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What is it like to get a recording contract? to “get signed” or whatever its called?

Question by Tom: What is it like to get a recording contract? to “get signed” or whatever its called?
is it really like the “HOLY GRAIL” of the music business or is has youtube etc pretty much killed it or what?

Best answer:

Answer by Ill-housed and ill-advised
youtube sucks

Know better? Leave your own answer in the comments!