Shakira is teaming up with concert promoter Live Nation to sign a $60 million three-album deal with Sony Records.
Shakira actually left Sony in 2008 to sign a 10-year deal with Live Nation that was estimated to be worth between $70 million and $100 million. Apparently she's now back in this joint deal with her old label.
For such a giant and rich deal, did you know that Shakira released a new music video last week? She did, and it somehow slipped under the radar. Apparently that $60 million doesn’t cover good PR.
The new deal will give both Sony and Live Nation a 50% cut of all projects.
Shakira isn’t the first artist to ditch their label to sign deals with Live Nation. Madonna and Jay-Z have both skipped out on record labels to sign huge contracts with Live Nation. In 2007, Madonna signed a 10-year deal with Live Nation reportedly worth $100 million. Jay-Z signed a $150 million 10-year-deal with Live Nation.
Talk about signing your life away.
Dollar-to-dollar breakdown, Shakira is actually making more per album than Jay-Z and Madonna.
Her new music video for “Addicted To You” is off her upcoming eighth studio album. House music producer DJ Afrojack produced the album.