NEW YORK.- He singer y British composer Rod Stewart, famous for hits such as Maggie Mayis the most recent member of the club of artists who sell the rights from his music, inform The Wall Street Journal (WSJ).
The newspaper reported that Irving Azoff’s Iconic Artist Group acquired Stewart’s rights to his music catalogrecordings and images 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 musical and recording catalog.
Few details are known about the King of Pop’s catalog transaction, but according to Billboard and The New York Times it is the largest asset valuation for a single musician.
The Times, citing sources familiar with the deal, said Jackson’s assets would be valued at $1.2 billion, for which Billboard estimates Sony paid at least $600 million.
Music catalog
In recent years, music rights have become an attractive market following a string of artists cashing in on their catalogues, including Bob Dylan, Bruce Springsteen, Stevie Nicks and Neil Young.
The Jackson and Stewart deals hint that the catalog acquisition market is flourishing again after a period of cooling.
According to WSJ, Azoff’s Iconic has raised more than $1 billion in new capital for acquisitions of this type.
Music catalogs appeal to investors as assets with long-term value in the age of streaming.
The owners of the publishing rights to a song receive money from radio play and airplay, album sales, and use in advertising or films. Recording rights convey ownership over reproduction and distribution.
FUENTE: AFP
