Rod Stewart, the singer whose hits embody “Maggie May,” is the newest artist to promote the rights to his music, The Wall Street Journal mentioned.
The paper mentioned Irving Azoff’s Iconic Artists Group acquired Stewart’s pursuits in his recorded music and publishing catalog, in addition to some rights to his title as likeness, for a tidy sum of practically $100 million.
News of the sale comes lower than per week after studies of a blockbuster deal reached by Sony to accumulate half of Michael Jackson’s recording and publishing catalog rights from his property.
Details of that transaction are scant, however studies from Billboard and The New York Times say it’s probably the biggest valuation of a single musician’s belongings.
The Times, citing folks briefed on the deal, mentioned it valued Jackson’s belongings at $1.2 billion or extra, a valuation Billboard mentioned meant Sony was paying not less than $600 million for the stake.
Music rights in recent times grew to become a scorching market after a flurry of gross sales that noticed the likes of Bob Dylan, Bruce Springsteen, Stevie Nicks and Neil Young money in on their catalogs.
The burgeoning market appeared to chill considerably, however the Stewart and Jackson offers are clear indications demand stays.
According to the WSJ, Azoff’s Iconic has raised greater than $1 billion in new capital to place in the direction of catalog acquisitions.
Music catalogues are enticing as an asset class that buyers see as having long-term worth within the age of streaming.
Owners of a tune’s publishing rights obtain a minimize in numerous eventualities, together with radio play and streaming, album gross sales, and use in promoting and films. Recording rights govern replica and distribution.
© 2024 AFP