On this day, 3 April 2008, Jay-Z joins Madonna and U2 in signing a huge contract with Live Nation; he scores a 360 deal that includes his own label Roc Nation.

A 360 deal extends beyond a traditional recording contract, with the company agreeing to provide financial support to the artist in all areas of music production and promotion – including publishing, recording, touring, and marketing – with the guarantee of receiving a higher percentage of profits from the various revenue streams. It’s an enticing proposition in an age where artists can’t rely on income from record sales alone. With Jay-Z’s new multi-million dollar deal with Live Nation, he resigns as president and CEO of Def Jam Recordings, where he had launched the careers of hot R&B artists like Rihanna and Ne-Yo, and forms Roc Nation. The entertainment company will manage a slew of artists, like Big Sean, Kanye West, Dami Lovato, and Shakira, while also functioning as a record label. One of the first signees to the label is British singer Rita Ora.