10 Terrible Financial Choices in Music History

LOS ANGELES ( TheStreet) -- The stage at the 53rd Annual Grammy Awards on Feb. 13 will be filled with music's stars, and probably an equal measure of bankruptcies in the making.

While a lucky few such as nominee Jay-Z are successful in their business ventures, music history is strewn with examples of missed opportunities, misspent fortunes and miscalculated risks. The margin for error's getting tighter, too, as Forrester Research noted that music sales and licensing dropped from $14.6 billion in 1999 to $6.3 billion a decade later. Meanwhile, Nielsen says total album sales fell 13% last year, while digital music growth slowed from 27% in 2008 and 8% in 2009 to just 1% in 2010.

With less of the pie to go around, artists would be well served to hold on to what they have and not go into high dudgeon when more isn't coming their way. TheStreet thumbed through the annals of music history and found 10 of the worst business moves artists have made. Keep these in mind when you hear a song by one of this year's Grammy artists half a decade from now and wonder "What ever happened to ..."

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