Clear Channel has cut another deal directly with a record label for both broadcast and digital ad revenue.
The new agreement is with Glassnote Entertainment Group, which represent artists like Mumford & Sons.
This is the broadcaster’s second agreement with a record label; the first was signed with Big Machine Label Group.
The details of the deal haven’t been released, however Clear Channel CEO Bob Pittman said the agreement creates a new business model that both companies believe will provide more money for artists and the labels “and more digital choices for the consumer.” The companies said the deal allows Glassnote and its artists to share in all Clear Channel’s radio revenue streams.
“We built Glassnote to be a next-generation music company that embraces change, including evolving technologies,” said Glassnote Founder/CEO Daniel Glass, who mentions the company’s “respect and love” for radio.
Pittman characterized Glass as a savvy music business veteran “who saw this was a great opportunity to help move the digital radio industry towards a more sustainable future.”