Korn Nearing End of Record Deal

Launch Radio Networks reports: KORN will officially complete its innovative two-album deal with Virgin Records with the July 31 release of the band's eighth studio effort, "Untitled". The band signed with the label in 2005 and was given a $25 million advance in exchange for Virgin obtaining a 30 percent stake in KORN's merchandise and touring revenue, areas previously off-limits to record companies. KORN guitarist James "Munky" Shaffer told Launch that he would advise anyone starting a label to think about new ways to work with artists. "The record company obviously is changing drastically, and I would look at different ways of developing artists, instead of just a traditional record deal," he said. "You know, sign the band, give 'em money to record, put 'em on the road...I think in the future it's gonna be more about developing an artist, more than just record sales."

KORN's new album "Untitled" is due out on July 31.