Bruce Springsteen in talks to sell album catalog and publishing rights
Bruce springsteen is in negotiations with Sony Music to eventually sell the rights to its recorded music as well as its publishing catalog, according to several reports.
Variety reports that discussions have been going on for months and the deal for Springsteen’s album catalog is nearing completion. The two sides are not as far advanced when it comes to The Boss’s edition catalog.
Springsteen has worked with Columbia Records (acquired by Sony Music in 1991) since he signed his first recording contract in 1972. At some point during his career contract negotiations, Springsteen acquired the rights to his music from of the label. This decision likely cost Springsteen money at the time, but it’s probably about to pay off.
If and when a deal goes final, Springsteen will join a myriad of legendary artists who have cashed in their equity on their music catalog. In the past 12 months, Neil young, Stevie Nicks, Lindsey Buckingham, Paul Simon, the Beach boys, Bob dylan and many others have made millions (hundreds millions in Dylan’s case) by flipping their edition.
Aging artists are considering selling their music rights as a means of retirement or estate planning, especially as competition between record labels and other music investment companies has caused catalog prices to skyrocket. .
Although music catalogs are valuable assets, managing them is difficult, time consuming and time consuming. Rather than handing over the responsibility of managing decades of music to the heirs, many mainstream artists choose to take the money now knowing that their new partners will have the expertise and incentive to maximize the value of music over time. time.
It’s unclear how much Sony is willing to pay for Springsteen’s music catalog, but using Dylan’s deal in late 2020 as a comparison, Billboard valued the Springsteen catalog at between $ 330 million and $ 415 million.