The Madonna Live Nation deal was first reported in the WSJ ($) last week. The deal was described as “the latest seismic shift to rock the music industry.”

Two days later, the shift was seen as being seismically lacking, in the pages of that same newspaper:

While singer Madonna is still wrapping up negotiations for a $120 million, 10-year deal with concert-promotion company Live Nation Inc., Wall Street has reacted quicker than a ray of light to question the landmark accord — and make some cutting comments in the process.

“For $120 million, she’s all yours,” wrote analyst Michael Savner of Banc of America Securities.

The story has nothing to do with changes in the record business and everything to do with the fact that Madonna—like Paul McCartney, and like whatever other boomer idol is in the news next week cutting a deal with Starbucks—doesn’t sell any records.

Madonna deserves whatever money she can get for hauling her tired-ass act on the road, of course. This story is all about moving the money around: She’s getting her tour funds up front, and I’m sure she has accountants who can explain to her why it’s a smart thing to do financially. Fans, I’m sure, will see it differently, when two factors make a mark on her shows. First, the artist herself will no longer have the burden of creating what passes, in her world, for an innovative show. She’s already been paid, and it’s Clear Channel’s Live Nation’s job to monetize it. Look for ever-more-rote productions. Secondly, because the company has pretty obviously overpaid for Madonna’s services, the money-squeezing at Madonna shows will be even more pronounced than it is at a typical LN operation. The mersh will be more expensive; the rows of seating will be closer together; the ancillary advertising (like commercials on the video screens between acts) will be more prevalent; the food and parking will cost more; and there will be a lot more low-budget activity like corporate booths and people wandering around giving out free samples of crummy products in the arena walkways. (I’m sure some LN experts are dreaming up even more tacky things as well.)

Here’s Madonna herself spinning the deal in the Times today:

“The paradigm in the music business has shifted, and as an artist and a businesswoman I have to move with that shift. For the first time in my career, the way that my music can reach my fans is unlimited.”

Actually, of course, given her tanking record sales and worn-out welcome on radio and TV, precisely the opposite is true, but she’s nicely positioned to make more money than ever nonetheless.