It appears that Shakira is thisclose to finalizing a lucrative deal with Live Nation to release her next albums.
The mega-concert promoter is reportedly nearing a projected $60 million-deal with Sony to release the 35-year-old Colombian singer’s next three albums. The deal would give Live Nation a cut of the profits from Shakira’s sponsorships, merchandising and music recordings.
With Sony serving as distributor, the two companies would divide the sales, according to the New York Post .
Shakira—who just released the video for her latest single “Addicted to You” last week—originally signed a 10-year “360-degree” contract with Live Nation in July 2008 valued at between $70 million and $100 million
“Shakira is one of the few truly global artists. She can sell music and tickets in nearly every corner of the globe,” said Live Nation’s global music chief about the previous contract, which related to touring and other rights.
But Live Nation never developed the ability to record and distribute albums, according to the Post, so it has had to team up with traditional record companies to make its “360 deals” work.
In recent years, Live Nation has brokered similar deals with Jay-Z and Madonna. Most recently, Live Nation brokered an estimated $30 million deal with Universal Music Group to distribute Madonna’s latest album, MDNA.