Singer, composer, Oscar winner Bruce Springsteen sold the rights to his entire catalog of songs to the music division of Sony. The amount of the deal, which should be closed one of these days, will exceed $ 500 million. This is an absolute record for a solo artist.
Records that Sony will now generate revenue from include the 15-time platinum album Born In The USA and the 5-time platinum disc The River.
According to the Izvestia columnist Sergei Uvarov, there will be more and more such deals.
“Streaming revenue is constantly growing. Moreover, not only new recordings are in demand, but also rock classics. Spotify recently announced the top most listened to artists of decades past, with rock musicians leading the way. Therefore, even if in the short term the amounts seem astronomical, they will be systematically fought back. It should also be borne in mind that songs can be monetized not only through streaming, but also through licensing for use in films, TV shows and advertising, re-releasing them on vinyl (also a very profitable direction), and so on, ”Uvarov said.
Previously, the catalog of their songs was sold by Bob Dylan ($ 300 million) and the Red Hot Chili Peppers ($ 140 million).
Source: IZ
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
