Valleywag
HP endorser turned Mac user Jay-Z is dumping his current label, Def Jam, where he held the title of president, for a $150 million deal with concert promoter Live Nation. The deal includes increased financing for non-music ventures, touring, and new albums. The massive falloff in record sales means the industry's top moneymakers, whose profits subsidize the discovery and marketing of new artists, are deserting the labels. And who can blame them? (Photo by ashbyyokosuka)
Jay-Z follows U2 and Madonna, signs with Live Nation -- yeah, the music industry is in tatters
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9:30 AM on Fri Apr 4 2008
By Jordan Golson
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3 comments
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A tipster takes issue with the post: "Jay-z hasn't "left def jam." They didn't give him a new contract for bullshit exec job where he didn't do anything.He's still signed to them for at least one more album. The story isn't music lables fucked. Its "why is live nation spending more than $300M to sign three old geezers" and why does the street hate the idea?"
@Nicholas Carlson: Why couldn't the tipster write that themselves? Also, I take issue with anyone who can't spell "labels" properly.
The answer to the tipster is that these aging stars make the most money on the road. Everyone else is fucking pinned under a label contract. This is the tip of the iceberg, and Live Nation will make its money back and more in a few quick tours.
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