Published Apr 03, 2008Following in the footsteps of Madonna and U2, superstar MC Jay-Z is on the verge of closing a deal with Live Nation (and squeeze Beyonce), which will mark one of the biggest music contracts ever signed. The package with the concert-promotions giant will be for roughly $150 million, the New York Times reports, and will include financing for Jay-Zs own entertainment venture, as well as recordings and tours, for the next decade.
Yes, a ten-year deal with the ever-powerful company thats wrapping up all the facets of music: labels, recordings, concert tickets, merchandise, and utter control of each and every aspect of an artists career, into one nice, profit-driven package.
However, in a sense, its Live Nation thats taking the bigger gamble with Jay-Z, whose last album, 2007s American Gangster, met lukewarm response and sales figures, selling only one million copies in the U.S. compared to 2003s The Black Album, which moved well over three million units.
Nevertheless, with the self-proclaimed Brooklyn hustler-turned-entrepreneurial star, Live Nation would gain access to his massive umbrellas of outside projects, such as his own label, publishing company and talent consulting and management firm. The Times said Live Nation is expected to contribute $5 million a year in overhead for the next five years, with another $25 million to be put towards financing the rappers various investments. The venture outlined in the proposed deal, which could be finalised by the end of the week, would be called Roc Nation, and would split profits with the Live Nation.
Overall, the package finds Jay-Z receiving an upfront payment of $25 million, an advance of $25 million for his current tour, and advance payment of $10 million an album for a minimum of three albums during the deals ten-year lock-in.
Well, now that your head is spinning with all these dollars and cents, here is what Jay-Z had to say: "Ive turned into the Rolling Stones of hip hop.
Jay-Z "Roc Boys (And the Winner Is)