British singer and songwriter Rod Stewartfamous for hits like “Maggie May,” is the most recent member of the club of artists who sell the rights to their music, The Wall Street Journal (WSJ) reported this Thursday.
The newspaper reported that Irving Azoff’s Iconic Artist Group acquired Stewart’s rights to his musical catalog, recordings and image for a sum close to 100 million dollars.
The news comes less than a week after Sony reached a deal in which it acquired half of the music and recording catalog of Michael Jackson.
They know each other There are few details about the King of Pop’s catalog transaction, but according to Billboard and The New York Times it is the largest asset valuation for a single musician.
The Times, citing sources familiar with the deal, said that Jackson’s assets would be valued at $1.2 billion, so Billboard estimates that Sony paid at least $600 million.
In recent years, music rights have become an attractive market after a string of artists who profited from their catalogs, such as Bob Dylan, Bruce Springsteen, Stevie Nicks and Neil Young.
The Jackson and Stewart deals hint that the catalog acquisition market is flourishing again after a period of cooling.
According to WSJ, Azoff’s Iconic has raised more than $1 billion in new capital for such acquisitions.
Music catalogs appeal to investors as assets with long-term value in the streaming era.
Owners of a song’s publishing rights receive money from radio play and airplay, album sales, and use in advertising or films. Recording rights provide ownership over reproduction and distribution.
Source: Ambito
I am an author and journalist who has worked in the entertainment industry for over a decade. I currently work as a news editor at a major news website, and my focus is on covering the latest trends in entertainment. I also write occasional pieces for other outlets, and have authored two books about the entertainment industry.
