Rod Stewart sold his music catalog – 2024-02-18 13:23:32

The way the winds are blowing, in the world of music it is becoming a healthy habit for superstars to sell their musical catalogs for outrageous figures. Like, for example, Bob Dylan, Bruce Springsteen, Stevie Nicks and Neil Young, in the last few hours the sale of much of Rod Stewart’s artistic work was made official, as confirmed by The Wall Street Journal (WSJ).

The American media reported that Irving Azoff’s Iconic Artist Group acquired the British singer-songwriter’s rights to his musical catalog, recordings and image for a sum close to 100 million dollars. The news comes less than a week after Sony reached a deal that acquired half of Michael Jackson’s music and recording catalog.

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The boom in catalog sales

The catalog acquisition market could be classified as a substitute for the sale of physical records, a situation that practically disappeared due to the very strong influence of digital music platforms that are very present today.

The WSJ said in its report that Azoff’s Iconic has already raised more than $1 billion in new capital for acquisitions of this type. Music catalogs attract investors as assets with long-term value in the streaming era. The owners of a song’s publishing rights receive money from radio play and airplay, album sales, and use in advertising or films. Recording rights provide ownership over reproduction and distribution.

Among the next sales that would be about to happen soon, that of Queen stands out, for a figure that was reported to be 1.2 billion dollars. The business would include recorded music, publishing and ancillary revenue streams, such as revenue from the 2018 hit film Bohemian Rhapsody and merchandising.