- by Jason Gregory
- Wednesday, October 17, 2007
- Photo by: PR Photos
- filed in: Indie
Madonna has signed a revolutionary new record deal with the concert promoter Live Nation.
The deal – which is the first of its kind - means that Live Nation’s, Artist Nation division, will now take control of all of the singer's music ventures, including, albums, tours and merchandise.
The new ten year contract is reported to be worth $120 million and brings to an end the singer’s twenty-five year relationship with Warner Music, reports the BBC.
Speaking about the deal, Madonna said that the possibilities with the new partnership are “endless.”
She added: “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.”
Despite the new deal, Madonna’s contract with Warner stipulates that she must make one more album for the label. Reports suggest that it will be released in the New Year.
Warner will still retain the rights to the singer’s extensive and hugely successful back-catalogue.
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