LOS ANGELES, CA (EMI) - In a first of its kind for the music industry, Grammy-winning rock band Korn announced today that it is teaming up with Live Nation, the world's leading live entertainment company, in a unique, exclusive joint venture. The innovative set of deals expands on the unprecedented partnership Korn created with EMI
Music in September.
Under the agreements, Live Nation, EMI and Korn will partner in and share in the results of the band's overall career - including their recording, publishing, touring, merchandising, sponsorship, and other activities. All parties are incentivized financially and creatively to work with Korn's management company, Beverly Hills-based The Firm, to take a long-term approach to building the Korn brand. Each will use its diverse and significant expertise and resources toward the common goal of bolstering Korn's worldwide presence and value.
"This is about shifting power back to artists by finding strategic partners who are the best in their respective businesses and incentivizing them to work in unison to attain common goals consistent with the band's goals," said Jeff Kwatinetz, CEO of the The Firm. "We are thrilled to be in business with Live Nation and especially with its forward-thinking new CEO Michael Rapino. Not only is Live Nation a superb concert promoter, it is a stellar marketing, promotion and production company. This deal allows them to focus not just on selling concert tickets, but on fully investing in the Korn brand. We believe this venture will pave a new way of doing business for musical artists in the future."
"Creating a fan-focused industry will require new approaches and unconventional deals," said Michael Rapino, CEO of Live Nation. "In this new era, we're bringing our branding, concert industry expertise and resources and collaborating with the best partners for one clear objective - to foster long-term artist development. Korn's years of success in touring make them a natural partner for this kind of initiative."
Korn's Jonathan Davis said: "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. They want what we want and we couldn't be happier with Virgin, EMI and David Munns. We expect that adding Live Nation to our team will also have a real impact on our careers."
"EMI was first to recognize the logic and potential of going beyond the traditional record label/artist relationship and creating partnerships that allowed us to be part of an artists' overall career," said David Munns, chairman and CEO, EMI Music North America. "We are delighted that Live Nation is also breaking the mold and joining with us. Live Nation's interests will be completely aligned with ours, and because Korn is one of the most electrifying live acts performing today, having Live Nation's concert expertise in the mix makes complete sense."
Live Nation's interest in the joint venture does not dilute EMI's investment.
