Bruce Springsteen sells entire song catalogue to Sony in $500M deal – National

Bruce Springsteen sells entire song catalogue to Sony in $500M deal – National

Multiple Grammy winner Bruce Springsteen has bought his masters and music publishing rights to Sony Music in a deal price about US$500 million, leisure publication Billboard mentioned on Wednesday, citing sources.

The sale will give Sony possession of the rock music legend’s entire catalogue, together with 15-instances platinum album Born In The U.S.A and 5-instances platinum The River, Billboard reported.

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It is the most recent in a string of catalogue offers over the previous 12 months or so that features the music of David Bowie, Bob Dylan, Paul Simon, Stevie Nicks, Neil Young and Carole Bayer Sager.

Warner Music purchased worldwide rights to Bowie’s catalogue in September, and Dylan bought his again catalogue of greater than 600 songs in December final 12 months to Universal Music Group at a purchase order value broadly reported as $300 million. The hope is that songs provide a dependable, quick-rising earnings stream buttressed by the success of on-demand platforms like Spotify and Apple Music. Those companies hand most of their income to rights holders and should pay out every time a song is performed.

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Sony’s Columbia Records, the place Springsteen recorded his music, didn’t instantly reply to a request for remark. Representatives for Springsteen couldn’t be reached.

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With so many hungry hearts, it’s small surprise the market is getting frothy. While it’s unclear what valuation a number of Sony is paying Springsteen, London-listed Hipgnosis provides a benchmark for publishing rights. Its catalogue is valued at about 19 instances annualized web income, the corporate mentioned on Thursday, extra akin to a richly valued know-how firm than a media asset.

Granted, excessive progress justifies excessive valuations. But streaming could also be beginning to high out in the Western world.

Spotify’s subscribers will improve by 14 per cent subsequent 12 months and 12 per cent the 12 months after, utilizing the median Refinitiv estimate, in contrast with progress of round 30 per cent or extra earlier than the pandemic.

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Sony and others could due to this fact have to discover different methods to squeeze more cash out of their newly acquired songs, like getting them positioned in commercials or movies.

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