Just a week after Live Nation chairman Michael Cohl was forced out for wanting to do more 360 deals, Live Nation is apparently days away from announcing…another 360 deal. This time, its a $70 million agreement with Shakira.
The New York Post: Though Live Nation and Shakira have been in talks for about 10 months, sources said after last week’s negative press, CEO Michael Rapino wanted to move quickly to finalise the deal as a way to reassure employees [that] he was committed to the Artist Nation strategy.
We’ve always been surprised by rumours that Shakira was Live Nation’s next target. After all, she’s not nearly as iconic an artist as Madonna or Jay-Z, but apparently her concerts are a big draw outside the US:
But sources said Live Nation isn’t banking on Shakira’s album sales or even domestic touring to make the deal work.
Aside from US cities with large Hispanic populations, sources said, Shakira lacks the built-in fan base that Madonna and Jay-Z enjoy in the US.
Rather, sources said Live Nation views Shakira as a top-level international touring draw, particularly in Latin America, where she routinely sells out stadiums.
As one source put it: “Shakira’s numbers outside the US are crazy stupid.”
These sources said Live Nation expects Shakira to continue growing her international audience and is banking on her to be their Latin music pillar, much like Madonna is for pop and Jay-Z is for hip-hop.
Still, if Live Nation is really just signing Shakira because of the success of her tours, why wouldn’t they simply do a concert deal?
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