Record contracts are just like — I’m gonna say the word – slavery,” Prince said, according to NPR. “I would tell any young artist … don’t sign.”

“Once we have our own resources, we can provide what we need for ourselves,” Prince said. “Jay Z spent $100 million of his own money to build his own service. We have to show support for artists who are trying to own things for themselves.”

Although record contracts benefit the music label, they can still benefit the artist when it comes to mass exposure. In fact, Prince spent the majority of his career signed to a music label that released his music worldwide.

Today, an artist can release their music without a major record label and garner thousands of fans, and under the right circumstances, millions through social media.