The singer, known for hits like “Sailing,” “Baby Jane” and “Maggie May,” has sold the publishing and recorded music rights to his catalog for nearly $100 million, the Wall reported Thursday. Street Journal.
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According to the American economic daily Wall Street Journal, businessman Irving Azoff’s company Iconic Artists Group has acquired nearly $100 million, the rights to the catalog of 79-year-old Rod Stewart, as well as certain rights to his name and image.
The information was announced Thursday, February 15, less than a week after the announcement of a resounding agreement concluded by Sony to acquire half of the recording and publishing rights to Michael Jackson’s catalog from his heirs. THE New York Times assessed the value of the singer’s catalog Thriller at 1.2 billion dollars, or even more, and according to the site Billboard, Sony would have paid at least $600 million.
Music rights, a very juicy market
In recent years, music rights have become a thriving market after a wave of sales that allowed artists such as Bob Dylan, Bruce Springsteen and Neil Young to make money from their catalogs. These constitute interesting, long-term assets for investors in the era of streaming.
Owners of the publishing rights to a song receive financial compensation for each broadcast, album sale or use in advertising and films. Registration rights govern the reproduction of works and distribution.
