Jay-Z is reportedly on the verge of signing one of the most lucrative music contracts ever inked. The expensive deal will encompass his own entertainment venture, as well as recordings and tours for the next decade.
Live Nation is expected to fund his new start-up venture which will include a label, music publishing, and talent consulting and managing. The New York Times reports industry sources as saying the company will contribute $5 million a year in overhead for five years, with another $25 million available to finance Jay-Z’s acquisitions or investments.
I’ve turned into the Rolling Stones of hip-hop,†Jay-Z said in a recent telephone interview.
Executives at major record labels have privately portrayed Live Nation’s artist deals as overly expensive retirement packages for stars past their prime. Live Nation has only invested in older acts who are closer to exiting the business rather than entering. This is just another scenario of Live Nation handing out hefty paychecks to older artists hoping to build a world wide presence and total value perception.
Newsletter