The Wall Street Journal is reporting that pop diva Madonna is close to leaving her record company contract (after one more album due to Warner Music) for a $120 million deal with concert-promotion giant Live Nation Inc.
The 10-year contract with Live Nation, gives Madonna money & stock for the rights to sell 3 albums, promote concert tours, sell merchandise and license her name. This would be yet another major chunk of armor removed from the formerly formidable music industry. As I mentioned earlier this week, the middleman is quickly being removed from the equation. Other examples of major music artists going it alone without a record contract include Radiohead, Nine Inch Nails, Oasis, Jamiroquai and the Charlatans.
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