Madonna is poised to sign a new music deal worth somewhere north of $120m, and following in the footsteps of Prince, Radiohead and Nine Inch Nails, she’s turning her back on the major record labels. The deal with entertainment promoter Live Nation Inc will see Madge recording 3 albums, but it looks like the real money is in the touring. She’s leaving Warner, the label she’s been with since 1984.

Jazzy Jeff once said to me, “I know a lot of artists that make music with out record labels, but I don’t know any records labels that made music without artists.” I think at this point it’s safe to say 2007 was the year artists reclaimed power in the music business, power that was rightfully theirs.