Bruce Springsteen sold his publishing catalog to Sony for $ 500 million, as Billboard reports.
The musician sold his masters to Sony Music and his edition to Sony Music Publishing as part of a combined deal, according to Billboard sources. A Sony representative declined to comment on the deal. Springsteen has remained with Sony’s Columbia Records since he launched his career and obtained ownership of his first albums. According to the RIAA, his album catalog has sold 65.5 million in the United States, which includes his platinum record 15 times. Born in the United States and five times platinum River. A Springsteen rep did not return immediately Rolling stonerequest for comments.
Springsteen is the latest in a long line of seasoned artists who have parted with their publishing rights over the past two years. This list includes Bob Dylan, Paul Simon, Stevie Nicks, Lindsey Buckingham, Mick Fleetwood, Shakira, Jimmy Iovine and David Crosby.
“Time is running out,” Neil Young told fans after his contract was broken. “I want to cover my family and my art… A good father plans how to take care of his children.
Many of these deals were made after the pandemic brought the live music industry to a complete halt, meaning many veteran artists were suddenly cut off from their main source of income. “Considering our current inability to work live,” said David Crosby of his song sales, who noted that it allowed him to pay for his house, “this deal is a blessing to me and my family.”
And while Springsteen is in a much better financial situation than Crosby, he still has plenty of incentives to part with his catalog. Interest rates are at historically low levels, and many artists wish to personally oversee transactions before the task falls to their heirs. There’s also a flood of new companies investing huge sums in song catalogs, including Hipgnosis by Merck Mercuriadis and Iconic Artists Group by Irving Azoff.
Neil Young only sold half of his edition, and one of the conditions was that the songs could not be used in commercials. “I built Hipgnosis to be a company that Neil would like to be a part of,” Mercuriadis said when the deal went public. “We have a common integrity, ethics and passion that arose out of a belief in music and these important songs. There will never be a “Burger of Gold”, but we’ll work together to make sure everyone hears them on Neil’s terms. “
It is not known if Springsteen has a similar deal with Sony. Otherwise, we could soon see “Born To Go To Burger King” or “Hungry Heart For McDonalds”.