Shakira is close to signing a $60 million contract with U.S. concert promoter Live Nation and record label Sony to release the artist’s next three albums, reports newspaper the New York Post.
The two companies will split sale profits, with Sony acting as the distributor. The contract will give Live Nation a cut of the revenue from merchandise, sponsorships, recorded music and touring, according to the New York Post.
Because Live Nation does not have in-house capabilities to record and distribute albums so it teams up with established record labels in order to receive full profit from deals with artists.
This is not the first time the Colombian pop star has signed a multi-million dollar deal with Live Nation. In 2008 Shakira left Sony’s Epic label to sign a 10-year contract estimated between $70 million and $100 million.
Shakira is joining the likes of Madonna and Jay-Z by forgoing traditional record company contracts and signing huge deals with the U.S. based company.
In December Live Nation signed a $30 million contract with Universal Music Group to distribute Madonna’s most recent album “MDNA.”
Shakira released her latest music video for the single “Addicted to You” last week from her seventh studio album “Sale el Sol,” released in 2010. She is expected to release a new album this year.