Shakira Close to Megabucks Deal with Live Nation
07/02/2008 - 10:49 ||
Now that they've seen what Shakira's hips can do, music conglomerate Live Nation wants to see what the rest of her can deliver. The Colombian pop star, who's single "Hips Don't Lie" catapulted to the top of the charts in 2006 and made her subsequent Oral Fixation tour one of the most popular in the last decade, is on the verge of signing a multimillion dollar deal with all-in-one music behemoth, worth close to $70 million according to the New York Post, though insiders say Shaki is worth quite a bit more.
Live Nation has burst out onto the music scene in the past few years by moving beyond their core business of touring and offering artists what they call "360-degree" deals, including merchandising, recording contracts, ticket sales and more. Traditionally, these elements were handled by numerous different companies. The most lucrative of these 360-degree deals was struck with Madonna, worth close to $120 million. Live Nation also has deals with U2 and Jay-Z, and plans to bring more A-list rockers into the fold in the coming years.
Though Shaki's deal with Live Nation is expected to close before the end of the year, she still owes her current record label, Epic Records, two more albums—one in English, the other in Spanish.
We're excited that it's raining money all around Shakira—turns out honesty is the best policy, after all.