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Madonna signs radical record deal Madonna signs radical record deal
(40 minutes later)
Madonna has signed a recording and touring deal with concert promoter Live Nation, ending her 25-year relationship with record label Warner Music. Madonna has signed a ground-breaking recording and touring contract with concert promoter Live Nation.
The ground-breaking deal is reported to be worth $120m (£59m) over 10 years. She is the first major star to choose an all-in-one agreement with a tour company over a traditional record deal.
The contract will allow Live Nation to distribute albums, promote tours, sell merchandise and license her name. It gives Live Nation rights to all her music-related projects - including new albums, tours, merchandise, websites, DVDs, sponsorship, TV shows and films.
The pop star, 49, has been with Warner Music for her entire career. She has sold 200 million records and CDs since her 1983 debut album. The deal, reported to be worth $120m (£59m) over 10 years, ends her 25-year relationship with Warner Music.
The deal covers all of Madonna's future music-related activities - including tours, three new albums, merchandise, her website, DVDs, sponsorship and films. The pop star, 49, has been with Warner Music for her entire career, during which time she has sold 200 million records and CDs.
For the first time in my career, the way that my music can reach my fans is unlimited... with this new partnership, the possibilities are endless MadonnaFor the first time in my career, the way that my music can reach my fans is unlimited... with this new partnership, the possibilities are endless Madonna
Madonna, who will be the first performer in Live Nation's new Artist Nation division, said the deal offered her the chance to take advantage of new models of music distribution. Madonna, the first performer in Live Nation's new Artist Nation division, said the deal offered her the chance to take advantage of new models of music distribution.
"The paradigm in the music business has shifted and as an artist and a businesswoman, I have to move with that shift," the singer said."The paradigm in the music business has shifted and as an artist and a businesswoman, I have to move with that shift," the singer 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.""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."
NEW TYPES OF RECORD DEAL Radiohead - Released their new album as a download from their website and told fans to choose how much to payPrince - Gave his latest CD away with the UK's Mail on Sunday newspaper and at gigsSir Paul McCartney - Signed a deal with record label owned by Starbucks, which sold his new album in its coffee shops Madonna has become a shareholder in the company, the statement said, but further financial details were not provided. NEW TYPES OF RECORD DEAL Radiohead - Released their new album as a download from their website and told fans to choose how much to payPrince - Gave his latest CD away with the UK's Mail on Sunday newspaper and at gigsSir Paul McCartney - Signed a deal with record label owned by Starbucks, which sold his new album in its coffee shops
Live Nation chief executive Michael Rapino said they had created a "new business model for our industry".
"Madonna is a true icon and maverick as an artist and in business," he said. "Our partnership is a defining moment in music history."
Madonna has become a shareholder in the company, the statement said, but further financial details were not provided.
She must still make one more album for Warner, due next year.She must still make one more album for Warner, due next year.
Warner will also retain the rights to sell and license her back catalogue of hits such as Like a Virgin and Music. Warner will also retain the rights to sell and license her back catalogue of hits such as Like a Virgin, Vogue and Music.
Traditionally, companies like Warner Music Group have focused on recorded music, while other firms have arranged tours, managed artists and sold merchandise. It shows the music industry is being less record-centric Jean-Bernard LevyChief executive, Vivendi Traditionally, companies like Warner Music Group have focused on recorded music, while other firms have arranged tours, managed artists and sold merchandise.
But shrinking CD sales have led artists and entertainment companies to consider wide-ranging deals that bring all activities under one roof, helping cross-promotion and boosting profit margins.But shrinking CD sales have led artists and entertainment companies to consider wide-ranging deals that bring all activities under one roof, helping cross-promotion and boosting profit margins.
Jean-Bernard Levy, chief executive of Universal Music Group's parent company Vivendi, said the music industry was at a turning point.
"It shows indeed the music industry is being less record-centric," he told the Reuters news agency.
"It used to be just focused on the record and everybody thought all the rest was just promotions in order to sell records.
"Now it's a more balanced business where you have records, TV shows, merchandise, touring revenues and so on."