Madonna is about to become the latest music superstar to defy the music industry’s traditional structure by exiting her longtime record label, Warner Brothers Records, for a lucrative deal that relies heavily on her longevity as a live-concert attraction.

Madonna is nearing an agreement with Live Nation, the concert promoter, that would pay her more than $100m in exchange for three albums and the exclusive rights to promote her concerts and to market her merchandise in a wide-ranging partnership, according to people briefed on the talks.