Prince has compared record contracts to ''slavery''.

The 57-year-old musician has slammed record labels for their tight control of artists, insisting new acts shouldn't sign album deals because they will get turned into ''indentured servitude.''

He said: ''Record contracts are just like -- I'm gonna say the word - slavery.

''I would tell any young artist ... Don't sign.''

The iconic musician made the comment after revealing he would be releasing his new album 'HitNRun' exclusively through Jay Z's streaming service Tidal in order to sidestep labels.

Although Prince confirmed he does intend to issue a physical release of the album - due next month - he insisted it's vital both artists and consumers support Tidal as it represents artists taking control of their careers.

Speaking to a group of reporters at his Paisley Park Studios in Minneapolis, he said: ''Once we have our own resources, we can provide what we need for ourselves.

''Jay Z spent $100 million of his own money to build his own service. We have to show support for artists who are trying to own things for themselves.''

It's not the first time the 'Little Red Corvette' singer has compared the industry to slavery though, having appeared in public with ''slave'' written across his cheek in 1993 during a battle with his record label Warner Bros.