Madonna drops Warner Music for $120 million deal with Live Nation
AFTER A WEEK of speculation, Madonna has finally confirmed that she will be ending her 25-year business partnership with Warner Music for $120 million deal with Live Nation.
The 10-year deal, which will see Madonna become a shareholder of the company, will be a multi-album, touring and merchandising global partnership.
The first Madonna album through Live Nation is expected within two to three years, and a tour is likely in the next 24 months.
Shifts in music industry business patterns have urged music companies and artists to explore new relationships as traditional music sales drop rapidly. Fans are buying fewer CDs and are not buying enough digital music to make up for the shortfall.
In a statement explaining the move, Madonna said: 'The paradigm in the music business has shifted and as an artist and a business woman, 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. Who knows how my albums will be distributed in the future? That's what's exciting about this deal - everything is possible.'
She added: 'Live Nation has offered me a true partnership and after 25 years in the business, I feel that I deserve that.'
Warner Bros, the third largest music company in the world, congratulated Madonna on the new deal, but will still retain recording and publishing rights to her music.
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