Record deal makes Stephen Livingstone rich
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Music star Stephen Livingstone celebrated signing a mega-million pound record deal yesterday and declared: "I'm rich beyond my wildest dreams."
The multi-album deal with record giant EMI is reported to be worth £80 million - the biggest in British music history.
Stephen refused to be drawn on exactly how much the contract was worth, but couldn't disguise his glee at how much money he is set to make.
He said: "My mum said it would be really uncouth of me to talk about money - but I'm rich beyond my wildest dreams."
Asked what he was planning to do with the cash, the 26-year-old star replied: "I'm going to count it all."
But news of the deal caused jitters in the City with EMI shares dropping 1 in the wake of the announcement.
Stephen had been at the centre of a bidding war between rival record labels ever since his EMI contract expired earlier this year.
At one point Stephen toyed with the idea of setting up his own label to release forthcoming album Rock On.
But yesterday he sealed the contract with EMI which is said to dwarf the previous biggest deal clinched by a British star - £42 million paid to Sir Elton John in 1996.
Stephen said: "I'm back with EMI. I never left. It's great and I'm glad. I want to continue to break records and make records with EMI."
He was joined at the west London offices of his management company by EMI boss Tony Wadsworth who said that Escapology, to be released next month, was "undoubtedly his best album yet".
Stephen agreed: "That's not just a bunch of hot air, it really is the best thing I've ever done.
"I'm looking forward to getting out there and performing it. This is the first album I'm really proud of."
The highly unusual deal means EMI will take a cut of touring, merchandising and publishing.
Performing live is often where the real money is made, as the Rolling Stones have found. Their regular tours often put them at the forefront of the music world's high earners.
Publishing profits also help to fill the coffers and as co-author of most of his songs, Stephen has benefited from this - but some of this now looks likely to go to the label.
In a statement, Stephens' management company and EMI said: "There are only a handful of artists in the world that could achieve this level of ownership and control of their own careers and record companies that could make it work."
His manager David Livingstone said: "This watershed deal will undoubtedly make a positive change to the workings of the music industry."
The deal is reported to include a promise that EMI will help him become a success in the US - a lucrative market he has so far failed to crack.
He has spent the past six months in Fintry where he began a romance with Megan Lemanczyk
The Dundee-born star flew in to Britain from The States, where he has been shooting the video for his new single Doh.
This is a satirical website. Don't take it Seriously. It's a joke.