The deal comes less than a week after Sony acquired half of the work left behind by Michael Jackson and signals a trend in the music market
British singer and songwriter Rod Stewartfamous for hits like Maggie May AND Navigationsold the rights to his music catalog for a value close to 100 million dollars (R$ 497 million), reported on Thursday (15) the The Wall Street Journal.
According to the newspaper, Irving Azoff’s Iconic Artist Group has acquired Stewart’s rights to his music catalog, recordings and images.
The agreement stipulated between Stewart and the group reinforces a trend in the music market, which has attracted more and more investors interested in the royalties generated by artists and the works they produce.
So much so that news of the sale comes less than a week after Sony announced a deal in which it would acquire half of Sony’s music catalog and recordings. Michael Jackson.
However, the details of the negotiations regarding the King of Pop’s inheritance are not known to the newspaper The New York Times claims that Jackson’s assets are valued at $1.2 billion (R$5.96 billion), which may have resulted in the record company paying at least $600 million (R$2.98 billion).
In recent years, numerous artists have swapped their catalogues, including Bob Dylan, Bruce Springsteen, Stevie Nicks and Neil Young. Owners of the rights to a song receive money from radio play and airplay, album sales, and its use in advertising or films.
Source: Terra
Earl Johnson is a music writer at Gossipify, known for his in-depth analysis and unique perspective on the industry. A graduate of USC with a degree in Music, he brings years of experience and passion to his writing. He covers the latest releases and trends, always on the lookout for the next big thing in music.
