They have long been accused of looking backwards for inspiration in their music, but Oasis were yesterday hailed as industry innovators as they signed an unusual joint-venture deal with their worldwide record label, Sony BMG.
The band, led by Noel and Liam Gallagher, had been tipped as one of the most likely supergroups to follow in the footsteps of Paul McCartney, Madonna and Radiohead and break from a major label to pursue the new opportunities created by shifting music business revenue models.
Oasis have a large and loyal fan base and much of their income comes from touring and licensing rather than record sales. But instead of signing with a live promoter, as Madonna did, or going it alone to release tracks over the internet, they yesterday signed a partnership deal between Sony and their own Big Brother Recordings.
Sony BMG said the deal was the first of its magnitude and "created a unique structure" whereby Oasis would release their next three albums plus their back catalogue on their own label, but share profits with Sony BMG.
Major labels have been forced to renegotiate the terms on which they deal with their biggest stars in the knowledge that they now have myriad other options that allow them to exert greater control over their rights.
"Oasis are in complete control of their destiny and could have chosen to sign with anyone - or even go it alone - so I am delighted that they have chosen to continue to work with us," said Sony BMG UK chief executive Ged Doherty.
"In addition this new arrangement will empower Big Brother to market and release not only the new albums but also the historic catalogue in many other countries of the world so that they can replicate the unparalleled sales and marketing record they have in the UK."
Alec McKinlay, partner in the band's management company Ignition, said it was "an imaginative and exciting arrangement" that would allow Big Brother the flexibility to partner with the best of the independent and major label operators around the world.
The band's seventh album is due for release this year. The group has sold more than 50m albums worldwide and holds the record for the fastest-selling album in UK chart history, Be Here Now.
The band, led by Noel and Liam Gallagher, had been tipped as one of the most likely supergroups to follow in the footsteps of Paul McCartney, Madonna and Radiohead and break from a major label to pursue the new opportunities created by shifting music business revenue models.
Oasis have a large and loyal fan base and much of their income comes from touring and licensing rather than record sales. But instead of signing with a live promoter, as Madonna did, or going it alone to release tracks over the internet, they yesterday signed a partnership deal between Sony and their own Big Brother Recordings.
Sony BMG said the deal was the first of its magnitude and "created a unique structure" whereby Oasis would release their next three albums plus their back catalogue on their own label, but share profits with Sony BMG.
Major labels have been forced to renegotiate the terms on which they deal with their biggest stars in the knowledge that they now have myriad other options that allow them to exert greater control over their rights.
"Oasis are in complete control of their destiny and could have chosen to sign with anyone - or even go it alone - so I am delighted that they have chosen to continue to work with us," said Sony BMG UK chief executive Ged Doherty.
"In addition this new arrangement will empower Big Brother to market and release not only the new albums but also the historic catalogue in many other countries of the world so that they can replicate the unparalleled sales and marketing record they have in the UK."
Alec McKinlay, partner in the band's management company Ignition, said it was "an imaginative and exciting arrangement" that would allow Big Brother the flexibility to partner with the best of the independent and major label operators around the world.
The band's seventh album is due for release this year. The group has sold more than 50m albums worldwide and holds the record for the fastest-selling album in UK chart history, Be Here Now.
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