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Korn inks unique concert deal
Rap-metal act Korn said today it has formed a joint venture with Live Nation, the concert promotion giant recently spun off by Clear Channel Communications.
The deal gives Live Nation a stake in the band's box office, licensing, publishing, merchandise, and CD revenue for its latest album, See You on the Other Side, which was released December 6, and its next album. Live Nation paid Korn roughly $3 million for that stake, according to the New York Times.
"This deal allows [Live Nation] to focus not just on selling concert tickets, but on fully investing in the Korn brand," Jeff Kwatinetz, CEO of Korn's management company, The Firm, said in a statement. "We believe this venture will pave a new way of doing business for musical artists in the future."
The deal continues Korn's unorthodox approach to the economics behind album and concert promotion. In September it signed a deal with label giant EMI to share in the band's overall revenues, and the combined deals with Live Nation and EMI mean the three parties will eseentially share revenues out of the same pot.
"Our partnership with EMI really opened our eyes that there are other ways to succeed in the music business that don't involve always fighting with our record company," Korn frontman Jonathan Davis said in a statement. "They want what we want and we couldn't be happier. We expect that adding Live Nation to our team will also have a real impact on our careers."
See You on the Other Side has sold an estimated 530,000 copies in the US. The band plans to set out on a lengthy concert tour in the next six to eight weeks.
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