Alice In Chains’ Music Catalog Is Sold For $50 Million
According to Variety, Alice in Chains has made a deal with Round Hill Music, sold their rights to their work for $50 million, and become another band that chose to sell their catalog. Round Hill’s founder and CEO, Josh Gruss, confirmed that they have reached an agreement with the famous grunge band.
Bob Dylan ignited the fire when he decided to sell his music catalog to Universal Music Publishing Group for $400 million, and then he was followed by many other iconic musicians that wished to secure their finances. As one of them, CSNY founder David Crosby, who needed to overcome financial struggles, had no choice but to sell the rights of his works to Irving Azoff’s Iconic Artists Group even though he didn’t want it.
In addition to him, Bruce Springsteen‘s 500 million worth deal drew significant attention, and then ZZ Top sold their catalog to BMC and KKR approximately for $50 million while Mötley Crüe made a deal with BMG for $150 million. David Bowie’s estate announced that his rights were also sold to Warner Chappell Music for $250 million and one of the latest news came from Heart’s Nancy Wilson, that also agreed to sell her music catalog.
It’s been reported by Variety that Alice in Chains joined the club after their recent $50 million deal with Round Hill Music, which is the same company that bought Wilson’s rights. Variety’s sources shared the price even though neither the company’s representative nor Alice in Chains’ members have revealed any detail about it yet. In his statement, CEO Josh Gruss emphasized the band’s influence on grunge and their dedicated fan base, which has preserved the band’s popularity.
Gruss shared his ideas, saying:
“If you look at the grunge category, there was Pearl Jam, Nirvana, Alice In Chains, and Soundgarden. There’s such loyalty with the fan base and such quality to the music. Alice In Chains music still holds up really, really well, and there’s just nothing else like it.”
As can be understood from the latest news, there will probably be more bands and musicians who want to sell their entire music catalog to various music companies to financially secure themselves, especially in the middle of a global pandemic. It’s also an excellent opportunity for those companies which have been after the legendary musicians’ catalogs for years.