Music News
Madonna signs ground-breaking record deal
Wednesday 17 October 2007
In a radical departure from the traditional route, the pop star has opted for an all-in-one agreement with the tour company, which will have a stake in her albums, tours, merchandising, films, and other projects.
The deal is rumoured to be worth $120m (€84m) over 10 years and ends her 25-year relationship with Warner Music.
In a joint statement issued by Madonna and Live Nation, she said: "The paradigm in the music business has shifted and as an artist and a businesswoman, I have to move with that shift.
"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's President and Chief Executive Officer Michael Rapino said: "Our partnership is a defining moment in music history. 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."
Madonna will be required to deliver one more studio album for Warner Music and a greatest hits record.
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