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Jay-z Inks $150 Million Deal With Live Nation - Music/Radio - Nairaland

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Jay-z Inks $150 Million Deal With Live Nation by buckeye(m): 6:35pm On Apr 05, 2008
When it comes to Jigga, someone should invent a language called money, because that's all the man speaks lately.

After leaving his job as president of Def Jam a couple of months back, many have been grasping at straws trying to guess Jay-Z's next move. Now the speculation has ended: Hov's choice has been made, according to The New York Times.

Hova has inked a $150 million deal with concert giant Live Nation. According to reports, the deal includes 'financing for his entertainment venture, in addition to recordings and tours for the next decade.' The deal is one of several for Live Nation, which aims to directly compete with the industry's music labels. As part of the deal, Live Nation will have access to not just CD sales, but a larger share of an artist's overall revenue.

Live Nation, known mainly for major rock and country tours, is making its first major foray into the hip-hop genre after inking a deal with Madonna last year that's reputedly worth about $120 million over 10 years. According to their latest agreement, Jay-Z will receive financing from Live Nation for the start-up of a venture described as an 'umbrella for his outside projects, which are expected to include his own label, music publishing, and talent consulting and managing.' Live Nation will also contribute $5 million a year in overheads for five years, with another $25 million being made available to fund the rapper's other acquisitions or investments. The venture, known as Roc Nation, sees a split of profits with Live Nation.

The massive agreement also includes an upfront payment of $25 million, an advance of $25 million (which includes fees for his current tour with Mary J Blige), and an advance payment of $10 million an album for at least three albums during the course of the 10-year term. Other payments dealing with specific publishing, licensing and other rights will add up to approximately $20 million.

Jay-Z spoke briefly about the deal this week, noting that it has the potential “to reach the consumer in so many different ways right now. Everyone's trying to figure it out. I want to be on the front lines in that fight,” he said.

Jay also said that radio play wouldn't be necessary for his future as an artist: “In a way I want to operate like an indie band,” he said. “Play the music on tour instead of relying on radio. Hopefully we'll get some hits out of there and radio will pick it up, but we won't make it with that in mind.”

Live Nation's chairman Michael Cohl also addressed the matter. “He could be doing more tours and doing great. There could be endorsements and sponsorships.” He added, “The whole is what's important.”

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