It's official that Jay-Z will continue his long-standing touring partnership with Live Nation. The entertainment mogul has signed a deal which covers his worldwide touring that is produced and promoted by the company. Although the financial records hasn't been unveiled, the renewed deal is reportedly worth 200 million dollars.
"Live Nation and I entered unchartered territory in 2008. Over nine years, we have traveled the world producing historic music experiences," Jay-Z said in a statement. "[Live Nation president and chief executive officer] Michael Rapino is an industry visionary, and this renewed partnership is a testament to out longstanding relationship and the talented individuals at Live Nation. For the next 10 years, we will continue redefining the live event landscape."
The deal was made because their initial 10-year agreement is coming to an end. "Jay-Z is one of the world's preeminent touring artists. This strengthens the creative and business partnership of someone that continues to expand his touring base and reach," Michael Rapino said in a statement.
Their last touring deal was signed in 2008. It was worth 150 million dollars and covered three albums, publishing and other assets. The deal also helped launch Jay-Z's label Roc Nation as a joint venture between the two parties. However, the new deal will only focus on the rapper's shows and concerts.
For Jay-Z's fans, the new deal is surely a hope for the rapper to re-enter the hip-hop world as a performer after his extended hiatus. His latest album was 2013's "Magna Carta... Holy Grail". Although the deal doesn't cover new album, Jigga surely makes his way back to music as he has announced his appearance on a number of festivals this year.