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Neil Diamond sold it song catalog and recording rights to Universal Music Group, the latest deal for musicians who sell their wallets.
The company, which did not disclose the value of the deal, said the deal includes the rights to all of Diamond’s career recordings, 110 previously unreleased songs and one previously unreleased album. Universal’s publishing division has been Mr. Diamond’s editorial director for several years.
With so much Mr. Catalog. Diamond and Recording Rights Under one roof, Universal has greater control and ability to use music without the need to obtain approval from another rights holder.
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UMG has said it will release the future artist’s music as part of the deal if he decides to return to the studio.
LAS VEGAS, NV – MARCH 07: Neil Diamond performs onstage at the 24th Annual Keep Memory Alive ‘Power of Love’ Gala for Cleveland Clinic’s Lou Ruvo Center for Brain Health at the MGM Grand Garden Arena on March 7 March 2020 in Las Vegas, Nevada (Foto de Dennis Trucello/Getty Images para Keep Memory Alive/Getty Images)
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Diamond’s song and recording rights deal comes as music rights royalties skyrocket in value. Catalogs sold for up to 30 times the average annual royalties. Bob Dylan sold his catalog of songs, which included 600 copyrights from over 60 years of music, to Universal in 2020 for between $300 million and $400 million. Last month, Dylan sold his catalog of recorded music to Sony Music. Universal also recently bought Sting’s entire song catalog for about $300 million, according to people familiar with the deal.
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Artists like Frank Sinatra and Johnny Cash have covered some of Mr. Diamond’s songs, including songs like “Sweet Caroline”, “Red Red Wine” and “I’m a Believer”. Mr. Diamond’s music was also used in film And the television industry For shows like “Friends” and “The Simpsons.”
LAS VEGAS, NV – MARCH 07: Neil Diamond performs onstage at the 24th Annual Keep Memory Alive ‘Power of Love’ Gala for Cleveland Clinic’s Lou Ruvo Center for Brain Health at the MGM Grand Garden Arena on March 7 March 2020 in Las Vegas, Nevada (False images)
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Mr. Diamond and Universal’s relationship dates back to the time the artist recorded with Universal’s MCA Records between 1968 and 1972, a period in which he released songs like “Holly Holly” and “Song Sung Blue.”
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The deal brings Mr. Diamond’s work under one roof, giving Universal the opportunity to expand the composer’s workforce at a time when streaming music revenues have surged, thanks to the popularity of streaming music. services of Spotify Technology SA and Apple Inc. and Amazonas. trading company
Older catalog songs have increased in cost compared to pre-Covid levels because they are considered safer bets given their age and the flow of older songs has also increased during the pandemic.
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