Madonna and concert promoter Live Nation Inc. announced a deal that will give Live Nation a stake in her albums, tours, merchandising, films and other music-related projects.[Agencies]
Madonna and concert promoter Live Nation Inc. announced a deal Tuesday that will give Live Nation a stake in her albums, tours, merchandising, films and other music-related projects.
Financial terms were not disclosed in the joint statement released by Madonna and Live Nation. A person familiar with the agreement previously revealed that it was worth about $120 million over 10 years.
The official announcement came after weeks of speculation that the Material Girl would abandon Warner Music Group Corp., which refused to match the Live Nation deal.
Madonna said in the statement that she was drawn to the all-encompassing deal with Live Nation because of the changes the music business has undergone in recent years.
"The paradigm in the music business has shifted and as an artist and a business woman, I have to move with that shift," Madonna said. "For the first time in my career, the way that my music can reach my fans is unlimited. I've never wanted to think in a limited way and with this new partnership, the possibilities are endless."
The singer still owes Warner Bros. Records another studio album and a greatest hits album.
Under terms of the proposed deal, Madonna, 49, would receive a signing bonus of about $18 million and a roughly $17 million advance for each of three albums. A portion of the compensation would involve stock.
Madonna could also benefit significantly from the touring component of the deal, which gives Live Nation the exclusive right to promote her tours, the person said. The person asked not to be named because of the confidential nature of the negotiations.
Live Nation CEO Michael Rapino said in the statement that Madonna will be the founding artist in its new Artist Nation division, created to partner with artists to manage their diverse rights and provide global distribution and marketing.
"I am thrilled that Madonna, who is also now a shareholder in our company, has joined with us to create a new business model for our industry," Rapino said. "Bringing all the varied elements of Madonna's stunning music career into the Artist Nation and Live Nation family, moves her future and the future of our company into a unique and extraordinary place."
The deal encompasses all of Madonna's future music and music-related businesses, including the Madonna brand, new studio albums, touring, merchandising, fan club and Web site, DVDs, music-related television and film projects, and associated sponsorship agreements, the statement said.
Since the release of her 1982 debut single "Everybody," Madonna has become one of the most successful female singers in history, releasing a string of chart-topping albums and singles.
According to recent figures her album sales alone have topped more than 200 million while her most recent world tour, 2006's "Confessions Tour," was the highest-earning tour by a female artist.
Madonna is widely regarded as the world's highest-earning female singer while Forbes magazine estimated her worth at 325 million dollars, in its ranking of the wealthiest women in entertainment.
（英语点津 Celene 编辑）