Madonna named top-earning musician of 2008

Los Angeles, February 13:US pop music icon Madonna is the biggest moneymaker in the music business, earning a massive $242 million in 2008 alone, according to annual rankings by Billboard Magazine.

The 50-year-old pop superstar has topped Billboard’s latest Music Money Makers List, beating other music veterans such as Bon Jovi, Bruce Springsteen, The Police and Celine Dion.

According to the list, Madonna has generated $242,176,466 worth of revenue over the past year, thanks to her highest-earning Sticky and Sweet concerts that took place last year.

In 2007, the “Queen of Pop” entered a landmark $120 million, 10-year deal with Beverly Hills, California-based concert promoter Live Nation Inc. (NYSE: LYV), under which the company gets a share of the revenue generated from Madonna’s album sales, concert tickets, videos, merchandise and other projects.

The top five acts on Billboard's Moneymakers list generated the revenue most on tour, according to Billboard Boxscore. “Regardless of genre, retail sales or radio play, each of the 20 acts on Billboard's Moneymakers list toured in 2008.

“For almost all of them, touring generated the most revenue. And in a year when recorded-music sales declined yet again, many earned more at the box office than ever before.”

“People call the music business the record business, but it’s not,” Rob Levine, Billboard’s executive editor said in an interview. “Touring revenue drives the train here. For artists, recorded music sales have become almost extra income.”

The complete 2009 Music Money Makers List:
1. Madonna: $242,176,466
2. Bon Jovi: $157,177,766
3. Bruce Springsteen: $156,327,964
4. The Police: $109,976,894
5. Celine Dion: $99,171,237
6. Kenny Chesney: $90,823,990
7. Neil Diamond: $82,174,000
8. Rascall Flatts: $63,522,160
9. Jonas Brothers: $62,638,814
10. Coldplay: $62,175,555
11. The Eagles: $61,132,213
12. Lil Wayne: $57,441,334
13. AC/DC: $56,505,296
14. Michael Buble: $50,257,364
15. Miley Cyrus: $48,920,806
16. Taylor Swift: $45,588,730
17. Journey: $44,787,328
18. Billy Joel: $44,581,010
19. Mary J. Blige: $43,472,850
20. Kanye West: $42,552,402

The figures on the Music Money Makers List, compiled by Billboard, the music magazine owned by Nielsen Co., a global information and media company, are based on sales from artists’ touring, albums, digital downloads and ring tones.