- 31 Mar 08
U2 sign long term deal with American company.
U2 have agreed a 12-year contract with Live Nation, the American music promotion company who’ve been expanding into Ireland and the rest of Europe, and last year signed a $120 million ‘360 degree’ deal with Madonna covering all aspects of her career.
“This is more of a ‘270’ deal,” says an industry insider, “in that it covers touring, digital rights, merchandising and the U2.Com website, but not records or DVDs.”
“We've been dating for over 20 years now,” comments Bono, “and it's about time we tied the knot. We want a closer, more direct relationship between the band and its audience. We feel we've got a great website but we want to make it a lot better.”
Adds manager Paul McGuinness: “U2 are doing their best work right now, on record and in concert. The opportunity to integrate U2 and Live Nation's vision of the future is a great extension of our established business.”
Also breaking with industry convention are Groove Armada who’ve inked a one-year partnership deal with Bacardi – as in the famous rum company.
This includes the physical and digital release of a new EP, and the band’s participation in a series of B-Live events, which kick off in Miami on April 19.