The Beatles initial 1962 recording contract with Parlophone Records (a division of EMI) was for a series of singles - at a minimal royalty rate. After "Please Please Me" became a hit, however, EMI gave them a full five-year contract for singles and albums - with better royalties. When it expired in 1967, Brian Epstein negotiated a new deal for "the boys" just before he died. With those basic terms fulfilled by late-1969, Allen Klein was able to get The Beatles the highest royalty rate ever paid up to that time - a whopping 69¢ per album. John Lennon had already effectively quit the band, but he agreed to keep mum about it until the deal was completed. A few months later, as his first solo album was being released, Paul McCartney announced his departure and The Beatles were history.