Live Nation's Can of Korn

There's no shortage of change in the music business lately, but a recent deal featuring a big concert company looms particularly large.

The move, made by the various parties involved in the management and promotion of heavy metal band Korn, marks a significant shift from traditional industry norms.

The Grammy-winning band, a staple for the leather and lace set in America, has teamed up with its label, London-based EMI and Live Nation(LYV Quote - Cramer on LYV - Stock Picks). The venture will see the parties work together to promote and share the band's bounty.

Under the agreement, Clear Channel(CCU Quote - Cramer on CCU - Stock Picks) spinoff Live Nation, Korn and EMI will all participate in the band's overall economic output. That includes recording, publishing, touring, merchandising, sponsorship and other activities. Financial terms were not disclosed, but sources say Live Nation put up $3 million and will receive some 6% to 7% of profits. A joint statement by the companies said that the joint venture does not dilute EMI's investment.

In the past, labels have participated in promotion and the selling of albums, while managers and venue operators have handled the concert scene. But if this deal is any indication, the game might be changing.

This is a highly transitional period for the music industry. In recent years it has been hit by rampant piracy and declining retail sales, trends the industry has been hard pressed to contain. The piracy situation seems to be improving in the Western world thanks to the U.S. Supreme Court's ruling against file-sharing service Grokster last year, and the concerted efforts of industry leaders to fight the scourge.

Still, pricing for music content remains a contentious issue on a number of fronts, with fights looming over what satellite operators are willing to pay for music (not much) and at what price points others, such as Apple (AAPL Quote - Cramer on AAPL - Stock Picks), are selling.

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