Bruce Springsteen Sells Music Catalog For $500 Million
According to resources who spoke to Billboard, Bruce Springsteen has sold the publishing rights of his entire music catalog to Sony Music. The report also stated that the deal was around $500 million dollars, which is probably the biggest deal for an individual artist.
A lot of musicians have made agreements to sell their masters and publishing rights due to their declining incomes during the pandemic and also the rise of streaming media. For instance, Bob Dylan sold his music catalog over $300 million and Neil Young for $150 million. Their decisions encouraged the other artists to negotiate over their catalogs and publishing rights.
In early November, it had been revealed that Bruce Springsteen was in contact with Sony Music to sell the rights of his entire music catalog for around $400 million. Although there were no official comments from the representatives of Springsteen or Sony Music, it was known that the talks between them had been taking place for a while.
It seems like they finally compromised, according to statements of the resources, for around $500 million. The deal was estimated to be around $400 million but apparently, Springsteen topped it. Bruce Springsteen has been a very productive musician and thus, his music catalog would be quite profitable for any music company.
He has earned huge commercial success with over 65 million album sales. Springsteen also has multiplatinum albums such as ‘Born in the U.S.A,’ ‘Darkness on the Edge of Town,’ and ‘Born to Run.’ It appears that the deal has been a lucrative contract for Sony Music.