $30 million for breach of contract and then we made a movie about it.
“Anyway, we’ve gotten through that crazy part of our lives and it’s nice to be on the other side now.”
Radio host Kyle Sandilands quizzed Jared about the realities of making money in the music industry, with the Hollywood star admitting that it hasn’t always been plain sailing.
Jared Leto has shared new details about his multi-million dollar debt at the height of his fame with his band 30 Seconds To Mars and how they were sued for $30 million
“No, you make money on the road and that’s pretty hard to do these days because of inflation,” Jared explained.
However, he insisted he is not focused on the income, adding: “I would do it for free. It’s beautiful to be there.”
Jared previously detailed the legal battle between his band 30 Seconds To Mars and his record label EMI in his 2012 documentary Artifact.
The award-winning program followed the band’s difficult journey after they were sued for failing to deliver the third album of their five-album contract.
“This was a very real trial. It wasn’t just a headline,” Jared Rolling Stone told me at the time The film premiered at the 2012 Toronto Film Festival.
“There was a real chance that we would owe a company $30 million, that our music and our album would end up in court and never get made, and that our careers and dreams would fall apart.
“Just because you sign with a record company doesn’t mean you can be treated unfairly,” he warned other artists.
The 52-year-old musician revealed he was nearly bankrupt after his rock band released their groundbreaking second album due to debts to their record company
“If you ask any lawyer, manager or artist who has been in business for a decade or more, the general consensus is the same: It’s a culture where you sign an unfair, one-sided record deal and if it works out, you either sue or renegotiate.”
30 Seconds to Mars eventually settled the lawsuit and signed a new deal with EMI’s Virgin Records.
“I can’t go into details about the deal, but this is not about making a ton of money. That day is over in recorded music,” Jared told the Los Angeles Times at the time.
Jared admitted decades after his financial troubles that he still flies economy class, despite being a Hollywood actor with a net worth of $90 million.
He said he often finds fans trying to secretly film him while he travels inconspicuously, giving insight into the reality of his global fame.
He said of fans filming him: “Oh yeah, it’s like looking down the barrel of a gun. You can see it with your peripheral vision. Sometimes people take my picture in a restaurant and forget their flash is on.”
Kyle, who charters private jets for $100,000 apiece, was shocked by the admission, saying, “You don’t fly economy, do you?”
Jared’s comments come just weeks before he flies Down Under to kick off the Australian tour of 30 Seconds to Mars with his brother and bandmate Shannon
“I mean, you have to get to the show somehow,” Jared replied. “It wasn’t that bad to be honest. You have to go where you have to go.”
Jared’s comments come just weeks before he flies Down Under to kick off 30 Seconds to Mars’ Australian tour with his brother and bandmate Shannon.
The Kings and Queens singer will kick off the highly anticipated Seasons world tour in Melbourne on September 12.
On Saturday 14 September he will play for the first time in ten years at the Qudos Bank Arena in Sydney, after which he will close the competition in Brisbane on 17 September.