The news is confirmed now. Madonna has entered into a global partnership with the Live Nation and is soon to become the founding artist in LN's new Artist Nation division. Michael Rapino, the Live Nation president on 16th October made the deal public. The superstar will receive a combination of both cash and stocks in this multi-media group in return for the rights to sell three studio albums, license her name and promote concert tours.According to Rapino, "The idea that an iconic artist like Madonna would pick a promoter to be a long-term partner with truly validates our business model". The deal is for a period of 10 years and would encompass all the future businesses of Madonna, including music and music-related businesses, new studio albums, merchandising, fan clubs/Web sites, touring, television and film projects and other sponsorship agreements. Michael Rapino further states that a lot of resources have been put in to build this Artist Nation division and that his team has been able to prove to Madonna the execution capacity at Artist Nation. Valued in published reports as worth $120 million, the deal has had its share of detractors. But Rapino states that the Wall Street is yet not aware of the implication of such a global deal. Fogel, producer of Madonna's last three worldwide tours, was the key broker in the deal. When asked about Madonna and her contractual obligations, Fogel says that Madonna is an immensely committed, creative and a competitive artist. She has delivered at all levels during her entire career and they are taking it forward from here. According to the Diva herself, this deal is a very exciting one and will make her fans connect with her in unlimited and unprecedented ways. She further goes on to state that the paradigm shift in the music industry is acceptable to her and she’s ready to go on with the flow. She finished the discussion by further adding that “Live Nation has offered me a true partnership and, after 25 years in the business, I feel that I deserve that."
By Fletcher Mak [ 22/10/2007 ][ viewed 43 times ]
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