Pink Floyd Reportedly Plan To Sell Their Back Catalog For Over $500 Million
It has been reported by the Financial Times that Pink Floyd is set to make over $500 million from the sale of its whole back catalog, as several music companies are fighting for it.
Many famous artists like Neil Young, Stevie Nicks, Bob Dylan, Bruce Springsteen, and more have sold their music rights for hundreds of millions of dollars in recent years. It has been a trend in the market where major labels, private equity groups, and specialist investment funds compete to acquire valuable rights. One reason for the massive boom in music sales is cited as the COVID-19 pandemic, forcing artists to look for other sources of income.
It was revealed a few months ago that Pink Floyd was already engaged in talks to sell their entire music catalog. According to the Financial Times, several potential buyers like the private equity group Blackstone and major labels like Sony, Warner, BMG, Primary Wave, and others currently compete for Pink Floyd’s copyrights, including their songs and master copy recordings.
Considering their massive legacy in music, it is not surprising that many buyers have expressed interest in Pink Floyd’s extensive catalog. The legendary rockers are set to make over $500 million from selling their entire back catalog. It is estimated that the band’s finances may increase one more time with the release of their 1977 record ‘Animals’ reissue in the next month. It is an object of curiosity how the fierce competition between major potential buyers will end up.