Mariah's $20 million deal
Mariah Carey has signed a three-album deal with Island Def Jam, home to Ja Rule, Ashanti, Sum 41, and Bon Jovi. The new contract, said to be worth more than $20 million, comes just five months after Carey's highly publicized split with Virgin Records raised doubts about her future. While the money is substantial - and includes funding for her own custom record label - the entire contract works out to be nearly $1 million less than Virgin reportedly paid Carey for a single album and $8 million less than the company paid to buy her out of her contract after that record, "Glitter", tanked.
"America loves a Cinderella-Judy Garland story," says Lyor Cohen, president of the Island Def Jam Music Group, "and this is shaping up to be one." Cohen's optimistic view of Carey's future was apparently shared by other labels - Elektra, Warner Bros., and J Records all reportedly made serious bids to sign the singer.
Carey's first new album is expected before the end of the year, and she has already begun working on tracks with producers including Jermaine Dupri, and Jimmy Jam and Terry Lewis. A crucial question inside the industry has been how much artistic control Carey was willing to concede. Many attributed the "Glitter" debacle to the complete control Virgin granted her, or to the artistic isolation that followed her divorce from Sony Music chief Tommy Mottola. Cohen says he'll work to create a supportive environment for Carey: "Artists deserve to have a commitment on the part of their labels and to build a trusting relationship. She hasn't had it in a very, very long time."
Island Def Jam's parent company, Vivendi Universal, will also be paying close attention to the overseas markets, where Carey has traditionally earned half her sales. Carey has been a strong seller in Japan, Great Britain, France and Germany, which are the four largest foreign record markets: One good-size international hit could make the deal look like a bargain. Jorgen Larsen, chairman of Universal Music International, sees little lasting damage from "Glitter", terming it "a temporary hiccup". Vivendi is keen to expand Carey's audiences in Eastern Europe and Latin America. Carey's new custom label will also give her the opportunity to produce and release recordings by other artists. "There are endless possibilities," says Jerry Blair, the executive in charge of the singer's label. But, for the moment, he adds, Carey's company has one mission: "Our first focus is her next recording." (Rolling Stone) Many thanks to Mariah Buzz.
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