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Thursday, April 03, 2008

What do these two have in common? $$$$$$$$$$$

As you may have heard by now, today's New York Times reports that Jay-Z is "on the verge" of closing a multi-million dollar deal with Live Nation, which would tie albums, concerts, and any other business ventures that Jay-Z has the slightest desire to carry out into one neat, Live Nation-financed package (“I’ve turned into the Rolling Stones of hip-hop,” Jay-Z says). Now, we're all for Jay-Z, especially now that he's in cahoots with his old pal Mary J, on a tour that hits TD Banknorth tonight, but his tone in the article is borderline annoying. From the article:

"The overall package for Jay-Z also includes an upfront payment of $25 million, a general advance of $25 million that includes fees for his current tour, and advance payment of $10 million an album for a minimum of three albums during the deal’s 10-year term, these people said. A series of other payments adding up to about $20 million is included in exchange for certain publishing, licensing and other rights. Jay-Z said Live Nation’s consolidated approach was in sync with the emerging potential 'to reach the consumer in so many different ways right now.'"

Wow, that's, like, a mind-boggling amount of money. Then, flip to page two for these follow-up statement:

"In a way I want to operate like an indie band," [Of course you do! Indie bands are SO HOT right now. -Ed.] 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."...Jay-Z, for his part, suggested that the string of stars to exit the major-label system would also signal to younger acts how to plot their careers.

Oh, okay. So, hey, all of you struggling indie bands out there! You've been going about this all wrong! Follow in Jay-Z's steps! Just pick up the phone and give a concert promoter behemoth a call, and boom! you'll be on your way.

-Caitlin E. Curran

  • OTD said:

    Yo, I know this is supposed to be all about capitalizm and stuff, but why is nobody mentioning how Jay signed this deal like the day before he's supposedly marrying Beyonce? Like, it's so obvioulsy the oh-shit-how'm-I-gonna-pay-for-this-wedding move.

    April 4, 2008 2:27 AM

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