Madonna has signed a multi-album, touring and merchandizing global
partnership with Live Nation Inc. Tuesday, according to a company
statement Tuesday.
The deal was officially announced in a joint statement by Live
Nation and the Material Girl and was estimated to be worth US$120
million over 10 years including a three-album commitment, media
reported.
The partnership between Madonna and Live Nation encompasses all
of Madonna's future music and music-related businesses, including
the new studio albums, touring, merchandizing, fan club/website,
DVDs, music-related television and film projects and associated
sponsorship agreements.
Madonna made her move after her longtime record company, Warner
Music Group Corp., refused to match the terms of the Live Nation
offer.
Madonna said in the statement that she was drawn to the 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.
Live Nation has offered me a true partnership, and after 25 years
in the business, I feel that I deserve that."
Los Angeles-based Live Nation said the deal will see Madonna
become a shareholder in the company though financial terms were not
released in the statement.
For Live Nation, the signing of Madonna was part of a push to
forge similar deals with a range of artists, from superstars to
emerging talent, under its new Artist Nation division.
"Madonna is the first step to making Live Nation into the
next-generation music company," Live Nation CEO Michael Rapino said
during an investor conference call. "We believe it should help
attract additional artists."
Madonna has been with Warner Music for 24 years, recording first
for Sire Records and, since 1990, for Warner Bros. Warner Music
congratulated Madonna in its own statement.
"She is one of the most remarkable artists of our time," the
company said, reminding her fans that Warner Music will still issue
her next album and owns her catalog of recordings from the past 25
years.
(Agencies via Xinhua?October 17, 2007)
