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KORN - To Test New Business Model On Upcoming Tour
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 â€” 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
"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 â€” 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."