Formidable song writing pedigree and a string of hits, yes, but they can now add investor interest. The back catalogues of all have recently changed hands for hundreds of millions.
Bruce Springsteen sold the rights to his music to Sony for $500 million (£370 million) last month, Paul Simon netted $250 million for his folk songs in April 2021 and Neil Young sold rights to half of his back catalogue this time last year.The estate of David Bowie, who died in 2016, this week sold the rights to his back catalogue to Warner Chappell Music for a reported $250 million.
All of these deals are part of a music rights gold rush that has swept studios and the City.
“Music has gone from something that not many people had heard of as an investable asset class five years ago to being so front and centre,” says Sachin Saggar, an analyst at Stifel.
Denne historien er fra January 04, 2022-utgaven av Evening Standard.
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Denne historien er fra January 04, 2022-utgaven av Evening Standard.
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