Jared Leto Reveals Near Bankruptcy After Band's Success

Jared Leto, the frontman of the rock band 30 Seconds To Mars, has opened up about a significant financial crisis the band faced following the release of their successful second album, *A Beautiful Lie*, in 2005. Despite selling three million copies, Leto and his brother Shannon found themselves over $2.7 million in debt to their record label, EMI. The situation escalated when the band was sued for $30 million due to an alleged breach of contract, leaving them on the brink of bankruptcy. In a recent interview, Leto recounted the shocking realization that, despite their commercial success, they would not receive any earnings from the album and were instead facing substantial debt. He described the lawsuit as a serious threat to their careers, stating, "We had a very real possibility of owing a corporation $30 million... and our dreams shattered." This experience prompted the band to create a film about their struggles, highlighting the harsh realities artists can face in the music industry. Leto also shared insights into the challenges of maintaining a low profile amidst global fame, noting that fans often attempt to capture candid moments of him, sometimes forgetting to turn off their camera flashes. His comments come as he prepares for an upcoming tour in Australia with 30 Seconds To Mars, emphasizing the ongoing complexities of fame and financial management in the music business. As Leto reflects on his past, he warns other artists about the potential pitfalls of signing with record labels, underscoring the importance of understanding contractual obligations and the risks involved.