The devaluation of the recorded music commodity under digitalization has destabilized the recording industry. One primary record industry response is the new “360 deal” form of the recording contract. By securing rights to individual acts’ live performance, music publishing and licensing, and merchandizing activities, this new deal expands record companies’ access to more profitable fields of music industry activity (if in piecemeal fashion). We examine the context, evolution, and varieties of the 360 deal, and argue that it re-secures record industry profitability and further stratifies the population of recording artists by shifting risk onto performers.