Just wondering, today on Warner Music Group’s call they talked about moving away from 360-degree deals. Have you seen that in the marketplace? What are you noticing when you’re talking to the artists about these deals?

Michael Rapino

There’s a lot of talk on what is a 360 deal. We don’t really use that terminology.

We’re in a very different business model than the records’ 360 model. We business model is because we have the infrastructure, we have a merchandise company, we have a fan club company, we have a ticket company, a sponsorship division, a fan club, a VIP division, our goal is just to acquire all of those rights that we have infrastructure for to maximize our revenues.

So as we said, we’re going to sign over 1,000 rights this year, whether that’s a T-shirt, that fan club rate or a merchandise right. That’s our core strategy. Every now and then the Madonna’s and the U2’s will look to us and say, "We’d like to do all of that, and let’s do it for a long-term period." And if the economics work for our pipe, then we’ll look at that model.

As much press as we’ve received, all of my intelligence tells me if you added up right now the record labels that I talk to, we have three what you would call 360 deals. I think they have somewhere in the 100 range on 360 deals because they’re doing them with every young artist that’s out there.