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Business News Deals Labels & Publishers
One Direction to stay at Syco; sign three-year megadeal
By Aly Barchi | Published on Monday 30 September 2013
One ‘1D’ Direction have renewed their deal with Syco via a new three-year, three-LP, £10 million gentlemen’s agreement, says The Sun. This is three LPs in addition to the band’s third album, ‘Midnight Memories’, which is released 25 Nov. So that’s quite a lot of ‘1D mania’ still to manifest itself, isn’t it? Three years. Imagine.
Skirting the deal’s inner detail, a Syco rep said: “Simon Cowell and One Direction are delighted to confirm they have agreed to continue their hugely successful relationship with a new long-term agreement with Syco. Simon and the band look forward to many years of continued success together”.
Yes, bravo them. Sensationalising a bit, an ‘insider’ then revealed via the tab: “This is a big deal for Simon and the lads. It shows confidence that they have a long-term future and that a split or members going solo is highly unlikely. It’s worth a lot of cash too. They’ll get a big upfront payment worth millions then much more from record sales, tours, brand tie-ins and merchandise”. So, quite the multi-revenue stream deal then.
