(New York) British rocker Rod Stewart, known for hits like “Maggie May,” has sold the publishing and recorded music rights to his catalog for nearly US$100 million, the Journal reported Thursday. Wall Street Journal.
According to the American economic daily, for this sum, the company Iconic Artists Group of businessman Irving Azoff acquired the rights to Stewart’s catalog, as well as certain rights to his name and image.
The information was announced 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 Billboard site, Sony would have paid at least 600 million dollars.
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.
The latter constitute interesting and 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.