Fri:04-07-2008

- Shakira Signs Deal With Live Nation

Follows Path Of Jay Z, U2 and Madonna

Shakira is set to become a whole lot richer!   Reports have confirmed that the booty wiggling, hip shaking sensation is the latest mega star to dump her record label in favour of global concert promoter Live Nation, who has been signing marquee names for lucrative all-purpose contacts left, right and centre. 

Shakira still has two studio albums and a greatest hits collection to deliver under her old contract with Sony BMG, but neither Shakira's spokesman nor Live Nation could confirm whether she would still have to fulfill this deal.  Regardless, the touring element and other aspects of the Live Nation agreement will begin immediately. 

The 10 year deal, reported to be between $US70m and $US100m, will give the company rights to all the Columbian beauty's music-related projects - including new albums, tours, merchandise, websites and films.

One of the most lucrative pop stars in the world, the Latin pop diva has sold over 50 million albums worldwide. Earlier this year, business magazine Forbes listed her as the fourth richest female musician in the world banking $38m between June 2006 and June 2007. Only Madonna, Barbra Streisand and Celine Dion were ranked ahead of the singer.

The 31-year-old star follows in the footsteps of heavyweights Madonna, U2 and Jay-Z, who have signed similar deals with the firm.  The strategies of Live Nation pits the company against former partners like record companies and ticketing businesses which is predicted to have a huge ripple effect in the music industry. 

Madonna recently left her longtime label Warner Bros for the international touring giant whom she signed with for an undisclosed amount of money (if you believe the whispers it's about $US120m).  Her 10 year deal will encompass a similar deal to Shakira's - new studio releases, touring, merchandising, a takeover of the Madonna fan club and Web site, DVD releases, TV and film projects, sponsorships and licensing agreements regarding the Madonna name and brand.

"The paradigm in the music business has shifted and as an artist and a businesswoman, I have to move with that shift," Madonna said in a statement.

 "For the first time in my career, the way that my music can reach my fans is unlimited. I've never wanted to think in a limited way and with this new partnership, the possibilities are endless. Who knows how my albums will be distributed in the future? That's what's exciting about this deal - everything is possible. Live Nation has offered me a true partnership and after twenty-five years in the business, I feel that I deserve that."

If it's good enough for the Material Girl, then it's good enough for Shakira!  You go get dat dollar girl...

By Penny Newton

Catch more goss on our daily program "MTV News" by clicking through to Overdrive