Although I don't want to give any personal or financial details out…some of the points may interest some. Among the key points in the deal: It's actually a licensing arrangement via Jack White's cottage label, Third Man Records.
· It spans just the next two White Stripes albums. Standard major-label deals tie up acts for anywhere from three to seven albums.
· The band retains ownership of its master recordings--an arrangement almost impossible with major companies, and a major bone of contention between many artists and labels with an eye on growing digital distribution opportunities.
· The arrangement with Third Man gives Jack, in essence, an A&R and production role with V2, with opportunities for other Detroit acts he has been producing. (The first band signed was Whirlwind Heat)
"Initially, Jack and Meg didn't want to do any deal," says Ian Montone, the Stripes' Los Angeles lawyer, who has also been handling their managerial duties. "But presented with this, they were interested. And they really liked Andy. He understands where the band wants to go and wants to let them develop that." The attraction [to V2] goes beyond sales projections. "The [commercial potential] is a complete unknown, but you don't think about that with an act like this," Gershon says. "You sign them because of their knowledge of music, the fact that the three records they've done are amazing. They're proven. You want to put yourself in a position to succeed, and that overrode the money considerations. You don't want to put a band like this in a position where it needs to sell a million copies to recoup."
Jack: “A main factor in the discussion is that we have entered into a record contract which actually gives us total control over the music: I produce all the music, we totally do the complete album. The American and European record companies who represent us releases exactly what we have given to them. We are involved in all decisions regarding how we are presented. We even give them ready made covers.”
2.25 A Little About Their Contract with V2
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