Akon performs as part a benefit concert in San Juan, Puerto Rico on March 18, 2018.

Gladys Vega | Getty Images

Senegalese-American singer Akon says young music artists should avoid looking for lucrative record deals and instead focus on building their careers independently.

“In the next 3 to 5 years, the major labels won’t exist anymore,” the multi-platinum selling R&B artist told CNBC in an interview. “So just stop looking for a record deal.”

“You’re wasting your time, you’re losing money doing it obviously, and you’re gonna lose control,” he added.

Akon, whose
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