Did Shakira Get Shafted? Her $60-Million Distribution Deal With Live Nation
A couple of weeks ago, Shakira walked away with four Billboard Latin Music Awards, including Female Artist of the Year in both the songs and album categories, all despite the fact that her last record, Sale el Sol, was released nearly two years ago.
Clearly, her international popularity has hit an all-time high. And soon, so will her net worth.
According to the New York Post, Live Nation is close to finalizing a projected $60-million Shakira deal with her former label, Sony.
The Colombian pop star and Live Nation have actually been in business since 2008, when she left Sony Epic for a lucrative ten-year deal with the entertainment company. The latest, however, focuses on distribution.
The way it'll work, Live Nation and Sony will partner for Shakira's next three records, splitting sales profits while the entertainment company also gets a cut from sponsorships and merchandise.
In 2008, Jay-Z signed a similar $150-million agreement that gave the promotion giant rights to Jigga's recordings and tours for a decade. Meanwhile, Madonna and U2 also scored almost equally lucrative Live Nation paydays, raising the question: Did Shakira Get Shafted?
Get the Music Newsletter
Keep your thumb on the local music scene each week with music news, trends, artist interviews and concert listings. We'll also send you special ticket offers and music deals.