
Hey young world,
Sorry for the late post, I had a long day. Since I don't want to divulge where I was tonight (I'm not sure if it's ethical to do that), I figure I hit you with some interesting news. Apparently Jay-Z has acquired a nice *cough* $150 million package with Live Nation. You know you're major when you're doing business with a company who's main partners are U2 & Madonna:
Live Nation’s core business has revolved around major rock and country tours, and with Jay-Z it is making an unexpected foray into hip-hop. The company is also placing an enormous wager on a performer who, like many others, has experienced declining record sales. (Last year’s “American Gangster” sold one million copies in the United States; “The Black Album,” from 2003, sold well over three million.)
But the arrangement would also position Live Nation to participate in a range of new deals with Jay-Z, one of music’s most entrepreneurial stars, whose past ventures have included the Rocawear clothing line, which he sold last year for $204 million, and the chain of 40/40 nightclubs.
Jay-Z, 38, whose real name is Shawn Carter, owes one more studio album to Def Jam, where he was president for three years before stepping down in December after he and the label’s corporate parent, Universal Music Group, could not agree on a more lucrative contract.
His first undertaking with Live Nation is his current 28-date tour with Mary J. Blige, his biggest live outing in more than three years. After that, Live Nation envisions integrating the marketing of all Jay-Z’s entertainment endeavors, including recordings, tours and endorsements.
“I’ve turned into the Rolling Stones of hip-hop,” Jay-Z said in a recent telephone interview.
Talk about staying relevant. Personally, I think Live Nation is the future. The minute I found out about Madonna signing with them back in '07, I knew Live Nation was on to something. Their emphasis is on live shows and there's no better way to reach your fans than touring.
I have this fundamental belief that as long as we are human, we have this innate desire to be engaged. In the 24/7 media age that we live in, entertainment undoubtedly remains a solid part of it. However, despite the advancements made in technology, the power of live show remains an unquestionable force. In many early civilizations, the storyteller was considered one of the most prominent figures in the community. In Africa they had griots, Greece had dramas, and to this day Broadway still remains popular (if not ridiculously expensive). So with that said, I think this is definitely something to pay attention to and maybe slowly changing the face of music.
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